Geo Estate spends P8-B for Makati condo project

MANILA, Philippines - A company headed by former Ayala Land Inc. executives will be spending P8 billion for its very first project, a three-tower condominium project in its one-hectare Makati property. Situated at the corner of Don Chino Roces and Arnaiz avenues, the project – called The Beacon – will be done in phases whose funding will come from equity, bank financing, and internally generated funds, former ALI president Francisco H. Licuanan III told GMANews.TV. Two-year old Geo Estate Development Corp. – currently chaired by Licuanan – partnered with New Pacific Resources Management Inc. (NPRMI) to manage and market the property. NPRMI, a partnership between Licuanan and Accra Investment Holdings, is the landowner and developer. It has close to P2 billion in landholdings in Metro Manila, Cavite, and Velenzuela. The project’s first phase called the Roces Tower is already 95 percent sold, Licuanan said. The 44-storey project will be unveiled next week. "This is our first project. We launched the first tower in October 2007. With the crisis that came October 2008, our sales slackened but the market did not disappear," he said. The Beacon boasts of luxurious amenities and a resort ambience as it provides a resort-style pool with lap lanes, expansive gardens, gym, massage rooms, mini-theater, and Sky Lounge. There are concierge and property management services. Studio units are sold between P1.8 million to P2.1 million, said Geo Estate president Miriam O. Katigbak, who previously headed the Ayala Malls group. The company is selling two-bedroom units, one-bedroom penthouse lofts, two-bedroom penthouse lofts, one-bedroom garden lofts, and two-bedroom garden lofts. The company has started selling the second phase of the project called Arnaiz Tower, which will likely be completed between 2013 and 2014 after the completion of the Roces Tower in 2011. The Beacon is “a major project for a small company like ours," Katigbak said. Although it is eyeing a residential subdivision project in Cavite, the company is still trying to pace itself. “When you grow, you have to pace yourself also. You don't want to grow suddenly because its stretches the organization," she said. She added: “We just want to do nice projects. We want to give the midmarket a product they never knew they can afford. That is our ambition." For his part, Licuanan said that the company combines three elements –land, capital, and expertise – “to put a real estate project together." “If you get a good project, you can attract financing. We try to put together a team of people who have a lot of exprience and we build the financial structure," he said. - GMANews.TV