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Partnership to turn Tagaytay lot into mountain resort with customized homes


The property development unit of Roxas and Co. Inc. and its partner will turn a Tagaytay lot into a “secluded and fully landscaped mountain resort destination featuring customized homes." Upon completion, the 57,972 square meter property will also feature “boutique resort development and private residential properties," Roxas and Co. Inc. said in its disclosure to the Philippine Stock Exchange (PSE). Private residences will have 54 choice lots with areas ranging anywhere from 400 to 700 square meters, the company added. To be completed in three years, the development will be undertaken by Roxaco Land Corp. and VJ Properties Inc. under a joint venture agreement signed on December 2, 2009. Under the agreement, Roxaco will have a 65 percent share from the sale proceeds of 26 pre-selected lots and a 60 percent share from the proceeds of the sale of the remaining 28 lots. The project is expected to earn some P450 million in gross revenues. Roxaco’s other projects include the Peninsula de Punta Fuego, an 88-hectare world-class residential beach resort, and Terrazas de Punta Fuego, a 61-hectare prime seafront property, which are both located in Nasugbu, Batangas. Shares of Roxas and Co. Inc. stayed unchanged at P1.80 apiece during Thursday's trading at the PSE. - RJAB Jr., GMANews.TV

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