Torre Lorenzo Development Corp. (TLDC), the country’s lone property developer that focuses on student condominiums and leaning towards leisure project developments, yesterday announced a P2.4 billion investment for a three tower hotel and condominium project within the more than a hectare Tierra Lorenzo Lipa property development in Lipa, Batangas.
Emmanuel A. Rapadas, chief finance officer of TLDC., said at the signing of agreement between TLDC, Dusit International and Dusit Thani Philippines Inc. for the management of the hotel component Dusit Princess Lipa that the P2.4 billion project will be funded through P1.6 billion from project finance facility from local banks and balance is internal equity.
Pasadas said the three towers will share common podium.
The first tower called Anilao will be the condominium tower to be completed by end of the first quarter of next year. At least 56 percent of the 263 units have been sold already. It is now selling at P90,000 per square meter.
Development of the second tower or the residences will follow suit next year.
The two tower residences will be managed under the Lorenzo Property Management Corp.
The third tower a hotel called Dusit Princess Lipa, the first internationally branded hotel in the province to be run by Dusit Thani Group, a Thai hotel chain operator.
The 8-storey hotel will have 152 rooms available by 2021.
“Lipa, Batangas, over the past few years, has exhibited solid economic growth which shows signs that it is an emerging key city. With the addition of Dusit Princess Lipa, Tierra Lorenzo Lipa is expected to change the leisure and real estate landscape in the area,” said TLDC President and CEO Tomas P. Lorenzo.
Suphajee Suthumpun, group CEO of Dusit International, noted that as the first internationally-branded hotel in the area, Dusit Princess is positioned to tap into the fast-growing domestic and leisure market.
“Dusit Thani Manila has been in the Philippines for 10 years and has built a strong reputation in providing the distinct Thai hospitality and service only Dusit can,” said Evelyn Singson, vice-chair and president of Dusit Thani Philippines, Inc. (BCM)
Article Source: Manila Bulletin