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SM Investments Corp. told the Philippine Stock Exchange that its
subsidiary has launched the exclusive country club of its premiere
leisure and residential development in Batangas that will give
buyers access to seaside facilities and beach resort.
In a disclosure, the company said its unit Costa
del Hamilo launched the Pico de Loro Beach and Country Club, one of
the “crown jewels of Hamilo Coast” nestled within the
1800-hectare property in Nasugbu, Batangas. Hamilo Coast has 32
kilometers of pristine coastline and 13 coves of white sand beaches.
Exclusive private members can gain access to the
Beach Club that has a multi-purpose hall and game room, infinity and
children’s pools, tower view deck, a skybar, coffee shop, massage
huts, locker rooms and a clinic. Members can also enjoy the Country
Club that has an Olympic-sized swimming pool, covered courts for
racquet sports, rock-climbing wall, bowling and billiards hall,
basketball court, gym, al fresco restaurant, library, kiddie room
and pro-shop.
Last year, Pico de Loro issued 3,200 Class A and
800 Class B common shares representing proprietary club memberships
with an initial offer price of P400,000 each or an aggregate value
of P1.6-billion common shares to Costa del Hamilo Inc. for
conversion and sale as membership shares in the club to the public.
Based on documents submitted to regulators,
Class A shares are limited to natural persons of any citizenship
with 1 membership to the club while Class B shares are limited to
juridical persons or entities of any citizenship entitled to two
memberships in the club. All the shares would then be sold by Costa
del Hamilo to the public at an initial offer price of P400,000 each
and would be adjusted according to prevailing market conditions.
Pico de Loro said the portion of the funds
raised from the share sale would be used to recover the
P768.6-million development cost of Hamilo Coast.
Besides the share sale, the beach club and the
developer would fund the construction of Hamilo Coast facilities
through capital infusion from SM Investment Corp. through the two
major shareholders of Costa del Hamilo, Manila Southcoast
Development Corp. and Mountain Bliss Resort and Development Corp.
Pico de Loro and Costa del Hamilo would also borrow from banks up to
60 percent of their funding requirements.
-- Likha C. Cuevas-Miel
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