P350-M leisure resort community to sizzle up Mariveles coastline

Written by Ma. Stella F. Arnaldo / Special to the BusinessMirror

Wednesday, 17 December 2008 23:06

PROPERTY developer Earth&Shore Leisure Communities Corp. is investing an initial P350 million in developing a premium beach resort and residential community along the coastline of Mariveles, Bataan. Dubbed Camaya Coast, the project will feature beach villas, a resort hotel, commercial structures, and subdivision houses anchored on an eco-tourism leisure concept. The structures are seen occupying about half of the 350-hectare property. Earth&Shore officials said the project also provides a haven for Filipinos and foreigners seeking safer investments in these uncertain economic times. The project was officially launched on December 10 with a ribbon-cutting event at Camaya Coast’s Prudentialife Building show room on Edsa, Mandaluyong City. In an interview with the BusinessMirror, Manuel Carlos Ilagan Jr., president of Earth&Shore, said construction of the development’s first phase started in November and will be completed by 2010. This, he informed, will include an “initial 20- to 30-room bed-and-breakfast for buyers who want to check out the property and stay overnight,” a commercial area, sports facilities, a clubhouse, and three residential subdivisions, including condominium units. Initial restaurants are targeted to open by January 2009, he said, adding that the company is currently “exploring a tie-up with Chef Billy King” of Le Soufflé fame to open a restaurant. The commercial area will be patterned after High Street or Serendra in Fort Bonifacio, “except that at the end of the road is the beach,” Ilagan said. He underscored the affordability of Camaya’s residential units, in comparison with similarly conceptualized resort communities by larger big-name developers in the area. “Our minimum lot size is 130 to 180 sq m, [priced] at P5,500 per sq m, or less than P1 million. You can also purchase a condominium at P2.5 million or less.” Maximum lot size for some subdivisions is 250 to 300 sq m. The subdivisions within Camaya will occupy 20 hectares and will be comprised of 700 lots. The condominiums to be built within the subdivisions will be two-stories high, will include a deck and garage and will have a total floor area of 70 sq m. Earth&Shore hopes to market these condos to foreigners prohibited by the Philippine Constitution from owning land. Aside from foreigners, Ilagan said the company is targeting middle-class Filipinos for the entire project—“either those who want a primary home or a secondary vacation project.” Most of the units will have a “panoramic view of the sea,” he added. Camaya Coast is two hours away from Manila and will be accessible via the Subic-Clark-Tarlac Expressway, or through a one-hour ferry ride from Manila Bay. A speedcraft, to be purchased by the developers to ferry visitors and residents from Manila to the development in Mariveles, will dock directly at a port to be built at the peninsula jutting from Camaya’s cove. “One of the factors adding to Camaya Coast’s unique offering is its diverse natural features,” Ilagan said. “There are rolling hills offering amazing views of the South China Sea, mountains, unique cliffs and coves, waterfalls, a white-sand beach, and a river that cuts through the forest. It’s a luxurious retreat surrounded by 350 hectares of well-preserved flora and tropical fauna.” To boost its sales, the company is offering in-house financing for interested buyers, at an interest rate of 7 percent per annum for 10 years. The loan can cover the entire cost of the property to be purchased by the buyer. Banks normally charge an interest rate on housing loans at 11 percent to 12 percent per annum for a 10-year term, and covering only 70 percent of the actual cost of the property purchase. Asked why he was optimistic that buyers would be interested in the project, considering the sluggish Philippine economy and lingering uncertainties in the financial system, Ilagan said: “First of all, people don’t want to put their money in stocks. They don’t want to put it in banks. They would rather put it in something safe, like real estate.” He added that all other property projects similar to Camaya Coast “cost P3 million and up, which is out of reach of most potential buyers.” Ilagan’s view was echoed by engineer Emilio Morales, principal of the Philippine GeoAnalytics Group of Companies (PGATech) and one of the partners in Earth&Shore: “Housing is still a basic necessity and the local market, in any adversity, will usually look at real estate as an investment.” He added that “it is the right time” for the company to develop the property considering that the oil, cement and steel prices are dropping. Thus, he foresees a further drop in the company’s development costs for the project. Asked what made his company venture into actual property development considering his extensive civil engineering background, Morales said: “Honestly, I fell in love with the place when I saw it. It is the only area in Bataan with a white-sand beach, and because it is a cove, it is naturally protected from typhoons.” PGATech, a civil engineering outfit, has over 20 years of solid experience in civil-works projects here and abroad, and has been involved in such major property developments as Tagaytay Woodlands. Other partners in Earth&Shore are Ilagan, representing Earthfield Development Corp.; Luis Carmelo H. Valenzuela; Genaro Reyes; and Mark Kalalo Morales. PGATech is also the project’s planner and designer. Ilagan has several years of wide-ranging property-development experience under his own Earthfield Development, which specializes in subdivision developments in Bataan (Earthfield Center), Subic (residences and condos at Subic Bay View), and in Bulacan (Earth and Homes). Camaya Coast is Earthfield’s Development’s first resort venture.