Cathay Land allots P6.75b this year
Cathay Land allots P6.75b this year Upscale developer Cathay Land Inc. is allocating P6.75 billion this year to bankroll the construction and development of 10 property projects in Sta. Rosa, Laguna. “We have earmarked P6.75 billion to develop 10 projects to be launched this year,” company president Jeffrey Ng said in a statement. He said the company would obtain funding from pre-selling activities as well as internally generated cash. Ng said the projects, which have a combined estimated sales value of P12.5 billion, would address the strong demand for a balanced and sustainable mix of residential and commercial developments in the Sta. Rosa-Tagaytay corridor. “We are confident that the property market will be stronger than ever this year. The area we are concentrating in has the fastest growth prospects in the entire country. Low interest rates have sparked a huge latent demand for premium housing in our fully-integrated golf resort city,” said Ng. The company, he added, has even expanded its landbank to 750 hectares to support five more years of mixed-use developments. South Forbes’ themed residential cluster will comprise the bulk of the company’s developments this year with the scheduled launches of the 15-hectare Thai-inspired Phuket Estates, the 30-hectare Italian villa-style Castel Romana, the 15-hectare art deco-styled Miami, the modern Singaporean-inspired Sentosa Heights and the chic Hong Kong-Chinese style in Victoria Peak. Sentosa Heights and Victoria Peak both boast of prime fairway lots. These lots ranging from 500-1,400 square meters will initially sell at P19,000 per square meter. “We are adding two more condominium cluster projects, namely the Asian modern Fullerton with office units on the lower levels and the Art Deco Miami Delano located beside the Ayala Westgrove Retail Plaza and St. Scholastica’s College. We are coming up with a different mix of unit types and sizes in each building to accommodate a wider market,” said Ng. Elaine Ruzul S. Ramos
MST Jan 28, 2008