Highlands Prime allots P2 billion for capex this year

MANILA, Philippines - Highlands Prime Inc., the leisure estate development arm of the SM Group, has set a P2-billion capital expenditure program this year to roll out two new residential condominium buildings at its flagship Tagaytay Highlands project.

In an interview with reporters following the company’s annual stockholders’ meeting yesterday, Highlands Prime president Henry T. Sy Jr. said he is confident 2010 would be another stable and productive year for the company as it seeks to further strengthen its presence in the high-end residential property sector.

The two projects to be launched this year are Phase II of the Woodridge Place at The Highlands and Glass Terraces at The Midlands.

Willy Ocier, vice-chairman of Highlands, said Phase 2 of the Woodridge Place will comprise two mid-rise 12-story condominium buildings offering a total of 88 units with an average size of 166 square meters. Unit prices range from P13.5 million to P14.5 million each. The project is targeted for completion by 2013.

The Glass Terraces, on the other hand, will consist of five 10-story buildings with a total of 500 units at 10 units per floor. The units will occupy 4,586 square meters within an entire 9.6-hectare property. Prices range from P6 million to P8 million each unit.

Highlands Prime reported a net income of P7.08 million in the first quarter this year, down 74 percent from the previous level, on lower real estate sales and rental income. Real estate revenues fell 34.6 percent to P151.44 million.

The company expects to complete the construction of 23 individual log cabins at Woodlands Point by the third quarter of the year. Additional log cabins will be constructed as they are sold. Woodridge Place Phase 1 is also slated for completion this quarter.