9 September 2009
The Philippine island of Boracay is to benefit from a new international airport, further boosting its tourist industry success and an increase the investment appeal of property in Philippines.
Just a 15-minute boat ride from the island, the airport will be built on Carabao Island, and is expected to be fully operational by 2012.
The airport, Carabao International Airport (CIA), will provide a modern international airport that will add to the island's existing neighbouring airports.
The new airport will be able to accommodate short haul and medium range Airbuses and similar aircraft, allowing direct international flights from destinations such as Seoul, Shanghai, Guangzhou and Kuala Lumpur. Previously, international Boracay bound tourists had to change at Manila for Philippines domestic flights.
John Scott, finance director at Asset Property Brokers, a hotel property investment specialist, said: “The new airport will ensure that Boracay will remain a top tourist destination in the Philippines, allowing the island to tap into the rapidly growing tourist market in China and other key Asian destinations.
“It will also underpin high hotel occupancy rates and yields.”
Boracay, which was declared the Best Leisure Destination at the World Travel Fair in 2007, is the third most popular destination in the Philippines with 383,813 visitors for the first half of this year - an increase of six per cent compared with the equivalent period last year.
The island's tourism has also benefited from an influx of tourists from Taiwan, bought in by new charter flights to Kalibo – the island's current international gateway. China Airlines launched services earlier this year while Mandarin Airlines will launch new routes in October.
At Continent Fairways, a new apart-hotel golf development on Boracay, Asset Property Brokers is offering investors 56 units, comprising studio and two-bedroom apartments, at prices starting at £66,660 and guaranteed yields of up to 14.2%.
See Also: Philippines (3), Marc Da-Silva (269)
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