Hann Philippines is moving ahead with its Hann Reserve project, featuring three 18-hole courses, several upmarket hotels, villas, and a casino. According to its promoter, the project will also feature a “commercial centre,” residences, and an international school.
The company has already announced a number of hotel brands for Hann Reserve, including the So, Sofitel and Emblems by French hospitality group Accor SA; and The Luxury Collection and Westin brands by Marriott International Inc.
In December 2023, a Banyan Tree-branded hotel project broke ground at the Hann Reserve site.
“We’re still targeting to open the first golf course by the end of this year. We kicked off construction of the second golf course a couple of months ago, which is scheduled to open by the end of 2026,” said Mr Han.
The first golf course was designed by former world number one-ranked golfer Nick Faldo, and will have Professional Golfers’ Association (PGA)-affiliated facilities.
The other two golf courses at Hann Reserve are to be created by South Korean professional golfer KJ Choi, and the Nicklaus Design company.
The CEO told GGRAsia that the company was “exploring different” options regarding financing for ongoing projects, but made no comments about a potential initial public offering (IPO). The company already finalised a loan agreement with banks to fund the expansion of Hann Casino Resort.
There had been reports about Hann Philippines planning an IPO, with the firm said to be looking to raise between PHP15 billion (US$259.2 million) and PHP20 billion.
Mr Han said the company has been working with POSCO Engineering & Construction Co Ltd, “one of the biggest construction companies in South Korea”. POSCO is already involved in the construction and design of projects being developed by Hann Philippines.
“Hopefully we’re going to sign a joint venture agreement within the second or third quarter this year. This means that this company [POSCO] will be an equity partner for the InterContinental hotel and the Hann Reserve project,” added the executive.
