[ sunstar.com.ph ] November 18, 2008
SM INVESTMENT Corp. (SMIC) said Monday it does not associate with rival Fil-Estate Land Inc. (FELI) to develop a property in Batangas Province.
Corazon Guidote, SMIC vice president for investors relations, said there was no truth to report that it has agreed to jointly develop and turn an area in Nasugbu, Batangas into a tourism and residential project which will be called Harbor Town.
"We wish to clarify that SMIC and its subsidiaries are not forging any agreement with FELI for the joint development of Nasugbu Harbor Town," Guidote said.
She noted that SMIC has an existing project in Nasugbu which is the Hamilo Coast and being administered by one of its subsidiary - the Costa del Hamilo.
"This project in Hamilo is Pico de Loro Cove, which is a mixed-used project consisting of residential condominiums, a beach and country club and a hotel facility. Pico de Loro is one of several resort communities that will be developed in the SM property," Guidote added.
With a total area of 5,700 hectares, the Hamilo Coast is a unique large-scale ecotourism project to be developed in phases into an innovative, integrated network of coastal resort communities.
SMIC initially invested about P2 billion for the project. The project was launched last March 2007.
