Upscale resort developer and operator Discovery World Corporation (DWC) is investing an additional P762.2 million for the expansion and development of its resorts and township properties in Palawan, Davao, and Siargao.
In four disclosures filed with the Philippine Stock Exchange (PSE), DWC said it is investing an additional P430 million for its Vanilla Beach projects in El Nido, Palawan; P265 million for its Davao Township; P60 million for its project in Siargao, Surigao del Norte; and P7.2 million for staff housing in Palawan and Siargao.
DWC said its board of directors has approved an additional subscription to the shares of subsidiary Cay Islands Corporation (CIC) to inject fresh funds that will be used as working capital and create opportunities for expansion.
CIC was incorporated and registered with the SEC on Oct. 29, 2008. It is a property holding and investment company that owns and operates the Vanilla Beach property and Shoppes at Vanilla Beach development in El Nido, Palawan.
“CIC is slated to launch a new hotel and hostel project on the Vanilla Beach property called Kip&Kin,” DWC said.
The additional P430 million investment consists of P130 million approved on Dec. 7, 2023, and P300 million approved on Dec. 16, 2024, conditioned upon the application and approval of an increase in CIC's authorized capital stock from P300 million to P700 million.
DWC is also planning to invest an additional P265 million in One Davao Townships Corporation (ODTC) pending the approval of the increase in the subsidiary’s authorized capital stock from P100 million to P300 million.
ODTC was incorporated on Oct. 13, 2021, as a holding company for the development of an 11-hectare modern luxury community in Matina, Davao City. DWC recently opened Discovery Shores Samal resort in the Island Garden City of Samal across Davao City.
DWC said it is also investing an additional P60 million in Lucky Cloud 9 Resorts Inc. (LC9), which is engaged in real property holding and development as well as hotel operations management.
LC9, a wholly-owned subsidiary, is currently developing a 26,127-square-meter property located in General Luna, Siargao, Surigao del Norte.
DWC had approved a P55 million investment in LC9 on Dec. 7, 2023, and decided to increase this to P60 million on Dec. 16, 2024, conditioned upon the application and approval of an increase in LC9's authorized capital stock from P200 million to P300 million.
Lastly, DWC is investing an additional P7.2 million in Balay Holdings Inc., which owns properties located in Barangay Danat, El Nido, Palawan; Barangay Consuelo, Siargao, Surigao Del Norte; and Little Baguio, San Vicente, Palawan.
These properties are being developed for, among others, staff housing for future developments of the DWC Group in their respective locations.