Andrew Tan takes over as chairman-CEO of Fil-Estate Land
Andrew Tan takes over as chairman-CEO of Fil-Estate LandThe Philippines' Fil-Estate (PSE:FC) has announced it is teaming with Megaworld Corporation (PSE:MEG) to develop more than 1,149 hectares of land in Tagaytay into an estimated US$112.7 million world-class tourism-oriented community to be called Twin Lakes.
In a disclosure to the Philippine Stock Exchange, the real estate company also announced it has just commenced the master-planning of Twin Lakes, a project set to offer resort estates overlooking panoramic views of its very own waterway as well as Taal Lake.
"The entire community will be developed by phases and will become the country's most integrated tourism estates," Fil-Estate vice president Sylvia Hondrade said.
Initial phases of the development will host a luxury hotel, residential villas and condominiums, a shopping village, botanical garden, sports and country club and plantation estates.
The project cost of the initial phases is estimated to exceed P5 billion (US$112.7 million).
"Twin Lakes stretches from Tagaytay's mountain peak down to its lakeside. The project's vast land size opens up a lot of possibilities for development," Hondrade added.
Succeeding phases will offer a golf course, international hotels, boarding schools and a retirement village complete with wellness and medical amenities.
"We want to take advantage of the cool weather in Tagaytay. Our ultimate goal is to transform these resort estates into prime destinations for medical and educational tourism over time," she concluded.
For details on Twin Lakes, you may contact Reby Ramirez @ +63 916.4044.555 / +63 919.699.3572 / +63 922.941.4139 or e-mail: reby_ramirez@yahoo.com
For details on RA 9646 or RESA Law, please visit www.ra9646.com. RA9646.com is the central depository of all updates on the new law for the practice of real estate service in the Philippines.
source: TradingMarkets.com
Monday, Jan 24 2010
Fil-Estate, Megaworld to develop tourism community in Tagaytay
MANILA, Philippines - A new integrated residential-resort development in Tagaytay will soon rise after two real estate companies decided to pursue the project.In separate disclosures to the stock exchange on Jan. 24, Sobrepeña-led Fil-Estate Land, Inc. and Andrew Tan-led Megaworld Corp said they have teamed up to develop a world-class tourism-oriented project called "Twin Lakes," a 1,149 hectares
"Fil-Estate has just commenced the master-planning of Twin Lakes, a project set to offer resort estates overlooking panoramic views of its very own lake as well as Taal Lake," the disclosure said.
"Twin Lakes stretches from Tagaytay's mountain peak down to its lakeside," it added.
The first phase of development will include
- a luxury hotel
- residential villas and condominiums
- a shopping village
- botanical garden
- sports and country club
- plantation estates
The project cost of the initial phases is estimated to exceed P5 billion.
Succeeding phases will offer
- a golf ourse
- international hotels
- boarding schools
- a retirement village complete with wellness and medical amenities
"We want to take advantage of the cool weather in Tagaytay. Our ultimate goal is to transform these resort estates into prime destinations for medical and educational tourism over time," said Fil-Estate Vice President Sylvia Hondrade.
"The project's vast land size opens up a lot of possibilities for development," she added.
Stalled
The two real estate firms first formed a joint venture in 2007 to develop Twin Lakes, which sits on the Taal Ridge in Laurel town, Batangas.
Fil-Estate and Megaworld were supposed to infuse and initial P5 billion capital in cash plus property into a joint venture firm.
Fil-Estate called off the deal in November 2008, when the global financial crisis, then already in full swing, squeezed credit and slowed down real estate growth.
Meantime, Megaworld's parent, Alliance Global Group, went on with its tourism-related projects.
It opened Resorts World Manila, the country's very first integrated tourism estate, in August 2009.
Resorts World hosts
- high-end hotels (Maxims Hotel, Marriott Hotel, Luxury Hamilton Hotel, Remington Hotel)
- a grand mall
- a world-class theater that seats 1,500 people
- restaurants
- high-end luxury shops
- an exclusive lifestyle club
- spas
- gaming areas
- others
In December 2010, Alliance Global announced that it acquired 60% in Fil-Estate Land in line with the the Tan-led firm's strategy of investing in tourism-related projects outside Metro Manila.
source: ABS-CBN, Jan 24 2011
Andrew Tan takes over as chairman-CEO of Fil-Estate Land
MANILA, Philippines – Real estate tycoon Andrew Tan has taken over the reins of Fil-Estate Land Inc. following the completion of the purchase of nearly 60% of the company.
