NORTHERN Luzon-based Wynsland Development Corporation and RCL Realty and Consulting Services, Inc. will invest an estimated P70 to P80 million for the development of the first phase of a residential development in La Union which was launched on Wednesday.
The two property firms launched the first phase of Tuscany Estates, a horizontal residential development situated on a 9,566 square meter lot in San Fernando, La Union.
The first phase of the high-end and gated residential development will offer a total of 56 lots that range from single-detached two-bedroom and three-bedroom homes, duplex, and quadruplex units.
RCL chairman and chief executive officer Fausto Liriano told reporters that each unit will range from 114 square meters to 160 square meters in terms of floor plan.
Prices start at P5 million, said Wynsland chief executive officer Khenrik Tan.
Liriano did not disclose a specific sales target but said, “We will roll up the money with what we are going to do in phases 2 and 3. So as of now, we cannot certainly say how much the total project is going to be in terms of profit.”
“There is a real estate boom happening in Region 1 right now. La Union is at the center of this major urban growth, and we believe the development of Tuscany Estates is very timely,” Liriano said.
“A lot of developers….they want to do a joint venture with us. We are close to doing one with them, but we are not so sure yet,” Liriano said.
He cited the partnership with Dusit International as an example. The global hotel brand recently signed an agreement with RCL to do a condominium project at the 7-hectare Waves resorts and residences in San Juan, La Union.
“Bringing Dusit into San Juan in the development that is Waves is part of the boom,” he said, adding that there is also interest from call centers to set up operations in the province.
Tan said: “We’re actually moving alongside the plans of the government. They have the plans to decongest Manila. So it just so happens that we’re on that same path.”
He added that they are the only premium developer targeting the mid-upper class in the La Union area and “we’re taking advantage of the opportunity and be the pioneers here in the industry.”
Tuscany Estates caters to professionals, young families, the balikbayans and the expats. It is now 99 percent complete in terms of its infrastructure and is currently at the pre-selling, according to Liriano.
Tuscany Estates is expected to be completed within the next two to three years. It is being developed by Wynsland while RCL Realty will be in charge of the sales and marketing of the project.