Philippines Update | NOVEMBER 2022

Greetings from New Nordic Philippines,

We would like to take the opportunity to give you an update on our progress in the Philippines. As mentioned in previous newsletters, we have been working hard on a revised project in Angeles City which better addresses the current needs of the market and provides additional opportunity for revenue generation beyond hotel rooms alone. In particular, our plans call for a “Stay – Work – Play” concept with a large, modern, integrated co-working space acts as the heart of the property. We are confident that such a hybrid model will be well received in the Angeles City market and look forward to making our plans public very soon.

We are happy to announce that our application for sales license with the relevant local authorities is ongoing and after much back-and-forth comment and revision, should be issued by the end of November. Securing this license is an important first step in the process of creating the necessary structure to issue contracts from the Philippines, allowing our Hong Kong office to make an offer to those clients who wish to participate in the new project.

While we realize the process by which this project has come together has taken a long time, we assure our clients that we are creating an attractive, sustainable offer for those who would like to participate. While our revised program will offer a revenue share rather than a guarantee, it is likely that the total return over time will exceed the old program when capital appreciation is factored in. The Angeles City market continues to boom with many of the long-waited government projects coming to fruition, such as the Angeles to Manila rail project. We are also seeing an increase in tourism numbers both in the Angeles City and Clark area which have put a strain on hotel room inventory, leading to rapidly increasing prices for 4 and 5 star hotels.

We look forward to sharing all the relevant details, along with our revised profit sharing program once the necessary approvals are in place. As always, we thank you for your support and patience. We welcome your questions and feedback at info@newnordicgroup.com and will continue to keep you informed as events progress.

Best regards,

New Nordic Philippines.