MANILA - Andrew Tan-led holding firm Alliance Global Group Inc. has earmarked up to $740 million from 2009 to 2012 to develop the Newport City, a 25-hectare complex in Pasig City.

"Newport City will be positioned as the gateway for Philippine tourism, owing to its proximity to the NAIA (Ninoy Aquino International Airport) 3 terminal," Sian said in a presentation during the company's annual stockholders' meeting on Thursday.

Of the amount, $600 will be spent to transform 7.8 hectares of Newport City into Resorts World Manila, a tourism and entertainment hub. Alliance Global said the project is a joint venture between its unit Travellers International Hotel Group Inc., and Star Cruises Ltd.

On the other hand, the remaining $140 million will be used to develop residential condominiums in the area.

Resorts World Manila will house 1,500 rooms, including the recently opened 5-star Marriott Hotel. The 6-star Maxims Hotel and the budget class Remington Hotel are currently under construction, and will be opened on the first quarters of 2010 and 2011, respectively.

Aside from this, Alliance Global said Resorts World Manila will have a performing arts theater, 4 high-end cinemas, a luxury shopping arcade, and a 4-storey retail mall.

The Newport Project is seen to generate 10,000 tourism-related jobs by 2011, while foot traffic is expected to hit 10,000 and 20,000 on weekdays and weekends, respectively.

"We are very bullish about the tourism industry in Asia and there is no reason why the Philippines cannot be a major player in the industry," Sian said.

According to Sian, the tourism sector will generate even more revenues for the holding firm. Specifically, he said tourism-related activities from Travellers are likely to equal the revenue contribution of real estate firm Megaworld over the next 5 years.

At present, Megaworld accounts for 40% of the holding firm's total revenues. Other units of Alliance Global include quick service restaurant operator Golden Arches Development Corp. and food and beverage company Emperador Distillers Inc.

Shares of Alliance Global closed higher at P4.70 apiece from P4.65 on Wednesday.