DEVELOPER RCL Realty and Consulting Services Inc. sees bright prospects for the La union property market and intends to spend P1 billion to develop resort and residential project in the area.
In an interview over the weekend, RLC Chairman and CEO Fausto Liriano told reporters the company is developing the 7-hectare Waves Beach Club and Residences (WAVES), a mixed-use project in San Juan, La Union.
WAVES will be developed under a joint venture between RLC and developer Brightbeam Corp., with Brightbeam holding a 90-percent stake and RLC owning 10 percent.
“Phase one maybe actually a P300 plus million. Phase 2 around P400 something million, and Phase 3 around P300 plus as well” Liriano said.
On Saturday, the company broke ground for the first phase of the development involving the amenities area of the residential villas.
“Right now, we are going to be spending for Phase One, for amenities etc., around P20 million,” Liriano said.
Prices of the house and lot packages start from P8.3 million, with the initial phase covering 47 house and lot units.
Liriano noted the development actually comprises 100 lots. The joint venture bought the 7-hectare land from previous developer Univac which did not complete the project.
The second phase of the development involves 114 to 150 condotel units in partnership with a national hotel brand.
Liriano noted the P400-million development cost for the condotel may change based on the standards of the partner.
“As I’ve mentioned, we’re going to a different standard, going with a national corporate hotel brand and being known wants to make sure the quality of the development…” Liriano said.
Liriano said the condotel development will take around two years.
“If we are able to sign everything by October, maybe 24 months after that… So maybe around 2018,” Liriano said.
The company has received a number of letters of intent for the condotel units.
“We have… a hundred letters of intent. Same… situation for the beach front apartment and the condominium. We have about 50 percent for each of them,” Liriano said.
“There are two major markets. Number one, we have people who would like to live here. Those who are young professionals, people who are looking for vacation houses, people who want to retire. And number two, people looking for investment,” Liriano said.