Wednesday, July 8, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
HIGHLANDS PRIME, Inc., the high-end real estate unit of the SM group, announced yesterday the acquisition of property in Laguna, which will be developed into an upscale residential community.
In a statement, Highlands Prime said it had purchased a 342-hectare property in Canlubang, Laguna, but did not disclose the price. The area is adjacent to the company’s Canlubang Golf Club and extends to its Hillside Village inside Tagaytay Highlands.
"The development of this property will further enhance the profitability of the company and strengthen its position as a major player in the property market," Highlands Prime President Antonio A. Henson said.
Mr. Henson said the property is suitable for upscale development because of its scenic location, as it overlooks natural tourist attractions such as Laguna de Bay and Mt. Makiling.
The plan is to develop a "meticulously master planned, ecologically friendly community that offers high-end primary homes and commercial centers with world-class amenities."
The initial phase of the project is expected to be launched before the end of the year, Mr. Henson said.
Highlands Prime is focused primarily on developing high-end leisure and residential communities in their more than 1,000-hectare country club property in Tagaytay.
The company’s property assets include undeveloped land, subdivision lots, and finished residential units around the vicinity of Tagaytay Highlands International Golf Club, Inc. in Tagaytay and Tagaytay Midlands Golf Club, Inc. in Batangas.
This year, the company is expected to launch the second phase of the Woodridge Place at Tagaytay Highlands. The new phase will be composed of two buildings housing 56 condominium units, and is expected to generate P1 billion in revenues.
The company will also start the Milago of Tagaytay Highlands project. The four-hectare Milago will be an exclusive mid-rise condominium development adjacent to the golf club and the chapel and will have seven buildings, housing 115 units.
Highlands Prime will also market The Cliff at Hillside, which will have log cabins on five hectares of land, with views of Laguna de Bay, Tagaytay Highlands, Canlubang, Calamba, and Mt. Makiling.
On top of these three projects, Highlands Prime said it expects to generate more than P3 billion from the sale of seven other projects, namely phase one of the Woodridge Place and the Hillside, the Woodlands Point, Pueblo Real Phase 1, the Horizon, the Alta Mira, and the Lakeview Heights.
Highlands Prime more than doubled its net income to P26 million from January to March, while revenues stood at P233 million, up from the P104 million in the same period last year.
Shares in the company did not move at P2.95 apiece yesterday. — K. J. R. Liu
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