Developer invests P4B for retirement facility

CEBU, Philippines - Local developer, Duros Land Properties, Incorporated, is spending P4 billion to develop a retirement facility in a five-hectare property in Liloan, Cebu responding to the growing number of foreign active retirees looking for vacation destinations.

DLPI, which is also the developer of the newly completed residential condominium in Lahug, the Padgett Place, will be offering a total of 1,500 residential condominium units at its Liloan project, called The Woodland Park Residences.

In an interview with the company's chairman Rafaelito Barino, he said that the development will start early next year. The entire retirement community masterplan involving eight towers will be completed in the next five to 10 years.

The company has already processed its application for registration at the Philippine Retirement Authority to enjoy the perks as a legitimate retirement facility in Cebu.

Initially, Barino said the company has launched an aggressive marketing blitz in Japan, noting the high interest of Japanese nationals to invest in retirement homes in the Philippines.

Already, the Padgett Place, which has a total of 193 residential condominium units, has gained interest from the Japanese market.

Aside from the P4 billion investment to develop the Woodland Park Residences in Liloan, Barino said the company is also preparing to invest another P1 billion to continue the Mountain Resort-- Golf Course and Leisure Estate, in a 120-hectare property also located in Barangay San Roque, Liloan.

This 18-hole Golf Course and mountain resort project is intended to support the retirement facility, as its primary market, the Japanese, are mostly golf enthusiasts.

DLPI is a subsidiary of the Duros Group of Companies headquartered in Liloan, Cebu, a groups of family-owned companies of diversified businesses including trade, supply and services for the construction, power, and food industries.

Its real estate arm has several landbank reserves in different location in Cebu province, that will also be soon developed. It owns 60-hectare property, and 150-hectare land in Western towns of Balamban, and Toledo, respectively.

A 30-hectare property in Daanbantayan, with 1,300 meters stretch of beachfront, will also be developed in the next few years, Barino said. — Ehda M. Dagooc (FREEMAN)