Taiwan, Samoa Developer Purchases Undevelped Property On Guam's Tumon Bay

Evergreen Phoenix Resort Hotel plans to develop land next to Hyatt Regency

By Gaynor Dumat-ol Daleno

HAGÅTÑA, Guam (Pacific Daily News, Sept. 12, 2016) – A resort developer with ties to Taiwan and Samoa recently purchased land in Tumon Bay for about $34 million, which one industry expert said is one of the highest recorded prices per square meter on the island in more than a decade.

The buyer, Evergreen Phoenix Resort Hotel LCC, registered as a Guam business on June 29, according to Department of Land Management and Guam Department of Revenue and Taxation records. The transaction showing the land purchase was recorded at the Department of Land Management on Sept. 7.

Consisting of more than 50,475 square meters in four parcels, the land sits next to the Hyatt Regency Guam and is one of the few remaining undeveloped properties along the beach side in Tumon Bay.

Evergreen Phoenix Resort is registered as a business that intends to conduct hotel, restaurant and real estate businesses in Guam.

A Taiwan-based person, Chien-Fu Chen, is listed as the person solely responsible for the management of Evergreen Phoenix Resort.

The company’s initial member is named in Guam Revenue and Taxation records as Green Water International Ltd., a company registered in Samoa.

The transaction has stirred some discussion in the local real estate industry.

At almost $700 a square meter, the property is one of the highest priced on the island in about 15 years, said Christopher Felix, principal broker at Century 21 Realty Management Co.

Guam’s rising visitor arrival numbers are encouraging renewed interest in resort development projects on Guam, Felix said.

What’s also encouraging for investors, and for the local economy, is the diversification of Guam’s tourism industry, Felix said.

Guam’s visitor industry used to consist of predominantly Japanese tourists, but in recent years, markets such as South Korea and Taiwan are showing increasing visitor numbers, he said.

Diversifying Guam’s sources of tourists, Felix said, is “good for Guam — you don’t wanna put all your eggs in one basket.”

Green Water put in $5 million in startup capital for the company, Rev and Tax records show.

The last owner of record, prior to the most recent sale, is Ed and Jose Enterprises Inc., a real estate company started in the early 1970s by the late Manuel and Mercedes Edwina Jose.

Pacific Daily News
Copyright © 2016 Guam Pacific Daily News. All Rights Reserved

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