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SMPI seeks buyer for Boracay project

Thursday, May 14, 2009 [ ]

The property arm of Southeast Asia’s largest food and beverage is looking for a buyer or partner for the development of its property on Boracay island in Aklan.

Ramon Ang, San Miguel Properties Inc. (SMPI) chairman, said there is a good valuation for the 28-hectare prime property along Puka Beach, which would be converted into mixed-use development.

Ang said the property is located near the high-end luxury hotel Shangri-La Hotel Boracay.

“This year we have some properties that we want to be sold, but it’s hard to say if buyers have the capital to buy these properties considering the current crisis,” Ang said.

Some valuable properties that SMPI has, Ang said, include the 125-hectare land in Tagaytay, the five-hectare lot in Sucat, Parañaque, and its Pasay Road property in Makati City.

“Each property may cost at least P1 billion,” he said.

Despite an overall softening of the real estate market last year, the company announced that its net income more than doubled to P1.2 billion, boosting its cash position for new investments and asset acquisitions this year.

SMPI said the gains were realized from the substantial increase in the sales of its residential projects, bulk of which was contributed by large deals including the sale of its 29.4-percent stake in KSA Realty Inc. and its property in Aurora Boulevard, Quezon City.-- Chino S. Leyco


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