Bicolano trader allots P5 B for various projects

Legazpi City, Albay — Bicolano businessman Elizaldy S. Co, chairman of the Sunwest Group of Companies, is investing upwards of P5 billion in the next three years for his various projects in the renewable energy, real estate, leisure, retail, information and communication technology, aviation and even mining sectors that will elevate the Bicol region’s economic status.

In an interview with a select group of reporters, Co revealed that he is investing a total of P3.2 billion for his retail and ICT complex in Legazpi City and for his real estate and leisure resort development in Cagraray Island in Bacacay, Albay.

Co’s retail and ICT mall in Legazpi City has been tagged as the Embarcadero with a total of 51,000 square meters of which 31,000 square meters is for the first ever call center operations in Legazpi and 20,000 square meters is for a shopping mall.

The cost of development for the Embarcadero, Co said, is around P1.6 billion.

A separate P1.6 billion, the 38-year old construction magnate said, will be spent on his 400-hectare Misibis Residential Estate and Discovery Bay Misibis Resort.

The Misibis Residential Estate is comprised of 300 residential lots which have actually been all sold out already to Filipino-American buyers.

A second phase of development, Co said, envisions a possible residential condotel.

The Discovery Bay Misibis Resort is being marketed under the Discovery brand and will be managed by the HSAI Raintree hospitality management group which also manages the Discovery Suites in Ortigas, the Discovery Shores in Boracay and the Discovery Country Suites in Tagaytay.

The Discovery Suites, the Discovery Shores and the Discovery Country Suites is owned separately by the Tiu family.

The Discovery Bay Misibis Resort will be composed of 30 luxury villas under its phase I of development.

Discovery Bay Misibis is eyeing a soft opening by December this year.

Co said phase II of Discovery Bay Misibis would involve the addition of another 100 rooms in a three-story condominium style development.

As part of the leisure amenity to the Discovery Bay Misibis, Co revealed, he is eyeing the development of a hot spring-mud bath spa facility in the near-by “Boiling Lake” island.

Aside from his real estate, retail and leisure developments, Co, is also set to develop some $300 million worth of renewable energy projects in Antique and Catanduanes involving hydro-power, solar and windpower under his Sunwest Water and Electric Co., Inc. (SUWECO).

Energy Secretary Angelo T. Reyes last month led the groundbreaking for two of Co’s mini-hydro power projects in Solong, San Miguel, Catanduanes and in Bacacay, Albay.

Aside from his renewable energy projects in Bicol, Co revealed that he has pipeline projects in Negros, Cagayan and Pangasinan.

Financing for his renewable energy projects, Co said, is readily being serviced by the Development Bank of the Philippines, Allied Bank and Bank of the Philippine Islands.

Co’s primary business is in various government infrastructure construction.

However, he also has a planned social, low-cost housing project in Legazpi City, an aviation company known as the Misibis Aviation Company which rents out three executive helicopters and a 29-seater Jetstream exective jet, and a possible renewable mining project which is still in the feasibility stage.

According to Co, his main goal is primarily to provide economic stimulus to his native Bicol region.

Tourism Secretary Joseph “Ace” Durano over the weekend attended the blessing of Co’s recently renovated Hotel Venezia in Legazpi City and the still under-construction Discovery Bay Misibis Resort.

During the blessing, Durano welcomed Co’s investments which he said would help boost tourism in the Bicol region.

Legazpi Mayor Noel Rosal, for his part, noted that Co’s investment in the ICT - call center sector is already attracting interest from well-known call center operators Sutherland, Teletech and even Convergys.