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Landco eyes 100-hectare Davao land

Vol. XXI, No. 195 [ Business World Online ]
Tuesday, May 6, 2008 | MANILA, PHILIPPINES

DAVAO CITY — Landco Pacific Corp. wants to develop a 100-hectare property in this city into a subdivision, as it remains bullish about the country’s real estate boom.

Landco President Alfred Xerez-Burgos, Jr. said his company would invest P700 million to P1.5 billion in the subdivision. He declined to say where it will be.

"I am bullish about the local market especially here, where people have started looking for good houses," he told reporters during the launch of Landco’s Playa Azalea project in the nearby island city of Samal. Mr. Xerez-Burgos said the company would finalize the plan within nine months.

He said Landco and the lot owner have agreed in principle about the project, but some details still need to be ironed out.

Francis V. Ceballos, Landco executive vice-president, cited the need for more medium and high-end projects in Davao City.

Landco earlier said it was investing about P600 million in a 33-hectare property owned by the Floirendo family and develop it into a high-end resort subdivision with a hotel component in Samal City.

The company is seeking to develop the property in four years and make the hotel operational by 2012, as it tries to get a chunk of the Davao’s booming property market.

Landco first came to Davao 16 years ago when it partnered with the Alcantara Group for the posh Ladislawa Garden Village. It later built two other upscale projects — Woodridge Park and Las Terrazas — with the same group. — CQF

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