NABAS, Aklan—Tycoon Henry Sy has bought majority control of a 430-hectare property here that is being eyed as recreation area for local and foreign tourists visiting Boracay Island. 

An executive of the Aklan Resort Corp., who asked not to be identified, said Sy bought 70 percent of the company from former ambassador to the Vatican Francisco Alba who retains 30 percent of the corporation that owns the 430-hectare property.

“The partnership [between Alba and Sy] was formed in Quezon City last Sept. 12, they are currently discussing what possible business opportunities they could undertake in this resort island,�? the source said.

Initial talks indicated the possibility of opening another SM mall here, which is adjacent to the town of Malay which has jurisdiction over the resort island. Most of the tourists who go to Boracay via the capital town of Kalibo usually pass through Nabas.

Aside from a mall, Sy and Alba are studying the possibility of establishing a recreation area that will include a spa resort to cater to the tourists en route to Boracay.

Last month, the town council of Nabas endorsed a resolution asking the new Philippine Amusement and Gaming Corp. to study the possibility of setting up a casino there.

In an earlier interview, Alba said he thought of putting up the recreational facility in a bid to replicate Nusa Dua in Bali, Indonesia, which attracts 15 million tourists every year. Alba retired from the diplomatic service in February 2004.

Bali became popular by word of mouth after Western European backpackers. But Nusa Dua itself was a masterplanned community where most of the five star hotels and shopping centers are located.