PACIFIC Concord Properties Inc., developer of Lancaster Hotels in Manila, is investing P3 billion for a mixed-use development project in Bacolod City situated at Circumferential Road, bordering Barangays Tangub and Pahanocoy.
President and chief executive officer Ronald Lim, who led the groundbreaking ceremony Saturday, said they are developing an 87-hectare township called Hacienda Residences.
Fifty percent of the project is a joint venture project with land owners Orola and Villasor.
Pacific Concord bought 10 hectares of land from Remedios and John Orola, and the remaining 77 hectares, from the Villasor family.
"The project has coastal frontage called marina, and inland component called the hacienda measuring 25 and 72 hectares, respectively, with spine roads from Circumferential to Araneta Streets crossing Manville Subdivision," Lim said.
He added that the project will be a mini-township with condotel, house and lots, sports and country club, water park, commercial and retail establishments, business district, board walk, an organic vegetable farm, and a lagoon.
Forty-four hectares of the residential subdivision will be developed in four phases.
The site development for the seven-hectare Phase 1 has already started, Lim said.
The construction of houses as well the club house, farm, and lagoon will start this month and is expected to be finished in six months.
The target completion of the whole project is after five years.
Lim said they chose Bacolod because they are confident with the business potential of the city, adding that they believe "Bacolod is a hidden treasure" and "a very good haven for investment value."
He added that in Bacolod, infrastructure is already developed, including a four-lane road network, and it is not much affected by calamities.
Similar to their developments in Metro Manila, the concept of “cabintel” which they consider the future of accommodation will also be introduced to their project in Bacolod.
"Cabintel is like a cabin of the ship with two double decks that can accommodate up to six people in a room," he said.
Since the start of its site development, the project has already employed at least 70 workers, and will further generate about 3,000 jobs from construction to operation.