Developer invests P200M on memorial park project

Family-owned Rizon Property Holdings Corp (RPHC) has ventured into memorial park development, seeing the promising demand in the industry.

RPHC will be developing the P200million Haven of Peace Memorial Garden (HPMG) located in Sitio Soong I, Barangay Mactan, Lapu-Lapu City. The project is set to be launched on November 28.

Frederick Rizon, corporate secretary, said this is the company’s maiden foray into memorial garden development as it seeks to address the growing demand for memorial properties and take advantage of the potential of the business.

"Most developers are developing housing and condos. They forget developing memorial parks, which are part of people's lives," he said in a press conference yesterday.

He said that buying a memorial park property has now become a good investment as land prices are expected to eventually appreciate over time.

"It's an alternative investment," he said. He noted a memorial garden property could be purposely bought to be sold in the future when the price appreciates, aside from having to buy it for personal use.

The 8-hectare memorial garden is expected to be fully completed by 2019, earlier than the originally set 2021 deadline, said Marc Angelo Rizon, HPMG general manager.

The project is designed to have more than 10,000 lawn lots, over 3,000 bone chambers, wall niches, family estates, and garden lots.

RPHC president and CEO Mario Rizon said the company had decided to convert this property in Lapu-Lapu City into a memorial park considering that there have been various housing developments already in Mactan Island.

However, company officials said the firm may probably enter the housing sector in the future through a vertical development.

Currently, there are three privately owned memorial parks on Mactan Island including this ongoing project.

RPHC is a homegrown property development firm, which started as furniture makers in 1986.

In 1990, the company also started dealing appliances and later on engaged in appliance merchandising in 1998.

That year, the company also ventured into the agriculture business, producing various farm products.

In 2008, the firm ventured into apartment rentals and eventually entered the hotel industry through its Sebastien Hotel, which opened in 2015.