Thursday, July 9, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
PROPERTY COMPANY Belle Corp. is setting aside P250 million for a second project this year, claiming that demand for high-end developments in exclusive communities has remained.
In a disclosure yesterday, Belle Corp. said Cotswold would be the fifth residential community of the Lakeside Fairways development in the exclusive complex of Tagaytay Highlands.
The new project will cover nine hectares of land, offering 156 lots with sizes ranging from 300 square meters (sq. m.) to 842 sq. m.
"Cotswold is best for those who love to contemplate their natural surroundings and for individuals who would like to engage in an active lifestyle. Cotswold owners will have a proprietary share of the Tagaytay Midlands Golf Club as well as enjoy the amenities at Tagaytay Highlands Golf and Country Club," Belle Corp. said.
Cotswold lots will be sold at P13,000 per sq. m. or P3.9 million for the smallest 300-sq.-m. lot and P10.9 million for the biggest lots. Belle Corp. said it expects to complete the project by end of next year.
Headed by Willy N. Ocier, Belle Corp. is a high-end property developer whose developments are located mostly in the resort city of Tagaytay and Batangas province.
The company’s major stockholders include the Sy family of the SM mall, property development, and banking group.
In March, the group launched its first project for the year, Katsura, selling half of residential units within a month, according to executives. This has boosted the company’s outlook for the rest of the year.
Aside from Katsura and Cotswold, Belle Corp. plans to launch another project, called Fairfield — a seven-hectare development that will have 100 to 120 lots with an average size of 400 sq. m. Lots will be sold for P7,000 per sq. m.
Belle Corp. has more than doubled its budget to P700 million to P800 million this year, which will be increased further to P800 million to P900 million next year.
Profits went up by 4% to P38 million from January to March as a result of strong sales from residential projects.
Shares in the company rallied by 9.09% or P0.07 to P0.84 per share yesterday. — Kristine Jane R. Liu
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