Friday, August 7, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
BY FELIPE F. SALVOSA II, Associate Editor
BANGKOK — Coconut plantation-turned-resort Villa Escudero is expecting tourist arrivals to hold up despite the economic slump, banking on local tourists and wedding celebrations.
Conrado A. Escudero, president and general manager of the rural hideaway straddling the provinces of Laguna and Quezon, said the resort has been benefiting from domestic tourists looking for a rustic setting and the "old world" charm.
"I believe we are the only one in the country with this kind of an attraction," said Mr. Escudero, who is heading a visiting group of businessmen and journalists in Thailand.
Villa Escudero is a "working coconut plantation" founded in 1872 and opened to the public in 1980.
Villa Escudero Plantations and Resort, particularly known for espousing religious traditions like its Holy Week procession as well as housing historical and cultural artifacts, is also expanding into the health and wellness sector.
Plans are being readied with a joint venture partner, Mr. Escudero said. "We have already reserved an area for that, around seven hectares," he told BusinessWorld.
Meanwhile, Hacienda Escudero, the property venture between the Escudero family and high-end developer Landco Pacific Corp. controlled by Alfred Xerez-Burgos, Jr., has been experiencing brisk sales, with the first two phases, dubbed "Aldea del Palmeral," already sold out. "We are now in phase three," Mr. Escudero said.
Retirees have been enamored by the residential enclave’s "plantation-style" chalets and modern bahay kubos, he added. The project offers views of Mt. Banahaw, Mt. Cristobal, and Mt. Malarayat, with water supplied by two rivers traversing the whole property: the Bulakin and Labasin rivers.
"Many retirees are investing property rather than in the financial markets. The properties have since appreciated," Mr. Escudero said.
The P10-billion, 415-hectare mixed-use development launched in 2003 will have a total of seven phases, following the architecture of the Commonwealth era of the 1930s.
The plan includes town and leisure centers, a water park with a wakeboarding facility, shopping centers, hotels, a convention center, a theme park, an 18-hole championship golf course, a school campus, and medical facilities.
Villa Escudero Plantations and Resort, Inc. reported nearly P125 million in revenues in 2007, with net income jumping to P8.5 million from just P2.5 million the previous year. The resort is owned by Villa Escudero Corp., which has a 16% stake, and members of the Escudero family.
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