MANILA, Philippines — With the continued growth of the tourism sector, property developer Torre Lorenzo Development Corp. (TLDC) has set its sights on diversifying its portfolio as it moves toward the leisure market.
In line with this target, TLDC is strengthening its partnership with global hospitality group Dusit International as it is set to develop yet another milestone project.
TLDC signed last week a partnership agreement with Dusit International and Dusit Thani Philippines Inc. to develop Dusit Princess Lipa, the first premium hospitality development in Lipa, Batangas.
TLDC president and chief executive officer Tomas Lorenzo said the partnership with Dusit is very timely with the growth of the Philippine tourism sector.
Dusit Princess Lipa will be located in Tierra Lorenzo Lipa, TLDC’s P2.4-billion urban lifestyle center which houses two residential condominiums.
“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,” Lorenzo said.
Dusit Princess Lipa will house a total of 152 rooms. It will also feature hotel offerings such as an all-day dining restaurant, a fully equipped gym, a swimming pool, and function rooms. The hotel is scheduled to be completed in 2021.
The project is also in line with TLDC’s goal of targeting areas outside of Metro Manila as it continues to expand its portfolio.
“As a real estate developer, we do not go with trends. We aim to provide an upgraded and elevated lifestyle for emerging affluent in evolving cities all over the country,” Lorenzo said.
Dusit International Group CEO Suphajee Suthumpun expressed confidence in the upcoming project as it gets a first mover advantage in the Lipa area.
“As the first internationally-branded hotel in the area, Dusit Princess Lipa is positioned to tap into the fast-growing domestic and leisure market,” Suthumpun said.
Evelyn Singson, vice chair and president of Dusit Thani Philippines, echoed Suthumpun’s sentiments.
“Here, the best of Thai and Filipino hospitality come together. Leveraging on a seamless combination of traditional Thai and Filipino hospitality, we will elevate luxury and real estate in Lipa, Batangas,” Singson said.
TLDC previously partnered with the Dusit group for two ongoing projects in Davao namely, Dusit Thani Residence Davao and dusitD2 Davao hotel in Lanang.
The two projects are set to be completed in January 2019.
“As our relationship with Torre Lorenzo strengthens, we are delighted to extend our partnership with this new project,” Suthumpun said.
For her part, Singson said the partnership will also benefit Dusit’s expansion in the country.
She emphasized that 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.
“As we continue to expand the Dusit footprint in the Philippines, we are confident that we have found the right partner in Torre Lorenzo,” Singson said.
TLDC chief finance officer Noel Rapadas said the company’s investments into Dusit projects shows its confidence for the partnership.
“All in all, the investments we have put into the partnership with Dusit is about half of our balance sheet,” Rapadas said.
TLDC claims to have pioneered premium university residences as it brought the concept to the market in the year 2000.
“The company continues to expand its portfolio which features premium university residences, multi-use complexes, leisure destinations and townships across the country,” it added.
Article Source: Philippine Star Online