Posted on January 29, 2012 10:05:30 PM [ Businessworld Online ]
LUXURY PROPERTY developer Belle Corp. is alloting P1 billion for a leisure and residential project in Tagaytay that will be marketed as a “green” community, an official said last week.
Sycamore Heights, an upscale development that promises to offer high-end living and environmental benefits, will feature units claimed to have energy saving features and lower carbon emissions.
Construction may begin in the second quarter with units likely to be turned over to buyers by the second half of 2014, Michelle T. Hernandez, Belle vice-president for marketing said in an e-mail to BusinessWorld.
A single lot in Sycamore Heights comes with a reservation price starting at P12,000 per square meter excluding taxes, Ms. Hernandez added.
“Each model unit was designed with energy efficiency and indoor thermal comfort in mind. These are achieved through our integration of passive cooling and heating principles in the houses,” said Orlando M. Mateo, partner-in-charge for Leandro V. Locsin Partners, the architectural firm that designed Sycamore Heights.
The resulting reduced energy consumption and home maintenance costs, coupled with a low carbon emissions and a pollution-free environment, are claimed to make Sycamore Heights a good investment for all buyers, the company said.
Moving forward, Belle expects to duplicate these designs and technologies in building other projects, Ms. Hernandez said.
Belle, first incorporated in 1973 as Belle Resources, entered the property sector with the development of golf course Tagaytay Highlands International Golf Club, Inc. in 1989. It changed its name to its present designation in 1994.
At present, the company is currently devoting “significant resources” for the completion of the $750-million Belle Grande Manila Bay, the company’s integrated resort and gaming complex slated for opening next year, Belle’s latest financial statement said.
The development will rise on a 6.2-hectare site within the planned Bagong Nayong Pilipino Entertainment City. State-run Philippine Gaming and Amusement Corp. has issued Belle Grande one of the four integrated casino permits for the project.
The company had raised around P4 billion via a stock rights issue in September last year to shoulder 13.9% of Belle Grande’s construction costs.
Belle’s nine-month net income last year plunged by 77.47% to P75.26 million -- already more than 80% lower than the company’s full-year profit of P465.5 million in 2010 -- due to lower operating revenues and decreased real estate sales. -- Franz Jonathan G. de la Fuente