Song Hye Kyo, Cha Eun Woo and many Korean stars are said to own resort real estate in Boracay, Philippines!!
Recently, a Filipino real estate expert revealed on a social networking site that many Korean stars own real estate in the form of condominium hotels in the Philippines.
In particular, he revealed the names of two famous stars, Song Hye Kyo and Cha Eun Woo, who each own at least 1 condo hotel in Boracay.
In the Philippines condominium hotels carry a condominium real estate dead. This allows foreigners to acquire up to 30% of the condotel units, unlike most other real estate. This has made this particular development popular in the country.
A condo hotel, also known as a condotel, hotel condo or a contel, is a building which is legally a condominium but which is operated as a hotel, offering short term rentals, and which maintains a front desk.
Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major cities and resorts. These hotels have condominium units which allow someone to own a full-service vacation home. When they are not using this home, they can leverage the marketing and management done by the hotel chain to rent and manage the condo unit as it would any other hotel room.
Boracay is a resort island in the Western Visayas region of the Philippines. It lies 0.8 kilometers (0.50 mi) off the northwest coast of Panay. Having a total area of 10.32 square kilometers (3.98 sq mi), it is under the jurisdiction of three barangays in Malay, Aklan, which in 2015, had a population of 32,267.
Apart from its white sand beaches, Boracay is also famous for being one of the world’s top destinations for relaxation. As of 2013, it was emerging among the top destinations for tranquility and nightlife.
Boracay was awarded as the 2012 Best Island in the World by the international travel magazine Travel + Leisure. In 2014, the resort island was at the top of the “Best Islands in the World” list published by the international magazine Condé Nast Traveler.In 2016, Boracay headed the magazine’s list of “Top 10 destinations to watch”.