San Miguel Properties Inc., the real estate development arm of food and beverage giant San Miguel Corp., is acquiring a 28-hectare prime property along Puka Beach in Boracay Island which it plans to convert into mixed-use development.
In a briefing with reporters following the company’s annual stockholders’ meeting, San Miguel Properties president Jeronimo U. Kilayko said the firm intends to put up a high-end and middle-income residential project and possibly a hotel in the soon-to-be-acquired property.
Kilayko refused to disclose how much the company is acquiring the property from Boracay Properties Ventures. “We’re still in the process of documenting everything,” he said.
San Miguel Properties is spending at least P3 billion for the construction of a residential condominium building along Pasay Road in Makati.
Among the company’s subsidiaries include Legacy Homes Inc., which was incorporated in 1995 principally to engage in the development and sale of low-and-medium-end residential housing projects, and Excel Unified Land Resources Corp.
Completed projects of Legacy Homes include the Buenavista Homes in Cebu, Villa de Calamba in Laguna, Primavera Hills in Cebu, The Legacy in Parañaque and Maravilla in Cavite.
San Miguel Properties leases most of its commercial office spaces and warehouses to third parties. Some are rented out to parent firm San Miguel and its affiliates. The company has leasable commercial office spaces in Makati and Ortigas areas.
It has a landbank of around 3,000 hectares located in and out of Metro Manila.