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Fil-Estate, Sy family begin talks for Batangas project

Honey Madrilejos-Reyes, Business Mirror | 11/18/2008 1:24 AM

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Listed Fil-Estate Land Inc. (Feli) is in talks with a member of the Sy family for the possible joint development of the Nasugbu Harbortown project in Batangas.

In an interview, Feli chairman Robert John L. Sobrepeña said he has been meeting with Teresita Sy-Coson, eldest daughter of shopping mall magnate Henry Sy Sr., to work out a codevelopment agreement that would pave way for the start of construction of the mixed-use project.

He envisions the initial phase of Nasugbu Harbortown—sitting on a 216-hectare land—will feature 833 lots for the residential segment and an 18-hole golf course, among others.

A reliable source told the BusinessMirror that an entity called Country Leisure was formed years ago to undertake the development of the Nasugbu property but this failed to take off, pending some concerns. Country Leisure is a joint venture between the Sobrepeñas and Luis Coson, the late husband of Tessie Sy.

“An agreement has yet to come between the parties,” said the source.

Nasugbu Harbortown is just among the projects lined-up by Feli to shore up its revenues. Other projects are the Twin Lakes residential development in Laurel, Batangas; additional residential projects within Camp John Hay in Baguio City; and office building projects intended for the business process outsourcing firms, some of which will be done in partnership with Ayala Land.

Earlier, Feli said it will put on sale some assets, including pieces of properties in Baguio, Boracay Island and Tagaytay to generate up to P1.5 billion in proceeds to support its development program as well as retire some loans.

Sobrepeña said the company is leaning towards selling some assets to boost liquidity, thus, preventing them from securing more borrowings.

These assets located inside Camp John Hay in Baguio City, Fairways and Bluewater Resort Golf and Country Club in Boracay and Southwoods in Tagaytay.

“I think these are already ripe for selling. Before, our strategy is hold on to these lots and later on put up structures on them. Now, instead of us building the condos, we are giving opportunities to other developers to come in and build their own,” said Sobrepeña.

The Boracay lots are expected to fetch a high value given the strong demand for properties in the island. The selling rate of a lot in Boracay is pegged at P15,000 to P20,000 per square meter.

as of 11/18/2008 5:52 PM