[ manilastandardtoday.com ] April 26, 2011
Leisure property developer Highlands Prime Inc. expects sales to reach P1.2 billion this year as it launches the masterplan for a 172-hectare prime land in Canlubang, Laguna.
Highlands Prime president Henry Sy Jr. told reporters after the annual stockholders’ meeting that the Canlubang project was the company’s first venture outside Tagaytay Highlands.
The Canlubang project is envisioned to be an upscale mixed-use residential estate that will offer houses, lots, vertical developments and first-rate amenities.
“The Canlubang property will bring new opportunities for growth and expansion for the company,” Sy said.
The company has allotted P1 billion in capital expenditures this year, mainly for the development of the Canlubang project and new ones within the Tagaytay Highlands area.
Highlands Prime recently launched Sierra Lago, its seventh themed luxury lot development at Tagaytay Highlands. The project offers 185 residential lots with an average size of 250 square meters.
Also launched was phase 2 of the Woodridge Place, which involves the construction of two additional residential towers that will offer 88 units. The project offers a 136-square meter, three-bedroom and 188 sq. m. four-bedroom units.
Highlands Prime is considering the possibility of converting a good portion of its landbank inside the Tagaytay Highlands into themed horizontal developments and first-rate vertical projects.
Meanwhile, the company will make a private placement within the year to comply with the 10- percent minimum public ownership requirement for listed companies. Sy said the company was now finalizing the terms of the private placement.
The public float of the Highlands Prime is currently just at 4.6 percent.
The Philippine Stock Exchange requires listed companies to maintain a minimum public float of 10 percent.
Highlands Prime is a property development company focusing on the high-end of the leisure property market. The company’s property assets comprise undeveloped land, subdivision lots and finished residential units located around the vicinity of Tagaytay Highlands International Golf Club Inc. in Tagaytay City and Tagaytay Midlands Golf Club Inc. in Batangas. Jenniffer B. Austria
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