PROPERTY developer Belle Corp. is eyeing two major options for its 5-hectare prime lot near Coastal Road in Paranaque City.

In an interview, president Willy Ocier said they could either sell the lot or form a joint venture with a company and build a high-rise residential project.

“I think that area, where our property is located, is the next big thing. It complements the Entertainment City that Pagcor is planning to put up there,” he said.

The book value of the lot is P400 million, Ocier said. Should they decided to sell, the property’s market value may well reach P2 billion because of its location.

“If we decide to sell the lot, we can use the proceeds for our other undertakings,” Ocier said.

Belle was reportedly in talks with SM Investments Corp. (SMIC) to operate the casino component of the hotel the Sy group is putting up within the Bagong Nayong Pilipino Manila Bay Integrated City Project.

A source earlier said the plan of SMIC is to build a casino and hotel complex.

“Belle would like to manage the casino,” the source said, adding once the Philippine Gaming and Amusement Corp. (Pagcor) issues the license, more details on the tie-up will be made public.

Belle would need around P1.5 billion for the casino investments, he added.

The Sy group is a shareholder of Belle through property unit SM Development Corp.

In 2007, Belle reported a net income of P331.7 million from P152.3 million a year earlier. Its net revenues from operating sources amounted to P622.0 million, up 7 percent from P580.9 million in the same comparable period.

The company’s gross sales value, or total contract price of all sales and reservations booked during the period, meanwhile, reached P1.47 billion from P683.6 million due to a favorable market reception for Belle’s newest upscale residential project, Lakeside Fairways.

Belle shifted its principal activity from mining and oil exploration to property development when it developed a golf course named Tagaytay Highlands Golf Club in 1989. Its property development projects are mainly in Tagaytay City and other areas in the province of Batangas.

GOKONGWEI-led Robinsons Land Corp. (RLC) will be investing heavily in the next five years to put up 16 additional shopping malls in various parts of the country.

Belle weighs its options on Parañaque prime lot

PROPERTY developer Belle Corp. is eyeing two major options for its 5-hectare prime lot near Coastal Road in Paranaque City.

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