Metrobank’s real estate arm Federal Land Inc. will start another project development in the second half of 2008, to maximize the two-hectare idle lot that is part of the Marco Polo Plaza Cebu property.
In an interview with FLI president Alfred Ty over the weekend, he said that the company is still studying either to build a residential complex or condominium units mixed with service apartments and office spaces.
“We are still studying what we are going to do with the property,” he said adding that definitely the company will renovate the remaining 120 hotel rooms that are not being used yet, in the low-rise building previously developed by the Cebu Plaza Hotel.
The area used to be the location of the then famous restaurant “Lantaw” operated by the defunct Cebu Plaza Hotel.
According to Ty, the Metrobank Group is encouraged by the good performance of its first venture with international chain Marco Polo Hotels.
“The signs are very encouraging, we have seen good trends in the hotel’s one-and-a-half operations,” he said.
Ty, together with his parents George and Mary Ty were in Cebu over the weekend to grace the formal ground opening of the Group’s power plant venture together with the Aboitiz Group, Vivant Power Corporation, and Formosa Heavy Industries Corporation of Taiwan.
According to Ty, FLI is going to re-introduce and take advantage the popularity of “Lantaw” restaurant years back.
However, he did not elaborate on the details of the “Lantaw” re-birth project, as well as the residential and commercial mixed used project, saying it is still under study.
The 24-story Marco Polo Plaza, has a total of 329 rooms, Federal Land Inc., which is the real estate development arm of Metrobank, has spent close to a billion pesos to renovate the old hotel facility, formerly known as Cebu Plaza Hotel.
Sy said the company is confident that it is going to get its Return of Investments (ROI) in a short span of time, considering the positive performance of its hotel business here.
Asked about the company’s plan to pursue a resort development whether in Cebu or in nearby province in Bohol, he said FLI is continuously looking for opportunities for this particular plan, but nothing is formal yet.
Metrobank acquired the five-hectare property, including the hotel facility previously owned by Pathfinders Corporation due to heavy loan exposure, through foreclosure.
So far, FLI has only maximized about three hectares of the entire property. Within this year, Metrobank will again pour in huge amount of money, for additional investments taking advantage of the dynamic real estate market demand in Cebu. – Ehda M. Dagooc