Manila-Based Real Estate Developer to Build Resort in Cebu

CEBU CITY, Dec 22 Asia Pulse - Manila-based real estate developer Landco Pacific Corp. is embarking in Cebu on its first multi-billion-peso residential-mountain resort project for the Visayas and Mindanao region.

Landco Pacific Corp. has chosen a 210-hectare hillside property owned by the prominent Cebu Villalon clan to be the launchpad of the company's presence in the southern part of the country.

"We've got a winner here in Cebu from the property up to the inventory of its market," said Landco president and chief executive officer Alfred Xerex-Burgos, Jr. during a press conference held at the Cebu Marco Polo Plaza Hotel.

Landco along with Villalon-owned company Genvi Development Corp. has embarked on a joint venture to create a high-end city residential-resort property that initially requires P5 billion (US$96.5 million) to develop.

Stretching from the barangays (community villages) of Guadalupe, Tisa, Labangon, Buhisan and Sapangdaku, the development is located 330 metres above sea level, covers eight continuous hills and boasts the best views of the city.

"The property is one of its kind. Its large with high impact to the community, high value and its in the middle," described Xerez-Burgos.

He added that his company received many proposals from property owners outside Cebu but chose to first put up a project in Cebu before going to other parts of the Visayas and Mindanao.

"Our Cebu project will better propel the company in the big league," said Xerez-Burgos.

After Cebu, Landco is also looking at Iloilo, Zamboanga, Davao, Cagayan de Oro and Bacolod for more projects.

The Cebu development is targeted to start in the fist half of next year.

Francis V. Ceballos, executive vice president and chief operating officer of Landco, said the project might took more than five years to complete.

He, however, did not reveal the specific time-frame of the project that will be highly dependent on market take-up and the physical condition of the hilly property.

"We're still working on the final plan of the project. In fact, we don't have the designs yet but we'll make sure that it would appeal to a wide sector including non-Cebuano market," said Ceballos.

(PNA)

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