ROXACO Land Corp., the property arm of publicly listed Roxas and Co., said on Wednesday it will go into the third phase of its development in its upscale property in Tagaytay.
The company said the third phase involves a limited vertical development of its Anya Resorts and Residences that consists of 124 “banded” residences. The said development will feature bigger units of one to three bedrooms, all situated in three- to five-story buildings.
The company did not give figures on development costs.
Floor areas will range from 52 square meters to a comfortable 105 sq m, and priced from P9 million upward, the company said.
“Hard-working entrepreneurs looking for a quick escape from the stresses of city life now have an option with this low-density, low-rise condominium cluster within our flagship community in Tagaytay,” Roxaco Executive Vice President Santiago Elizalde said.
As part of a private, self-contained community accessible only on foot or via golf cart, phase three residents full access to the resort restaurants, spa and valet services, Elizalde added.
Documents from Roxaco said based on a commissioned study, the luxury market enjoyed a compounded annual growth of 80 percent in the past three years due to the consistent appreciation in capital values of real estate.
The study also showed that the expatriate and end-user markets remained underserved, thereby creating an untapped market that has significant purchasing power, while there is an increase in demand for leisure and luxury weekend getaways, which include the wellness and spa sector.
“When taken together with the projected 16-percent compounded annual growth rate in this market segment, as well as the country’s target increase of tourist arrivals to 10 million by 2016, there is a notable growth sector in this property segment. This, together with the lack of upscale short-stay developments within an hour’s travel from Manila makes for a winning equation that Roxaco intends to capitalize upon,” the company said.
“No other accommodations of its kind has yet been built on the tourist destination of Tagaytay, so we intend to show the way in this area via the international-grade amenities, impeccable dining experience and world-class wellness and spa services that our brand represents,” Elizalde said.
VG Cabuag