Paradise For Sale? Mystery American Spends P89 Billion For 25 Year Lease Of Fuga Island
According to recent news reports, a mystery American has spent $2 Billion, or roughly P89 Billion at today’s exchange rate, for a 25 year lease of Fuga Island.
Fuga Island, in the municipality of Aparri, Cagayan, measures roughly 10,000 hectares in size and is home to an estimated 2000 inhabitants who mostly live in Naguilian (Musa) village on the southern coast.
The deal appears to have been arranged through a local property website and means the anonymous billionaire will fork out PHP 3,560,000,000 per year for the right to the island. That eye watering amount makes even the allegedly overpriced Makati City Hall building appear like a bargain!
Nothing is known about any plans the rich new owner might have for the island, but keeping it as private residence or expanding it for tourism purposes are two possible options. Things might become clearer when the buyer comes to visit his new tropical paradise.
What do you think of this deal? Is it ok that rich individuals can essentially buy whole islands and do more or less what they want with them?
Paradise For Sale? Mystery American Spends P89 Billion For 25 Year Lease Of Fuga Island
