[ manilstandardtoday.com ] July 8, 2009
By Jenniffer B. Austria
The group of retail tycoon Henry Sy is set to purchase a 342-hectare property in south of Metro Manila, joining Ayala Land Inc. and Eton Properties Philippines Inc. of taipan Lucio Tan in developing high-end residential communities in the area.
Highlands Prime Inc., an affiliate of the SM Group, yesterday said its board approved the acquisition of the property in Canlubang, Laguna, which is adjacent to Canlubang Golf and Country Club.
The company said in a disclosure to the Philippine Stock Exchange that it would develop the property into a high-end primary home area.
The company did not disclose other details of the acquisition, including cost of purchasing the land.
Informed sources said the Yulo family owned the property and that Highlands Prime acquired the land for less than P500 per square meter, or about P1.71 billion.
“The development of this property will further enhance the profitability of Highlands Prime and strengthen its position as a major player in the property market,” said Highlands Prime president Antonio Henson in a statement.
Ayala Land Inc. is developing a 1,600-hectare project in Canlubang, Laguna called Nuvali, while Eton Properties is designing a 1,000-hectare property in Sta. Rosa called Eton City.
The two have already launched several projects within their respective areas, including residential development catering to high-end and middle-income earners as well as commercial developments and office buildings.
Highlands Prime said the Canlubang property was conducive for upscale residential development due to its scenic location that overlooks tourist attractions such as Laguna de Bay and Mt. Makiling.
“The company is currently preparing a shortlist of foreign and local firms, which will be tapped to do the master plan for the project,” Highlands Prime said.
The initial phase of the project is expected to be launched by the end of the year.
Meanwhile, the company said it would continue to develop residential communities in the Tagaytay Highlands and Midlands complexes. Expected to be launched shortly are phase 2 of The Woodridge Place with three- and four-bedroom units, Phase 2 of The Horizon at Tagaytay Midlands and the Il Piazzo, an Italian-style complex that overlooks the famed Taal volcano.
Highlands Prime registered real estate revenues of P231 million in the first quarter of the year, up from P101.1 million year-on-year.
Highlands Prime, which was initially set up by Belle Corp., is a property development company that focuses primarily on the high-end of the leisure property market.
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