$2B Lease By American Investor On Philippine Island For 25 Years

A rich American leased the island of Fuga in northern Philippines for 25 years for $2 billion. The 10,000-hectare island-paradise is known for its white-sand beaches and crystal-clear blue water.

The island, which belongs to the municipality of Aparri, Cagayan, actually has almost 2,000 inhabitants most of whom live in Naguilian village on the island's southern coast, but the rest of the isle is unoccupied. The American lessor joins a small list of island owners made up of Virgin owner Richard Ellison and actor Leonardo DiCaprio.

The island was advertised in website Lamudi. Jacqueline van den Ende, managing director for operations of Lamudi, told Economic Times, "With its vibrant and buoyant real estate market, buying property is becoming more fun in the Philippines. Now the demand, especially from foreign clients, is spilling over to private islands and isles, which is not surprising as the country has over 7,100 to choose from."

It is not known yet what the plans are of the investor, although speculations centre around two possible options - he will use it as private residence or develop it as a tourist destination. Tourism Web site TropicalIslands64 advises tourists looking for luxuries in a resort to avoid Fuga because it isn't even electrified.

Actually, the nearby Mabog Island is a private island with a luxury resort, but tourists need to book one year in advance.

For those willing to try Fuga's pristine beauty, activities tourists can do are to visit the old burial sites, enjoy the beach, fishing and nature trekking.

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