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FIL-ESTATE Land Inc. (FELI) told the Philippine Stock Exchange that
it expects unit Fil-Estate Urban Development Corp. (FEUDC) to
generate more than half a billion pesos from its Camp John Hay
Suites and Forest Cabins once the lined-up projects are completed.
FELI said it expects to generate a P745-million
income from the development of a five-story condotel-type
development complex and a detached duplex, townhouse type
development in the area.
Under an agreement, Camp John Hay Development
Corp. will assign its leasehold rights; FEUDC will finance the
completion of the project, while FELI would guarantee its unit’s
obligations.
FELI said both projects are estimated to cost
P1.9 billion.
In consideration for extending its guarantee,
FELI shall acquire five lots in Scout Hill that can be sold or
developed, as well as development rights over a 2,534-square meter
lot in South Drive.
The three parties signed the agreement on July
1.
Camp John Hay has 246.9 hectares, with
approximately 20 percent of the leased area occupied by a golf
course. Only about 22 hectares or 9 percent has been reserved for
development. The remaining areas will be maintained as managed
forests, making the camp an ideal ecotourism destination for both
local and foreign travelers.
-- Katrina Mennen A. Valdez
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