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Roxas property unit to build P600-M resort in Tagaytay

Posted on 09:33 PM, May 18, 2010 [ Businessworld Online ]

ROXACO Land Corp., the property arm of listed holding firm Roxas and Co., Inc., is planning to build a high-end, serviced resort and residential complex worth P600 million in Tagaytay.
“Roxaco has partnered with VJ Properties, Inc. to develop Anya Resort and Residences, a six-hectare boutique development located in a tranquil and private area at the country’s ‘second summer capital,’” the company said in a statement yesterday.
The residential phase of the upscale resort community in tourist getaway of Tagaytay is expected to be launched by the second half this year.
It will have a restaurant, a gym, a “destination pool,” and spa facilities for both residents and guests.
“The calming ambience of tropical Asia coupled with Tagaytay’s all-year cool and crisp weather make the perfect weekend home for families living a fast-paced city life,” Santiago R. Elizalde, senior vice-president of Roxaco Land, said in the statement.
Roxaco Land and VJ Properties will sell 48 open lots averaging 450 square meters each. Buyers can choose from three pre-existing signature home designs that feature “streamlined tropical Asian” architecture.
In December, Roxaco Land, a 100%-owned subsidiary of Roxas and Co., inked a partnership with VJ Properties to develop the 57,972-square-meter lot at Tagaytay in Cavite province.
Roxaco Land has property projects in Nasugbu and Balayan in Batangas as well as Imus, Cavite, and joint ventures with other property developers such as Landco Pacific Corp., ACM Land Holdings, Inc., and Marilo Corp.
Roxas and Co. is the parent company of the Roxas Group, which also owns listed sugar producer Roxas Holdings, Inc.
Shares in Roxas and Co. -- whose losses widened to P40.748 million in the fourth quarter last year from P27.515 million in the previous -- were last traded on May 14 at P1.58 each.
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