MANILA - Roxaco Land Corp., a unit of Roxas and Co. Inc., is set to work with VJ Properties Inc. to turn a Tagaytay property into a "boutique resort-type of residential subdivision."

The 57,972-square meter lot will be developed into a "secluded and fully landscaped mountain resort destination, featuring a boutique resort development and select number of private residential properties for residential homes," Roxas and Co. told the Philippine Stock Exchange on Thursday.

"The private residences will have 54 choice lots, with areas ranging from 400 to 700 square meters," the company said.

Under the joint venture agreement signed on Wednesday, Roxaco will have a 65% share in the net proceeds from the sale of 26 pre-selected lots, and a 60% share in net proceeds from the sale of the remaining 28 lots.

Roxaco is also the overall project manager and developer of the 3-year project, which is seen to generate P450 million in gross revenues.

In joint ventures with other companies, Roxaco's other projects include the Peninsula de Punta Fuego and Terrazas de Punta Fuego, which are both located in Nasugbu, Batangas.