AboitizLand allots P5 B for Batangas project

AboitizLand, the real estate arm of the Aboitiz Group, will invest around P5 billion over a period of 15 to 20 years to develop a residential community in Batangas.

The company launched the first phase of Seafront Residences, a 43-hectare exclusive beachside residential development in Batangas in San Juan.

AboitizLand president and chief operating officer Patrick Reyes said the initial phase of development, which would include 250 to 300 house and lot units, would only account for a third or around 12 to 14 hectares of the entire property.

House and lot units in the first phase will come in three to four-bedroom homes that come in 100 to 275 square meters. Prices will range from P6.5 million to P7 million for the three-bedroom units and P9.5 to P10 million for the four-bedroom houses.

However, Reyes anticipates prices to appreciate in the future, given the strong interest in the project’s offering and accessible location.

“We expect prices to escalate very quickly,” Reyes said.

Units will be constructed once they are sold, and it would take about two years to two and a half years before owners can move in, he said.

The upcoming development is targeted at families looking for second homes or vacation homes and for retirees, which included expatriates and overseas Filipino workers.

“Seafront Residences is primarily designed as a second home or a vacation residence where families can enjoy and create memories together,” Reyes said.

More housing units and as well as empty lots will be offered in the next phases of the development.

The entire property is projected to accommodate 800 homes and serve more than 1,000 residents.

No concrete plans of the future phases have been disclosed, but the company said the entire 43-hectare property would be developed in 15 to 20 years.

Seafront Residences is AboitizLand’s first residential development in Luzon.

Last year, the company announced its expansion plans outside of Cebu as it would develop a total of 83.2 hectares of land in San Juan and Lima in Batangas and Nueva Ecija and Tarlac in North Luzon.