Landco, Sucat Land to build lifestyle condos

Landco Pacific Corp., the real estate development arm of Metro Pacific Investment Corp., has signed an agreement with Sucat Land Corp. (SLC) to jointly develop a property in Muntinlupa City into a master-planned and themed residential lifestyle community.

In a disclosure to the Philippine Stock Exchange, ATR Kim Eng Financial Corp. said its subsidiary SLC and Landco will jointly build residential condominiums with open spaces and other amenities on SLC’s 9.7-hectare property along the service road of the South Luzon Expressway.

Under the agreement, SLC will provide the site while Landco will provide the funding and expertise for the development of the project.

Landco is a major multi-product real estate development firm engaged in high-end residential resorts, leisure farms, home residential developments, shopping centers, commercial business districts and memorial parks.

Landco is embarking on a massive expansion program in its bid to become a leading player in the real estate industry in five years. It is raising P4.3 billion to fund projects ranging from master-planned resort complexes, malls, central business districts and first-and second-home projects over the five-year period.

These will be funded by new equity from the planned P2.2-billion stock rights offering of Metro Pacific as well as funds internally generated from preselling and the sale of ongoing projects (P2.1 billion).

Landco has earmarked about P1.6 billion for the construction of four new malls in the provinces following the success of its three malls in Naga, Legaspi and Lucena.

It is also spending over P1 billion to expand its 92-hectare resort and leisure estate in Calatagan, Batangas which is being marketed as the closest thing to Boracay in Luzon.

A first of its kind in the country, the development will feature exclusive seaside home lots, hotel, a commercial center with retail, dining and entertainment outlets, apartment and condominium buildings and recreational structures to draw Metro Manila tourists to Calatagan.

Only two and a half hours away from southern Manila, Calatagan is a viable tourist destination for local and foreign tourists with its reasonable cost and proximity to Metro Manila.

Calatagan already boasts of white sand beaches, historical landmarks, a world-class championship golf course and eco-tourism sites. Landco proposes to complement these existing attractions beginning with a masterplanned tourist hub integrating residential and tourism projects that will serve as a base from which to enjoy Calatagan’s various attractions