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Highlands Prime spending P2.5b

[ ] August 1, 2009

By Jenniffer B. Austria

Highlands Prime Inc., the high-end property arm of the Henry Sy group, will spend P2.5 billion in capital expenditure over the next two years to develop its recently acquired 342-hectare property in Canlubang.

Highlands Prime president Antonio Henson said during the annual stockholders’ meeting that funding for expenditure program would come from internal funds and bank borrowings.

Highlands Prime will earmark at least 40 percent of the budget for the development of the Canlubang property, which the company acquired from the Yulo family.

“The company envisions the development of this area into a mega place, eco-friendly and conducive to healthy and family-oriented living, complete with world-class amenities,” Henson said.

Highlands Prime said it was finalizing a short list of the companies to be engaged in creating a master plan for the area. The company initially plans to launch a high-end residential project in Canlubang.

Henson said the company’s acquisition of the Canlubang property “opened a new corridor of opportunity’’ for Highlands Prime to diversify into other areas.

Henson said he expected the Canlubang project to boost the company’s real estate sales over the next two years.

The company sees real estate sales reaching P1 billion this year from P800 million in 2008.

Other new property projects to be launched this year are the Woodridge Place Phase 2, Horizon Phase 2, Pueblo Dos at Pueblo Real and IL Piazze at Milago, all located in the Tagaytay Highlands area.

Meanwhile, Belle Corp., another high-end property development company majority owned by retail tycoon Henry Sy, reported a 117-percent increase in net income in the first six months of the year on higher real estate sales.

Belle said in a financial report filed with the Securities and Exchange Commission that net income from January to June hit P157 million from P72.9 million year-on-year.

Six-month revenues rose six percent to P615 million from P583 million primarily due to higher sales of lots at the Verandas of Saratoga Hills residential subdivision.


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