MANILA, Philippines - Roxas & Co. Inc. (RCI) plans to expand its resort developments to Palawan and other areas outside Batangas as it aims to become a major resort player in the country.
Tourism will be a growth area as the listed holding firm is already winding down the development of its three residential developments, company officials said yesterday.
During the company’s stockholders meeting, RCI chairman, CEO and president Pedro Roxas said real estate unit Roxaco Land Corp.’s acquisition of a majority stake in Fuego Hotels and Property Management Corp. “fortifies RCI’s vision to become a major resort player in the country.
“The group’s property interests, held by Roxaco, will thrive especially with the ongoing campaign to position the country as an attractive tourism hub,†Roxas said.
Early last year, Roxaco bought a majority stake in Fuego Hotels, the developer of the 88-hectare premiere luxury seaside resort Club Punta Fuego in Batangas.
Fuego Hotels also manages Terazzas de Punta Fuego in Nasugbu, Batangas, 7 Stones Boracay Suites and Boracay Gems in Boracay, Aklan and recently, Camaya Coast in Bataan.
In the medium term, RCI is looking at resort developments in Palawan particularly in Coron and Puerto Princesa, Roxas said.
RCI senior vice-president Santiago Elizalde said the company is open to joint ventures and other deals for resort hotels in Palawan, which will be the focus as it winds down on residential projects in the next three years.
Roxaco is also completing a three-star resort hotel in San Juan, Batangas.
“The project heralds Roxaco’s expansion into tourism-related projects in line with the government’s direction to promote the Philippines as a tourism hub,†Roxas said.
The Department of Tourism targets to attract 10 million foreign tourists by 2016.
For its residential projects, RCI expects to earn P300-400 million from three middle income and upscale projects in Batangas.
RCI is developing the 140-unit Landing Townhomes, the Palm Estates in Nasugbu and the 120-unit The Orchards in Balayan, Batangas.
It is also into the upscale weekend home development through the Anya Resort and Residences, whose lots were turned over last year.
Meanwhile, RCI is still trying to resolve issues with the Department of Agrarian Reform for its 200-hectare property in Batangas, Roxas said.
The Supreme Court earlier denied the group’s plea for exemption of the land from the Comprehensive Agrarian Reform Program.
Roxaco’s net income for its fiscal year that ended in September 2012 rose 10 percent to P11 million due to higher property sales.