Tan, through listed investment holding firm Alliance Global Group Inc., has taken over Fil-Estate in a deal valued at P5 billion, P1.25 billion of which had already been paid.
With the purchase, Tan was installed as chairman and chief executive officer of Fil-Estate, which will be renamed Global Estate Resorts Inc.
The group of businessman Robert John Sobrepena has retained a fifth of Fil-Estate, which used to be a premier real estate developer until the 1997 currency crisis that gripped Asia.
AGI’s purchase of a majority stake in Fil-Estate should boost the latter’s bid to regain its strong presence in the real estate industry and allow it to pursue projects that had been hampered by liquidity problems.
“With the infusion of new capital by AGI, Fil-Estate is now in a strong position to pursue various tourism-oriented projects immediately. It has just started with the master planning of the Newcoast Station, a new tourism-oriented community project in Boracay,” AGI said in a disclosure to the Philippine Stock Exchange.
Fil-Estate owns and controls more than 10% of the total land area in Boracay. “This gives it the capacity to improve existing tourist attractions and develop new ones in the island,” AGI said.
AGI said its Newcoast Station project will serve as a catalyst for the growth of the Boracay tourism industry.
With the purchase, AGI will be able to develop more than 1,000 hectares of tourism-oriented communities in the country’s prime tourist spots which include Tagaytay and Nasugbu, Batangas.
AGI, one of the country’s largest conglomerates, is an active player in a wide range of industries from tourism and real estate development to food and beverage, quick-service restaurants and hotels and resorts development. Among its units include Travellers International Hotel Group, Megaworld Corp., Emperador Distillers Inc. and McDonalds.source: ABS-CBN, Jan 14 2011
Tan takes over Fil-Estate; firm renamed Global-Estate Resorts
MANILA, Philippines - The Alliance Global Group, Inc. of property tycoon Andrew L. Tan finally completed its P5-billion acquisition of a majority stake in Sobrepeña-led Fil-Estate Land, Inc., after delays in legal paperwork.“Closing of the subscription agreement among Fil-Estate Land, Fil-Estate Management, Inc. and Alliance Global Group occurred [yesterday],” both parties said in separate disclosures.
Alliance Global said it paid P1.25 billion in cash, or 25% of the total subscription price for Fil-Estate Land shares.
“With the infusion of new capital by Alliance Global, Fil-Estate is now in a strong position to pursue various tourism-oriented projects immediately,” Fil-Estate Land said. “It has just started with the master planning of the Newcoast Station, a new tourism-oriented community project in Boracay,” it added.
Fil-Estate Land said it owns and controls more than 10% of the total land area in Boracay. The island covers 1,006 hectares.
“The development of Newcoast station, along with the new Caticlan airport ... aims to double the number of tourists to the island in the next three to four years,” Fil-Estate Land said.
Mr. Tan assumed the chairmanship of Fil-Estate Land, which will be renamed Global-Estate Resorts, Inc.
Since last week, the two companies have postponed the completion of the deal twice, sending share prices lower.
Alliance Global announced the purchase of 60% of Fil-Estate Land late last month. The acquisition is expected to fast-track the expansion of Alliance Global’s tourism projects outside Metro Manila as it aims to become the largest tourism player in the country.
Alliance Global wants to develop more than 1,000 hectares of tourism-oriented communities in the country’s prime tourist spots such as Tagaytay, Nasugbu, and Boracay.
The listed holding firm -- which is into tourism (Travellers International Hotel Group, Inc.), property (Megaworld), liquor (Emperador Distillers, Inc.), and fastfood (Golden Arches Development Corp., the master franchise holder of McDonald’s in the Philippines) -- reported a 63% profit hike to P5.39 billion in the nine months that ended in September last year from the previous year’s P3.31 billion.
Shares in Alliance Global closed P0.22 higher at P11.20 each yesterday while shares in Fil-Estate Land dropped by P0.05 to P1.54.
source: ABS-CBN, Jan 13 2011
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