Highlands Prime to issue P2-B preferred shares

Property developer Highlands Prime Inc. will issue P2-billion worth of preferred shares to raise funds for ongoing and future projects.

In a disclosure to the Philippine Stock Exchange, Highlands Prime said preferred shares would account for the proposed increase in its capital stock from P4 billion to P6 billion.

Highlands Prime vice-chairman Willy Ocier said the company is boosting its line-up of exclusive out-of-town residential villas. The Tagaytay Highlands is expanding its offerings with Woodridge Park, a residential condominium development inspired by the mountain resorts of the Colorado region in the US.

Due to the success of its Woodridge project, Highlands Prime has fasttracked the development and sale of The Horizon at Tagaytay Midlands and The Woodridge Park at Tagaytay Highlands Prime.

The Horizon, a mid-rise residential condominium development envisioned as a golfer’s haven, is seen to raise approximately P2 billion in gross revenues for Highlands.

The Horizon’s four-bedroom units with an average floor area of 150 square meters boast of views of the Midlands golf course, Taal Lake and volcano. Four model units are available for viewing at the project site.

Highlands Prime expects the Woodridge Park to generate P1.8 billion in revenues for a total of 119 units. The first phase or 65 units of the Woodridge Park is targeted for completion by end-2007.

The company is also building single-detached homes in the Lakeview and Alta Mira subdivisions in Tagaytay Midlands by building Balinese, Filipino and Californian-Meditteranean designed houses.

Other projects in the pipeline include subdivision lots and log cabin-inspired single detached houses, all at Tagaytay Highlands.

Last year, Highlands Prime posted a net income of P173 million, up 37 percent from P126 million a year earlier, on higher sales from its residential projects.

Gross revenues were derived from the sale of the Woodridge and The Horizon condominium units and Lakeview Heights subdivision lots in Tagaytay Highlands and Tagaytay Midlands areas.