Vol. XXI, No. 229 [ Business World Online ]
Monday, June 23, 2008 | MANILA, PHILIPPINES
SY-LED SM Investment Corp. (SMIC) is targetting retirees as one of its major residents in Hamilo Coast in Nasugbu, Batangas.
In an interview, SMIC Vice-President for Sales Efren L. Tan said the company has tied up with the Philippine Retirement Authority to come up with a program that will entice retirees to buy property there. "As of the moment, we are still in the process of discussing the program with the agency," Mr. Tan said. He added that the European Chamber of Commerce had also chosen Hamilo Coast as the place for European retirees.
The company is in the second phase of developing one of the province’s 13 coves, Pico de Loro, which covers 40 hectares. The P7-billion project will have eight residential condominiums, a resort-hotel and retail shops, with club shares ranging from P460, 000 for individuals and P850, 000 for corporate clients.
Mr. Tan said about 300 shares of the 3,200 individual shares have been sold since SM’s ecotourism project kicked off, adding that he expects revenues to hit P2 billion by yearend. He said most of the buyers were Filipino executives and professionals looking for a serene place to spend their vacation in.
"For the longest time, the trend among tourists is to go to places that are close to nature," said Robert M. Cruz, sales director of Hamilo Coast.
Meanwhile, Merril F. Yu, senior vice-president of SMIC’s hotel investment group, said local tourism would continue to boost the company’s sales. He said SMIC is exploring locations frequented by people where they can build more hotels. — Kristine Jane R. Liu
_________________________________________________________________________
