Posted on March 18, 2012 10:05:18 PM [ BusinessWorld Online ]
NASUGBU, BATANGAS -- The SM Group’s Costa Del Hamilo, Inc. plans to start construction on horizontal housing at its resort complex here later this year, an official said on Saturday.
“We’re actually looking at introducing new types of products. We’re looking at offering lots, which will be separate developments from the condominiums we have now. We’re looking at starting on these horizontal projects by the end of the year,” William L. Chew, Costa Del Hamilo project development director, told reporters at a press briefing at Hamilo Coast.
Costa del Hamilo, incorporated in 2006, is the developer behind the 5,900-hectare project that is already home to the 40-hectare Pico de Loro Cove, the development’s first residential community of eight condominium buildings and exclusive beach and country clubs.
“In terms of the planned land area for the horizontal developments, it is definitely very big, and we’re looking at putting up around 300 to 350 lots. We’re thinking of having these lots in nearby Papaya Cove,” Mr. Chew said, referring to one of the 13 coastal coves in the area in addition to Pico de Loro.
Costa Del Hamilo will also focus on improving access to Hamilo Coast by enlarging the resort’s sole marina, which currently hosts a weekly ferry service to and from Nasugbu and the Mall of Asia (MoA) complex in Pasay City.
It takes as much as three hours to reach Hamilo Coast from Mall of Asia on land, an hour and a half via ferry, and 20 minutes by helicopter.
“We’re looking right now to develop the marina in Papaya Cove so that we can also invite people who own big yachts, those that measure around 100 to 150 feet,” Mr. Chew said.
The timetable and budget for these plans have not been finalized, Mr. Chew noted.
In a related development, affiliate SM Hotels and Conventions Corp., announced plans for the construction of its flagship hotel in the Manila Bay area within the next three years.
“It’s evolving but we did already get the budget for the hotel approved. So we’re progressing towards completing it,” said Christina A. Bautista, SM Hotels and Conventions vice-president for business development and administration and concurrent president of Pico de Loro Beach & Country Club, at the same press briefing.
SM Hotels and Conventions’ operates Radisson Blu Cebu, Taal Vista Hotel in Tagaytay City and the Pico Sands Hotel in Pico de Loro Cove.
SM Investments share price rose by 0.63% to P635.00 last Friday from P631.00 at its previous close. -- Franz Jonathan G. de la Fuente
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