Highlands Prime allots P4B for ongoing projects

Listed property and leisure developer Highlands Prime Inc. is spending between P3 billion and P4 billion over the next three to four years for the development of ongoing residential, recreational and mixed-use projects.

Highlands president Antonio Henson said the programmed capital budget will come from internally-generated cash.

Of the total, P700 million to P800 million will go to Woodridge Park while P400 million to P500 million will be channeled to Camp Highlands.

The Woodridge Park has commenced site development in the first quarter of 2006. This landmark development, adjacent to the existing Woodridge, will feature two to four bedroom units, a few loft-units, cathedral high ceilings and fireplaces for penthouse units.

Highlands expects the Woodridge Park to generate P1.8 billion in revenues for a total of 119 units. The first phase or 65 units of the Woodridge Park is targeted for completion by end-2007.

The company is also building single-detached homes in the Lakeview and Alta Mira subdivisions in Tagaytay Midlands by building Balinese, Filipino and Californian Meditteranean designed houses.

Other projects in the pipeline include subdivision lots and log cabin-inspired single detached houses, all at Tagaytay Highlands.

Highlands posted a net income of P173 million last year, up 37 percent from 2004’s P126 million. Revenues came from the sale of the Woodridge and The Horizontal condominium units and Lakeview Heights subdivision lots in Tagaytay Highlands and Tagaytay Midlands areas.

Due to the success of its Woodridge project, the company has fasttracked the development and sale of the The Horizon at Tagayay Midlands and The Woodridge Park at Tagaytay Highlands.

The Horizon, a mid-rise residential condominium development envisioned to be a golfer’s haven, is seen to raise approximately P2 billion in gross revenues for Highlands.

The Horizon’s four-bedroom units with an average floor area of 150 square meters boast of views of the Midlands golf course, Taal Lake and volcano.