MANILA, Philippines - Belle Corp., an upscale leisure developer and gaming firm controlled by the family of retail mogul Henry Sy, has lined up three new projects this year as part of efforts to further shore up its presence in the property sector.
These projects consist of the eighth phase of Lakeside Fairways (a lot-only subdivision project), a condotel on top of the podium of Belle Grande Manila Bay, and the second phase of Nob Hill located in Tanauan, Batangas.
Construction of the Belle Grande Manila Bay, an integrated resort and casino complex to rise along a reclaimed portion of Manila Bay, is in full swing, with the soft opening targeted in the fourth quarter of 2011.
The company expects the construction of the entire complex (including the hotel, condotel, and theater components) to take approximately two to three years.
Belle said construction of the first six phases of Lakeside Fairways and on the second 18 holes of the Tagaytay Midlands golf course is ongoing.
The company will also continue with construction of houses in The Parks at Saratoga Hills and will work towards the completion of land development for Fairfield in 2011.
On the gaming side, existing investments will continue to be managed at Metro Manila Turf Club (MMTC) and Pacific Online, which leases online equipment to the Philippine Charity Sweepstakes Office for its lottery operations in Visayas and Mindanao.
In 2008 and 2009, Belle and Sinophil sold 87.5 percent of their investments in MMTC to an investor group, with their ownership being reduced to 8.75 percent and 3.75 percent for Belle and Sinophil, respectively.
MMTC is currently developing a 14-hectare racetrack, which is targeted for launch in the first quarter of 2012.
Belle reported a 21 percent growth in net profit to P465.5 million from P385.8 million in 2009, allowing it to post positive consolidated retained earnings of P137.7 million for the first time since 1998.
Gross revenue fell 10 percent to P1.26 billion while gross profit went up by only two percent to P740.1 milllion due to higher gross profit margin of 59 percent compared to 56 percent in 2009.
Total operating expenses, including depreciation and amortization, were virtually unchanged at P174 million.
The company’s equitized net earnings from 36-percent owned associate Highlands Prime and 35-percent owned Pacific Online amounted to P156.2 million or an increase of 32 percent.