DMCI Homes unfazed by SC ruling, eyes to complete Boracay project by Q1 2009
by LIZA REYES, ABS-CBN Business | 10/13/2008 5:52 PM
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DMCI Homes, the residential development arm of the Consunji-led DMCI Holdings on Monday said its condotel-resort project Alta Vista de Boracay will not be affected by the recent Supreme Court ruling on public domain.
DMCI Holdings president Isidro Consunji said, Alta Vista de Boracay located at Barangay Yapak north of the island, is a titled property.
“We’re spared from this because we’re not at the beachfront. Ours is titled and is privately pre-owned.”
Last week, the Supreme Court caused a stir among Boracay resort owners after ruling that the world-famous island is part of the public domain and that its private landowners cannot get titles to their properties--not until Congress passes a law allowing it.
In an October 8 ruling penned by Associate Justice Ruben Reyes, the SC reversed a Court of Appeals decision that sustained a local government order to start a survey of Boracay for titling purposes.
The SC also rejected a petition of the landowners to nullify President Gloria Macapagal-Arroyo's Proclamation 1064 classifying Boracay into a forest reserve and agricultural land.
Alta Vista de Boracay
Sitting on a 3.75 hectare property north of the island, Alta Vista de Boracay is the premier resort development of the Consunji group to date.
With a project cost of P1.5 billion, it has 547 studio and loft units and just a stone’s throw away from world-class resorts Shangri-La Resort and Fairways and Bluewater.
DMCI Homes has commissioned Brycl Resorts International, a hotel management and operations firm to run the day-to-day functions of the condotel.
“The construction of the first four buildings has already been completed and has been turned over to clients. More than half of the units have been sold,” Consunji said.
Alta Vista de Boracay will be completed by early next year.
The development boasts of an infinity pool, landscaped open spaces, clubhouse with its own main reception and dining area; game room; lounge area; spa; viewing deck; business center; audio-visual room and snack bar.
It also has an investment scheme, where unit buyers can earn from their investment.
The units will comprise the investment pool which will be rented out to other hotel guests on a five-year contract. The income generated from the rented out units would then be combined and 30 percent would be divided among the unit owners as earnings.
