By Zinnia B. Dela Peña Updated February 23, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - Upscale leisure estate developer Landco Pacific Corp. is putting the brakes on new project launches amid a slowing economy and severe tightening in credit markets.
MPIC president and chief executive officer Alfred Xerez-Burgos Jr. said the company is taking a cautiously optimistic stance this year and is focusing its efforts on completing ongoing projects.
Xerez-Burgos said the company may undetake new phases of expansion for existing projects depending on a project’s sales take-up.
Among the projects to be completed this year include Amara en Terrazas, a highly-exclusive cluster of medium-rise condominium apartments, Tribeca tower 1 which is located in Parañaque,
Other projects include the redevelopment of Hacienda Escudero, Playa Laiya (a masterplanned tourism estate that will rise on a 129-hectare property in San Juan, Batangas), Playa Azalea (a leisure tourism project in Samal, Davao), WoodGrove Park (a four-hectare high-end residential community in San Fernando, Pampanga), Woodridge Garden Village (an upscale residential village to rise on a 44-hectare lot in Zamboanga) and a 200-room hotel in Calatagan, Batangas.
Landco is now majority owned by the Xerez-Burgos family after acquiring 21 percent of Metro Pacific Investment Corp.’s 51 percent stake in exchange for minority interest in three shopping malls outside Metro Manila.
The three shopping malls located in Cabanatuan, Legaspi and Lucena with a combined gross leasable area of 130,000 square meters, have a book value of P220-P230 million. They generate revenues of P200 million annually.
The deal raises the Xerez-Burgos family’s shareholdings in Landco to 70 percent, leaving MPIC with a 30 percent stake.