Ex-MPC exec goes into real estate

Former Metro Pacific Corp. (MPC) president and chief executive officer Ricardo S. Pascua has gone back to the real estate business.

This time, however, Pascua is investing his own money through his flagship enterprise Caelum Developers Inc. which is investing in the Ascension Columbary and Phoenix Land Inc.

Caelum is investing a total of P250 million in the two projects.

The Ascension Columbary is a P150 million repository facility located along Araneta Avenue in Quezon City.

Phoenix Land Inc., on the other hand, is a real estate firm that will primarily engage in farm lot development with its first project being the 350 hectare Las Haciendas in Laurel, Batangas. Pascua has invested P100 million in Phoenix Land.

Pascua’s investment in the Ascension Columbary is based on two emerging trends.

The first, Pascua said, is that there are no more land available in Metro Manila for burial plots and the second is the acceptance by the Catholic Church of cremation as a form of internment. Internment space in urban areas, Pascua noted, is in shortage.

With the increasing acceptance of cremation, more and more families are now opting for the more practical columbaries being offered by churches and about five private entities.

However, unlike the more expensive and limited church and private columbaries, the Ascencion Columbary will offer 28,000 vaults at a more reasonable price.

According to Pascua, a vault space for at least four urns would only cost a reasonable P40,000.

Burial plots, it was disclosed, now cost between P60,000 and P80,000 per plot.

The Ascension Columbary, Pascua said, is a cost-effective, convenient and accepted burial option.

Furthermore, the Ascension Columbary, Pascua said, is currently studying legal constraints on a possible "withdrawal" option of interred urns during the traditional All Soul’s Day commemoration.

Such a scheme would allow families to take out their beloved’s urn to bring home for the traditional vigil and prayers.

Pascua’s other venture, Phoenix Land, has embarked on the initial farm/leisure development Las Haciendas in Laurel, Batangas fringing the world-famous Taal Lake.

Las Haciendas is a joint venture with real estate owner Romy Roxas who owns the 350 hectares.

The real estate project envisions a farm/leisure resort, hotel, condominium and house and lot development over a 12-year period.

Lots are currently selling at between P3,000 and P3,500 per square meter.