EEI Corporation has acquired First Orient International Ventures Corp., the owner of the former Island Cove property in Cavite, for 2.8 billion pesos, the company announced.
The deal gives EEI full ownership of First Orient, which holds about 49 hectares of land, including the 36-hectare former Island Cove property near Kawit.
The property was once a popular resort operated by the Remulla family before becoming a major landlord to Philippine Offshore Gaming Operators. It lost its POGO tenants after the government banned the gambling operators in 2024, ending its lease agreements.
The acquisition is part of EEI’s strategy to diversify beyond its core construction business and expand into property and infrastructure development, the company said.
After the POGO ban, First Orient had considered redeveloping the property into a mixed-use project or selling it to another group.
EEI ultimately emerged as the buyer. Company officials said the acquisition is expected to provide new revenue streams and support EEI’s long-term goal of becoming a more diversified property and infrastructure company.
The property offers potential for redevelopment as a mixed-use community, business district, leisure and tourism destination, or entertainment complex. Its location near the planned Sangley Point International Airport could further boost its value and draw future investment, according to the company.
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