Monday, April 21, 2008 [ philstar.com ]
Leisure homes developer Belle Corp. is still planning to sell its five-hectare property in the Manila Bay area, valued at around P1.5 billion.
“We’re still selling it. We’re studying our options,” said Belle vice-chairman Willy Ocier.
Proceeds from the sale of the property will be used by Belle to fund new projects which include a casino complex at the Bagong Nayong Pilipino Integrated Tourism City along Roxas Boulevard.
Several real estate developments have been mushrooming in the Manila Bay area which is being groomed to become the country’s premier tourist destination.
Belle said while discussions have already been made with SM Investments Corp. to build a hotel and casino complex at the Bagong Nayong Pilipino Tourism City, nothing concrete has been finalized yet pending the issuance of a license from the Philippine Amusement & Gaming Corp.
Last year, Belle posted a net income of P331.7 million or more than double the P152.3 million reported in 2006 on strong sales of club shares and real estate products.
Revenues improved by seven percent to P622 million while gross sales value or total contract price of all sales and reservations booked jumped by 119.3 percent to P1.5 billion.
Revenues came mainly from sale of Lakeside Fairways, its newest upscale residential project located south of the existing Tagaytay Midlands golf course; the sale of farm lots in Plantation Hills, house and lot units and subdivision lots in The Parks and The Verandas at Saratoga Hills, respectively.
Belle is on its sixth year of improving profitability since 2002 and expects to “continue its preeminent position in the high-end property sector where its flagship Tagaytay Highlands is considered one of the dominant players in the leisure and resorts industry.”
To capitalize on the strong demand for properties or houses in Tagaytay Highlands, Belle has lined up new projects which include The Ranch (the fifth phase of Plantation Hills) and four upscale residential subdivisions adjacent to the Tagaytay Midlands golf course — Kew Gardens, Terrazas de Alava, Lakeside Enclave and Tivoli Place.
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