Friday, June 27, 2008 [ manilatimes.net ]
SM Investments Corp. told the Philippine Stock Exchange that its subsidiary has launched the exclusive country club of its premiere leisure and residential development in Batangas that will give buyers access to seaside facilities and beach resort.
In a disclosure, the company said its unit Costa del Hamilo launched the Pico de Loro Beach and Country Club, one of the “crown jewels of Hamilo Coast” nestled within the 1800-hectare property in Nasugbu, Batangas. Hamilo Coast has 32 kilometers of pristine coastline and 13 coves of white sand beaches.
Exclusive private members can gain access to the Beach Club that has a multi-purpose hall and game room, infinity and children’s pools, tower view deck, a skybar, coffee shop, massage huts, locker rooms and a clinic. Members can also enjoy the Country Club that has an Olympic-sized swimming pool, covered courts for racquet sports, rock-climbing wall, bowling and billiards hall, basketball court, gym, al fresco restaurant, library, kiddie room and pro-shop.
Last year, Pico de Loro issued 3,200 Class A and 800 Class B common shares representing proprietary club memberships with an initial offer price of P400,000 each or an aggregate value of P1.6-billion common shares to Costa del Hamilo Inc. for conversion and sale as membership shares in the club to the public.
Based on documents submitted to regulators, Class A shares are limited to natural persons of any citizenship with 1 membership to the club while Class B shares are limited to juridical persons or entities of any citizenship entitled to two memberships in the club. All the shares would then be sold by Costa del Hamilo to the public at an initial offer price of P400,000 each and would be adjusted according to prevailing market conditions.
Pico de Loro said the portion of the funds raised from the share sale would be used to recover the P768.6-million development cost of Hamilo Coast.
Besides the share sale, the beach club and the developer would fund the construction of Hamilo Coast facilities through capital infusion from SM Investment Corp. through the two major shareholders of Costa del Hamilo, Manila Southcoast Development Corp. and Mountain Bliss Resort and Development Corp. Pico de Loro and Costa del Hamilo would also borrow from banks up to 60 percent of their funding requirements. -- Likha C. Cuevas-Miel
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