Sy's Highlands Prime acquires 342-hectare property in Laguna

MANILA, Philippines - Highlands Prime Inc., a leading high-end real estate developer inside the exclusive Tagaytay Highlands, is branching out of its home territory with the purchase of a 342-hectare property in Canlubang, Laguna which it plans to convert into an ecologically, friendly community that would pit against Ayala Land Inc.’s NUVALI.

Controlled by the family of retail tycoon Henry Sy, HPI did not say how much it acquired the property which will be developed into a master-planned township featuring high-end primary homes and commercial centers with world-class amenities. 

The initial phase of the project is expected to be launched by the end of this year, said HPI president Antonio Henson in a disclosure to the Philippine Stock Exchange.

The property, which was bought from the Yulo family, is adjacent to the Canlubang Golf Club and extends to HPI’s Hillside Village.

Henson said the planned development will bolster the company’s profitability as well as its position as a major player in the property market.

“HPI’s new acquisition in Canlubang marks a new milestone in the company’s future thrust to diversify its product offerings. The property is conducive to the type of upscale development that HPI does given its very scenic location as it overlooks natural tourist attractions such as Laguna de Bay and MountMakiling, among others,” Henson said.

Henson said the company is now preparing a shortlist of foreign and local firms that will be tapped to do the master plan for the project.

The project is seen to compete head-on with the 1,700 hectare NUVALI, ALI’s largest master-planned regional hub in the country which is envisioned to be the next Makati of the South.

Upbeat on the prospects for the local property sector, Highlands Prime has lined up new residential developments within the Tagaytay Highlands mountain resort. These include phase 2 of The Woodridge Place, Phase 2 of The Horizon at Tagaytay Midlands, the IL Piazza at Milago, and The Cliff at Hillside.

The new phase of The Woodridge Place will offer three- and four-bedroom condominium units while The Horizon will feature two- to three-bedroom townhouses. IL Piazza is an Italian style complex that overlooks the famed Taal Volcano while The Cliff is a mid-rise condominium project.

HPI is also building Pueblo Real, a lots only development adjacent to The Horizon with a Santa Fe Mexican theme. The village will feature a neighborhood plaza with community center, swimming pool, winding creek and nature trails with hanging bridges, pocket parks and bicycle lanes.

The first phase of Pueblo Real, located on a 5.9 hectare property, will have 68 lots with an average lot cut of 350 square meters.

In the first quarter this year, Highlands Prime reported a 127 percent jump growth in net profit to P26.8 million on the back of higher revenues.

Sales more than doubled to P231.6 million from only P101.1 million, mainly coming from The Hillside, The Horizon and The Woodridge Park and The Woodlands Point. This boosted the group’s gross profit by 115 percent to P90.2 million.

Interest income, however, fell 79 percent from P 2.4 million to just P500,000 this year. 

Interest expense also increased 109 percent to P18.6 million from P8.9 million.