Property

MVP’s property comeback: Metro Pacific in talks to buy out Tiu family’s Discovery World resorts

Seven years after diversified holding firm Metro Pacific Investments Corp. sold its last property asset Peninsula de Punta Fuego in Batangas, bilyonaryo Manny V. Pangilinan is poised to make a splashy return to the real estate business.

Seven years after diversified holding firm Metro Pacific Investments Corp. sold its last property asset Peninsula de Punta Fuego in Batangas, bilyonaryo Manny V. Pangilinan is poised to make a splashy return to the real estate business.

A Babbler revealed that the 74-year old Pangilinan was in negotiations with the Tiu family for MPIC’s takeover of luxury resort developer Discovery World Corp.

“MPC is probably the only major business group without a presence in property. It’s going to do something about it soon, I learned that that they are in the valuation stage,” the Babbler said.

Discovery World, which runs the Discovery Shores luxury resorts in Boracay and Palawan (i40-hectare Club Paradise on Dimakaya Island in Coron) has a market cap of P4.36 billion. DWC soared to an all-time high of P7.10 on February 15 after hitting a low of P1.32 in August 2020. It wad last traded at P5.10 per share.

Last January ,the Tiu family revealed that it was funnelling P340 million to develop its Boayan Island diving resort in Palawan, expand its Lucky 9 Resort hotel business in Siargao, increase its staff housing in Boracay and develop its Cay Islands property in El Nido.

MPIC abandoned the property market after its massive investments in Bonifacio Global City got burned in the 1998 financial crisis. After disposing Fort Bonificio Development Corp. to the Ayalas in a fire sale in 2001, MPIC also sold off its stake in Rockwell Land to the Lopezes, in 2012; a sprawling commercial complex in Nueva Ecija to Lucio Co in 2013 and its remaining share in Landco Pacific – which developed Punta Fuego, Leisure Farms in Batangas and Hacienda Escudero in Quezon – in 2014.

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