Friday, December 05, 2008
[ manilatimes.net ]
THE real estate unit of the Roxas group plans to develop its properties in Batangas into housing for the middle to low income market as well as expand its leisure projects.
On the sidelines of the CADP Group Corp. stockholders meeting, Pedro Roxas, the company’s chairman, said specific plans for Roxaco Land Corp. would be finalized by the second quarter of next year.
“We’re looking at housing for the middle, low-end market which we have been doing through Roxaco already. Then we’re also looking at the tourism sector as an area for potential growth,” he said.
Roxas said the property unit has 2,000 hectares of raw land in Batangas, where the group has a sugar plantation. At present, most of its high-end real estate interests are in partnership with Landco Pacific Corp., including Peninsulas de Punta Fuego, Terrazas de Punta Fuego and Club Punta Fuego, all in the town of Nasugbu of that province.
“Well we’re looking at tourism-sort of beach resort, that type of market. We feel that tourism sector is a growth sector. It’s still relatively small [and] it is a sector that is not dominated by any major players. So we feel that there is room for companies to start up and establish a presence and build up a brand name over time,” Roxas said.
Roxaco is exploring possibilities about a partnership with other firms when developing other properties outside its own landbank. Plans for developing beach properties, however, may be put on hold in favor of more affordable lines because the situation next year “might be more difficult,” Roxas said, adding it would be hard to start something from scratch.
The company is not a stranger to building horizontal projects as it has Palm Estates Subdivision, Woodstock Homes and Landing Subdivision all in Nasugbu, as well as The Orchards at Balayan, Batangas and Goodwood Homes in Imus, Cavite.
The Roxas group is undergoing a reorganization under which all of its sugar interests would be put under Roxas Holdings Inc. (RHI), formerly CADP Group, while Roxaco Land would be a separate entity under the Roxas and Co. This would eliminate the extra holding company layer and streamline operations.
Minority shareholders of CADP, now RHI, would be offered an exit from the sugar business through a tender offer to be conducted starting this month through January of next year.--Likha Cuevas-Miel