By Zinnia B. Dela Peña (The Philippine Star) Updated April 29, 2010 12:00 AM
MANILA, Philippines - Upscale leisure estate developer Belle Corp. is building a P7.33-billion masterplanned integrated resort complex in Tanauan City, Batangas to complement the posh Tagaytay Highlands.
In a disclosure to the Philippine Stock Exchange, Belle said it has been issued a pre-qualification clearance by the Philippine Economic Zone Authority (PEZA) for the development of the 272-hectare property into a tourism eco-zone.
With Belle’s ongoing move to increase its landholdings, the exclusive complex will now be equalled in size only by very few international and exclusive developments. The acquisition of this new property also provides Tagaytay Highlands with a unique opportunity to tie its existing developments with natural attractions and the cultural aspects of the place.
Belle said the tourism ecozone will feature tourist facilities and activities for nature adventure and sports and recreation such as a nine-hole golf course and water sports facilities, high-end hotel accomodation facilities, wellness clinics, retirement villages/farm lots, non-exclusive resorts, clubhouse, primary housing community trading and tourist centers, educational facilities and other special interest and unique attractions.
Five low-density residential buildings will be constructed within the Tagaytay Highlands-Tourism Economic Zone, which shall comprise no more than 25 percent of the land. The five clusters are the Highlands community cluster, the Greenlands community, the New Town, Midlands Community and the Lakefront cluster.
Each cluster is envisioned to be a self-sustaining community, each complete with accommodation facilities or residential real estate.
Belle posted a net income of P385.8 million last year, up 87 percent from P205.8 million in 2008 on the back of strong sales from its flagship Tagaytay Highlands development as well as higher share of profit from its associate companies.
Gross revenues went up four percent to P1.4 billion, largely coming from sales of club shares, farm lots in Plantation Hills and house and lot units in The Parks Saratoga Hills. Gross profit likewise rose nine percent to P726.2 million.
Belle, majority owned by the family of retail tycoon Henry Sy, booked an operating income of P552.4 million, 10 percent higher than the P500.9 million recorded the year before.
The company’s equitized net earnings from 36-percent owned Highlands Prime Inc. and 35 percent-owned Pacific Online Systems Corp. expanded 45 percent to P117.9 million from P81.3 million.
Highlands Prime is engaged in real estate development within the Tagaytay Highlands and Midlands complexes while Pacific Online is the exclusive lotto system provider in Visayas and Mindanao for the Philippine Charity Sweepstakes Office.
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