Thursday, December 21, 2006 Developer bares plan to develop Villalon lot
A DEVELOPER, known for its residential resort projects in Luzon, is set to implement its first project in Cebu City to develop the landholding of a prominent Cebuano clan.
Projected to generate at least P5 billion in investments, Landco Pacific Corp. will start developing next year the 210-hectare property of the Villalon family, which covers portions of Barangays Guadalupe, Tisa, Labangon, Buhisan and Sapangdaku, all in Cebu City.
Landco Pacific Corp. executive vice president and chief operating officer Francis Ceballos said the property covers a cluster of eight hills, with a peak elevation at 330 meters above sea level.
The project is a joint venture of Genvi Development Corp., which is headed by siblings Augusto and Margarita Villalon.
During a press conference at the Marco Polo Hotel yesterday, Ceballos said the project signals Pacific Landco’s pursuit of a bigger presence in the Visayas and Mindanao.
Landco Pacific president and chief executive officer Alfred Xerez-Burgos Jr. said the firm has been wanting to conduct its own development project in Cebu, but it did not find “until now” the “right property to launch” its presence in Visayas and Mindanao.
Pacific Heights in Talisay City is a joint venture of Landco Pacific and Sta. Lucia Realty and Development Corp. Landco owned the land while Sta. Lucia undertook the development of the project.
Burgos said the Villalon property meets all the qualities Landco looks for in a property to develop.
“It’s large, has a high impact on the community, has high value and is one of its kind. (With those,) we feel that we would have a winner,” he said.
With the success of the project, which is yet to acquire a name at present, Burgos said Landco is also considering Iloilo, Zamboanga, Davao and Cagayan de Oro.
“We also got offers in Bacolod. But all these we decided not to touch until we’ve done this (Cebu project),” he said.
Augusto Villalon, an architect, said the project will reflect Cebuano culture and heritage and will give his family the chance to “give Cebuanos not only what they deserve but (something) that will have a multiplier effect on the economy.”
“This property is probably the last of its kind in Cebu. We want to give it justice, (that’s why) we have to have something very distinctive,” Ceballos said.
Landco vice president for administration Michael Reyes said the first phase of the project, whose development will begin next year, will be located in Guadalupe.
The whole development, which is expected to continue for 10 years, will feature houses and lots, townhouses, condominiums, gardens, trails and other amenities.
Ceballos said Landco is still studying “how to position” the prices but land could cost from P8,000 to P15,000 per square meter.
Burgos said Landco will impose in Cebu the same standards on quality it has implemented with other projects, such as the Terrazas de Punta Fuego in Nasugbu, Batangas and Ponderosa Leisure Farms in Silang, Cavite, among others.
Burgos said Landco is confident it will be able to sell the project, not only to Cebuanos, but also to other real estate market sectors.
“We never had a single failed project. (For every development), we spend 90 to 150 days to study the market,” he said.
Apart from its distinct “residential resort” theme, Landco will also develop the Villalon parts of the property into community enclaves, where families and friends can create a sort of compound. (LAP)
