Posted on 11:19 PM, July 29, 2010 [BusinessWorld Online ]
HIGHLANDS PRIME, Inc., the high-end leisure property development firm of the Sy family, has launched two new projects worth P2 billion.
The new projects -- The Woodridge Place Phase 2 at The Highlands and The Glass Terrace at the Midlands -- are meant to meet increasing demand for leisure properties in Tagaytay.
The Glass Terrace, a condominium project, will have five buildings with 100 units each, to be sold at an average of P75,000 per square meter (sq. m.), Roel B. Parian, vice-president for finance of Highlands Prime, told reporters after the company’s annual stockholders’ meeting in Pasay.
The buildings will occupy 4,586 sq. m. in a 9.6-hectare lot owned by the company.
“The condominium design utilized glass extensively, through large windows and doors in each of the 500 units to maximize natural sunlight and wind, resulting in significant energy cost savings,” Highlands Prime said in a statement.
It will take the company two-and-a-half to three years to complete the two projects, Vice-Chairman Willy N. Ocier said.
Both projects at Tagaytay Highlands, which is being developed by Highlands Prime and affiliate Belle Corp., will have a view of Taal Volcano.
Two new towers at Woodridge Place, which will cost around P800 million, will have 100 units each. The Linden and Mahogany towers will sit at the “highest point in the Highlands complex at 2,000 feet above sea level,” Highlands Prime said.
“These two projects are expected to augment and reinforce Highland Prime’s sales performance, together with existing projects,” Highlands Prime Chairman Henry Sy, Jr. told reporters.
Meanwhile, an idle lot in Canlubang, Laguna will be used for various other developments, officials said. “For the Canlubang project, we have already started the master plan ... We want it to be a mixed used development,” Shirley C. Ong, senior vice-president of Highlands Prime, said.
The firm acquired the 342-hectare property in Laguna last year.
Shares in Highlands Prime -- whose profits dropped by 73% to P7.08 million in the first quarter as revenues decreased by a third to P80.2 million -- were last traded on May 20 at P2.55 each. -- Neil Jerome C. Morales