Gaisano-led property firm eyeing township projects

CEBU, Philippines - Gaisano-led Taft Properties is seriously considering on developing more township projects within Cebu and probably in other parts of the country, sensing the higher feasibility in this kind of development.

This was announced by Taft Properties chairman Jack Gaisano, following the formal announcement of the company to start-off its multi-billion-peso, 20-hectare township project called "Mandani Bay", which will be developed in partnership with Hong Kong Land.

Gaisano said the company is now looking at available land properties for another township project.

"Everybody loves Cebu, everyone is coming in," said Gaisano explaining that Cebuano capitalists like them are also doubling their efforts to capitalize on Cebu's lucrative environment for business, not only in real estate development but in other sectors as well.

Gaisano said that aside from its partnership with Hong Kong Land, which gave birth to the new company HT Land, Taft is also talking with several international firms, for possible joint venture deals, not necessarily in the real estate sector but also in other industries.

HT Land recently announced to start the 10-year master-planned seaside township development at the 20-hectare property spread located in Zuellig Avenue, North Reclamation Area, Mandaue City.

HT Land will start the first of eight phases of the project that will incur P4.5 billion investment.

According to Mandani Bay project director Gilbert C. Ang, the entire development will be composed of 25 towers, providing 18 thousand residential condominium units.

While Mandani Bay is primarily residential, it will also host retail, and office components.

The project, which is the first big-ticket township development ventured by Taft Properties, is a synergy of the world-class expertise of Hong Kong Land and the home-field authority of Taft Properties.

Hong Kong Land is a listed leading property investment, management and development group, which also has a number of mixed-use projects under development in cities across Greater China and Southeast Asia, including a luxury retail center at Wangfujing in Beijing.

Taft Properties on the other hand, shares the strength and stability of Metro Gaisano retail chain, its sister company, both of which form part of Vicsal Development Corporation. (FREEMAN)