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Monday, October 13, 2003
J. King & Sons to build properties all over RP
A CEBU-BASED company is stimulating the country’s real estate and tourism industries by developing properties all over the country.
This new business venture of J. King and Sons Co. Inc. (JKSCI), once fully materialized, would amount to billions of pesos, said Amor Olaes Salud of Resort Club of the Pacific (RCP) and chief operating officer of Club Ultima.
“The company’s investment would drive the country’s real estate industry forward, aside from creating a multiplier effect on the other sectors and industries in the country,” he told a press conference at the Princeville Executive Villas in Mactan Friday.
RCP, a Manila-based management firm, is the managing company of Club Ultima.
Salud said the company believes in the seven-year business cycle of real estate, which was battered in 1997. The year 2003 is the sixth year since the crisis. This means the industry will pick up “any moment now.”
Club Ultima is a new concept in high-rise clubs that offers its members state-of-the art leisure, business and health facilities.
The club is the heart of JKSCI’s investment all over the country.
Club Ultima adopts the time-share concept. It gives its members “vacation ownerships” of from one night to 12 nights, depending on the membership category, in all properties of JKSCI all over the country, Salud said.
Seven more
JKSCI will be developing seven more properties. They will be located in Baguio, Manila, Makati, Batangas, Iloilo, Bacolod, Davao and Cagayan de Oro, he said.
Its properties in Cebu, Mactan and Davao are already under construction.
Salud said the Cebu property, which is composed of the 20-story Fuente Tower I and the 40-story Fuente Tower II or the Crown Regency Hotel, would be operational in December next year.
Its properties in Mactan, on the other hand, include the Princeville Residence Villas and Clubhouse, which is already operational, and the Princeville Suites Tower, construction of which is still going on.
Salud said JKSCI’s investment in its properties in Cebu alone is already estimated to be at P1 billion “and growing.”
JKSCI has been in the business of warehouses, laundry and hotels. JBN
(October 13, 2003 issue)
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