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Belle says Tagaytay project on track

Posted on September 30, 2011 07:42:07 PM [ BusinessWorld Online ]

LUXURY DEVELOPER Belle Corp. said it is on track to complete its upscale residential development in Tagaytay by mid-2012, with roughly two-thirds of the lots seen to be sold this year.

Already, some 30% of the 90-lot of the so-called Nob Hill has already been sold as of September, Michelle T. Hernandez, Belle vice-president for marketing said in a telephone interview yesterday.

Belle hopes to complete the sale of the project’s lots in time for their turnover to their respective owners in the second quarter of 2012, she said.

Nob Hill is located in the 1,500-hectare Tagaytay Highlands mountain resort and residential complex, and joins other earlier high-end Belle residential developments such as Saratoga Hills and Lakeside Fairways.

Belle saw it profits drop in the first half on the back of lower revenues, with consolidated net income falling by 43.7% to P102.1 million from P181.3 million recorded in year-ago levels as the company allotted resources to developing its $750-million Belle Grande Manila Bay integrated resort and gaming complex.

Belle shares rose by 3.72% to P3.35 yesterday from P3.23 at its previous close. -- Franz Jonathan G. de la Fuente 

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