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MANILA - The real estate arm of the AMA group of companies will invest P60 billion over a 10-year period to finance the development of various projects across the country.
In a briefing, Danilo Jugno, Picar Development Inc. general manager, said its multi-billion investment covers 10 to 15 projects that will expand the company's presence in Makati City; Alabang, Muntinlupa; General Trias, Cavite; Davao; Cebu; and Caticlan.
The projects range from hotels to offices, retail establishments, residential condominiums as well as master-planned residential communities.
"Everyone believes that the property market remains bullish. We believe in the next 10 years the property market will continue to be strong in the Philippines. We hope the economy continues to grow," Jugno said.
Bulk of the financing for the company's new developments will be sourced from equity, as Picar mulls over an initial public offering in the medium-term, Jugno said.
Among the planned developments in its 3.5-hectare property in Caticlan would be a traveller's hotel and a shopping center. An office building and hotel will also rise within its 500,000-square-meter property in Cebu.
Its flagship development in Makati will be known as Picar Place, an P11-billion urban hub that will feature Buddha Bar-Manila, the biggest establishment of the world’s high-end bar and fine dining restaurant chain, and the Movenpick Hotel, a five-star Swiss-run international hotel.
Also rising on the 1.5-hectare property is the iconic 74-storey Stratford Residences, the first of a three-tower condominium development along Kalayaan Avenue, which will also house the 350-room Movenpick Hotel. It will offer over 1,200 units ranging from P3.2 million to over P20 million.
In Alabang, Picar has invested in a P1.7-billion mid-range residential and commercial condominium development called Chelsea Residences. The 32-storey condominium will rise on a 1,408 square-meter property and will be completed in 2016.
Picar has also established its footprint south of Metro Manila with Ara Vista Village, a 50-hectare residential-commercial development in General Trias, Cavite that will become the country’s first wi-fi enabled township.
The property developer is set to hold roadshows in Dubai, Taiwan, Singapore, Korea and Pakistan after participating in an event in the United Kingdom in a bid to attract overseas Filipinos, one of the biggest drivers of the property boom in the country.
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