Asiaworld, Sta Lucia tie up on bay project

Asiaworld Properties Philippines Corp. (APPC) and Sta. Lucia Realty and Development Inc. have entered into a P1.5-billion joint venture project to develop an eight-hectare property inside Asiaworld City near Manila Bay into a prime residential subdivision.

In an interview with The STAR, Asiaworld Properties vice-chairman and CEO Elena Tan Yu Coyuito said their group is now more inclined towards joint ventures in developing the huge landholdings of the Tan Yu group. "This project also signals our continued confidence in the Philippines regardless of what happens. The real estate sector in this country is moving again," Coyuito noted.

The Palm Coast Marina Bayside Residences is the second joint venture project with Sta. Lucia Realty starting with a highly successful middle-class residential subsidivision in Quezon City which was immediately sold out.

Asiaworld Internationale of the Tan Yu group owns up to 20,000 hectares of choice properties in the Philippines – the largest landbank in the country second only to the government. It is a privately held, diversified multi-billion dollar multinational company spanning five countries founded by business tycoon Tan Yu whose business empire includes over 50 companies, subsidiaries and affiliates with extensive interests in real estate, hotel, finance and shopping malls.

In the Philippines, the Tan Yu group includes AIC Realty Corp., A & A Group (property development), APPC, Fuga Internationale Group, Inc., Fuga Island Holdings, Inc. and Barit Island Holdings Corp. Other investments of the group are in China, North America, and Taiwan.

APPC earlier reclaimed and developed a 184-hectare land that it owns located at the southern end of Roxas Boulevard along Manila Bay. Envisioned to be the premier city of the 21st century, Asiaworld City is conceived as a low-density residential subdivision complete with neighborhood Asiaworld, shopping center, medial center, exclusive school, five-star hotel, mall and theater development, and a mixed-use officie and commercial district.

The Asiaworld City was designed in keeping with the high-end urban blueprint envisioned for Boulevard 2000, an integrated frameworld plan for Manila Bay reclaimed areas prepared by the Public Estates Authority (PEA).

APPC has already sold out inside Asiaworld City the following residential subdivision projects - Marina East Baytown, Marina South Baytown, and Marina Bayhomes. It is also developing the Golden Bay Towers which is a distinct row of 30-story residential condominiums equipped with first-class features and amenities, and now, the Palm Coast.

In the case of Golden Bay Towers, Coyuito said they have just signed a joint venture agreement with Burgundy Development Corp. for the completion of the two towers Burgundy Bayfront and Mckinley.

Of the 7-8 hectare Palm Coast, only between 3.5 to four hectares will be the saleable area. The lots, which will have a size of about 300 square meters each, will be sold for about P25,000 per sq.m. APPC is the owner of the property while Sta. Lucia will be the developer. Sta. Lucia officials expect complete development of Palm Coast in two year’s.