Belle allots P250 million for Cotswold project

MANILA, Philippines – High-end leisure developer and gaming firm Belle Corp. is spending around P250 million to develop Cotswold, the fifth residential community within Lakeside Fairways in Talisay, Batangas.

In a disclosure to the Philippine Stock Exchange (PSE), Belle said Cotswold will offer 156 lots ranging from 300 to 842 square meters priced at P13,720 per square meter inclusive of 12-percent value added tax.

Buyers of Cotswold will get to enjoy world-class amenities at the Tagaytay Highlands Golf & Country Clubs as each share sold comes with a propriety share of the Tagaytay Midlands Golf Club.

The project is slated for completion by the end of 2010, Belle said.

Belle has earmarked up to P1.7 billion over the next two years for the continued development of residential communities to meet the strong demand for premium residential units.

Of the total, P800 million will be spent this year for the construction of three projects which include the recently launched Japanese themed residential subdivision called Katsura within the Lakeside Fairways; Fairfields, an

American South contemporary-themed development that will rise on a seven-hectare property that is adjacent to The Verandas at Saratoga Hills.

For next year, Belle is launching five new projects that will entail an investment of around P800 million to P900 million.

Belle is currently developing up to 30 hectares of property in Tanauan, Batangas to be called The Greenlands Community. This project is adjacent to established developments such as Plantation Hills, the Parks at Saratoga Hills and The Verandas at Saratoga Hills.

Another 32 hectares are being planned for development as a farm lots project.

Belle expects to end the year with net earnings of at least P300 million, up 46 percent from P206 million reported in 2008. Revenues are forecast to reach P1.3 billion or almost the same level as last year.

In the first quarter this year, Belle reported a four-percent rise in its net earnings to P38.2 million from P36.7 million as revenues increased by 5.3 percent to P269.08 million.

Sale of real estate and club shares rise 8.7 percent to P249.21 million from P229.26 million due to higher sales revenues from Plantation Hills farm lots projects and its Verandas at Saratoga Hills residential subdivision.