Chavit brother rides Ilocos property boom with two new hotels
The younger brother of Ilocos Sur kingpin Luis “Chavit” Singson is emerging as the biggest hotel and property player in the province, after it became known to the Manila media that he is the biggest franchisee of the Jollibee Group in the Ilocos region with 16 stores.
According to the grapevine, Jose “Bonito” Singson will shortly start the construction of two more boutique hotels in the capital town of Vigan and neighboring Bantay, following the Spanish colonial template of his first venture, Hotel Felicidad, in the Unesco heritage site.
The two planned hotels will have a combined capacity of 177 rooms, in addition to Hotel Felicidad’s 34 guest rooms and suites. According to the website TripAdvisor, the average room rate for Hotel Felicidad ranges from $57 to $98 a night.
Last month, the Philippine Councilor’s League held a convention in Vigan, and instead of the expected 2,000 delegates, 3,500 descended into the city, prompting a scramble for extra accommodation given that Vigan and nearby towns number only had about 1,500 hotel rooms.
Singson’s property play appears well thought-out. His BCS Group has built a 1,000-capacity convention center near the Vigan cathedral, where incidentally he operates a strip mall with the Jollibee Group as the anchor tenant.
And in anticipation of a construction boom, Singson in November broke ground for his BCS Home Depot, a one-stop shop for construction and home improvement supplies, given his more ambitious plan to build a 100-hectare township just outside Vigan.
But that, as they say, is another – and bigger – story.
Singapore venture follows HK’s Healthway
Following the success of the Hong Kong venture Healthway Medical Clinics in the Philippines, a Singapore-listed medtech investor has acquired majority stake in a Quezon City medical diagnostic clinic as its entry point in the growing local outpatient market.
Clearbridge Health is paying nearly P70 million to acquire a 65 percent stake in Marzan Health Care clinic, with founders Edison Marzan and Visitacion Magtibay retaining 35 percent.
“Marzan Health Care has the required licences to provide a wide range of medical services in the Philippines, and that this would accelerate the group’s expansion into the country as the process of building up the infrastructure and obtaining similar licences can typically take an extended period of time,” Clearbridge Health said.
Marzan Health Care itself was founded only in March 2015, predicating its grown on a franchising program “at a cost lower than the industry dictates.”
Money talks
• Ayala Corp. picked up about P150 million in loose change disposing Ayala Land and BPI shares between Thanksgiving and Christmas.
• All six criminal complaints filed by the breakaway Cruz Marcelo Tenefrancia law firm against their former partners Villaraza and Angangco, seven including a libel complaint, have been dismissed by the Taguig Prosecutor’s Office.
E-mail: moneygoround.manila@yahoo.com