BY ALBERT CASTRO
[ Malaya.com.ph ] December 4, 2009
Listed Roxas and Co. Inc., (RoxasCo) yesterday said that it has partnered with VJ Properties, Inc. for the development of the former’s 57,972 square meter-property in Tagaytay City through wholly-owned subsidiary, Roxaco Land Corp. (Roxaco).
The joint venture will be tasked to develop the property into a boutique resort-type of residential subdivision as the company becomes aggressive in the realty business.
"The property, which is located in a private yet easily accessible portion of Tagaytay, will be developed into a secluded and fully landscaped mountain resort destination, featuring a boutique resort development and select number of private residential properties for customized homes," RoxasCo said.
"The private residences will have 54 choice lots with areas ranging from 400 to 700 square meters," it added.
The joint venture leaves Roxaco with a 65 percent share in the net proceeds from the sale of 26 pre-selected lots, and a 60 percent share in the net proceeds from the sale of the remaining 28 lots.
Roxaco, as the overall project manager and developer of the project, intends to complete the development within three years. The project is estimated to earn gross revenues of P450 million.
In joint venture with other companies, Roxaco’s other projects include the Peninsula de Punta Fuego, an 88-hectare world-class residential beach resort, and Terrazas de Punta Fuego, a 61-hectare prime seafront property. Both projects are located in Nasugbu, Batangas.
RoxasCo has earmarked close to a billion pesos for all its real estate development projects.
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