Caticlan wellness project seeks to ride on Boracay’s popularity

The provincial government of Aklan has started work on a feasibility study for a P500-million marina and health and wellness project in Brgy. Caticlan, Malay town.
Governor Carlito Marquez said the project will involve the reclamation of 2.6 hectares of the foreshore area of Caticlan, which is the jump-off point to Boracay Island.
Mr. Marquez said the project is designed to enhance the competitiveness of Caticlan in attracting tourists and generate P1 billion in revenues. It will feature a health and wellness center, resort and spa, a 100-room hotel, an ocean adventure park and cable car facilities that will ferry tourists between Caticlan and Boracay Island.
"The health and wellness center will complement the government’s thrust in attracting 700,000 foreign and medical clients annually. This is a new market, apart from the recreational tourists who visit Boracay on a regular basis," Mr. Marquez said at the sidelines of the Western Visayas Regional Peace and Order Council meeting last week.
The cable car transport system will be built under a build-operate-transfer (BOT) basis.
For every P1 million spent on this project, 30% goes to labor cost, Mr. Marquez said.
The provincial government has commissioned AYN Resource Group, headed by Andres Y. Narvasa, Jr., as financial consultant of the project. Aside from the reclamation project, AYN will provide financial advisory and consultancy services for the renovation of the Caticlan and Cagban Passenger Terminal buildings and jetty ports to and from Boracay Island.
Mr. Marquez said AYN will also assist the province in raising P500 million for the marina project through a bond flotation.
The proposed bond will finance the pier improvement and expansion, cable car transport system, the building of a 100-room hotel and wellness center, and land reclamation in the area.
AYN will also prepare the comprehensive feasibility study, as well as architectural and engineering design parameters. The firm’s consultancy fee is on a "no cure, no pay" basis, meaning it is contingent on the successful float of the bonds, Mr. Marquez said.
The improved pier facilities will accommodate a bigger volume of land and sea vessels and provide docks for visiting yachts.
"This will increase the terminal fee revenues from the present level of P77 million per year. As for the marina project, it is estimated that revenues that can be generated on a five-year program from 2009 will reach P280 million per annum by 2013," he added.