To be known as Canyon Cove, the property will target foreign and local clients and investors.
Total project cost is placed at P3.31 billion, of which P1.67 billion represents the appraised value of the property while P1.64 billion makes up the five-year redevelopment cost.
Tagaytay Grasslands, which developed the upscale Canyonwoods residential resort in Tagaytay, will foot the entire development cost.
UCPB first vice president for asset management and development Christine Y. Carandang said the bank acquired the Nasugbu property in 2000 in settlement of a soured loan, and has been operating it as the White Cove beach resort for the past several years.
The property has a partially finished 250-room hotel and 35 building clusters housing 212 condominium units along the beach area, and 10 hectares of raw lands in the surrounding hills.
Under the agreement, Tagaytay Grasslands will convert the hotel into a "condotel," develop the raw lands into a private residential subdivision, set up a members-only beach club with upscale facilities, renovate the existing condominium units owned by UCPB, and build 400 new condominium units.
Development work on the hotel, the raw lands and the beach club facilities will start in the fourth quarter of this year while the renovation of the existing condominium units and construction of new condominium units will commence in late 2007 and early 2008, respectively.
UCPB entered into similar land development agreements last year with Sta. Lucia Realty and Development Inc., Brittany Corp., Filinvest Land and Century Properties Inc. covering P3.9-billion worth of the bank’s real and other properties acquired (ROPA).
Last December, UCPB entered into an agreement with the Century Property Group to develop its 1,223-square meter property along HV dela Costa St. in Makati into a high-rise residential and commercial condominium.