Remullas get P7B windfall from Island Cove sale to Filipino-Chinese
The Remullas, the powerful political clan in Cavite, are reportedly richer by P7 billion following the sale of the family’s Island Cove Hotel and Leisure Park (ICHLP) in Binakayan, Kawit, Cavite.
A Babbler told us that the buyer, a consortium led by a Filipino-Chinese gaming tycoon, paid roughly P20,000 per square meter for the 36-hectare property which would be closed down on July 28, 2018 after 20 years of operation.
We’re told the buyer is planning to put up a casino-centric leisure park in the property.
The brothers – Cavite Governor Jesus Crispin Remulla, Juan Victor and former broadcaster Gilbert – have refused to provide details on the purchase of the property.
A report by the Philippine News Agency said: “The management’s decision to close the establishment is in line with the purchase conditions agreed upon with the still unnamed new business owners…speculations have been spreading around for months now about the property owners’ — the Remulla clan — intent to sell the resort and leisure park as the members are said to be more focused on politics and public service than managing their family business.”
— IslandCove (@islandcovephil) June 29, 2018
Goodbyes are hard, it will be doubly hard as Cavite’s Iconic weekend getaway destination closes it door before the month ends. So saying goodbyes now to lessen the pain. #weekendvibes #islandcove #staycations #weekendgateaways❤️ #goodbyes 🌴 pic.twitter.com/lCAflbtJ4y
— IslandCove (@islandcovephil) July 11, 2018
“It has been a pleasure serving our guests and clients as well as working with our partners over the past two decades,” the statement said. “To have served beyond the ordinary with the warmth of Filipino hospitality has been our joy and honor.”
According to the PNA report, the closure is “in line with the purchase conditions agreed upon with the still unnamed new owners.”
Former Cavite governor Juanito Remulla first opened Island Cove as Covelandia in 1976. It closed down 10 years later and reopened in 1997 as ICHLP. Remulla’s son Gilbert, a former broadcast journalist and former representative of the second district of Cavite, took over operations in 2007.
The 36-hectare leisure park has a water park, a bird and wildlife sanctuary, a fishing village and many other attractions.