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LISTED
Fil-Estate Land Inc. (Feli) has forged a deal with unit
Fil-Estate Urban Development Corp. (FEUDC) and Camp John
Hay Development Corp. for the completion of a
P230-million condotel and townhouse developments in the
former American base camp in Baguio City.
Under
the agreement, Camp John Hay will contribute its
leasehold rights to the property that will be developed,
FEUDC will fund the completion of the project, while
Feli will guarantee FEUDC’s obligations under the
project.
The
project consists of a five-story condominium-hotel
called Camp John Hay Suites and a detached duplex,
townhouse development named Forest Cabins. Completion of
the project was not disclosed.
According to Feli, the funding for the venture will be
sourced from the $12.5-million loan earlier secured from
Lim Asia Arbitrage Fund.
In
exchange for giving out the guarantee, Feli will acquire
five lot pads at Scout Hill in Camp John Hay that can be
sold outright or developed into mid-rise leisure homes.
It will also acquire the development rights over a
12,534-square meter lot within the area.
Feli
expects to register a net income of P745 million from
the projects, which if developed, will require P1.9
billion.
The
company is poised to take advantage of the real estate
sector’s growth scenario given its substantial inventory
of developable land and pipeline of projects.
As of
end March, its revenues stood at P130 million, mainly
from sales of real-estate as well as golf club and
resort shares in Southwoods in Carmona, Cavite, Forest
Hills in Antipolo, Riverina in San Pablo City, Monte
Cielo de Naga in Camarines Sur, Buenavista Hills and
Windsor Heights in Tagaytay City. |
