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More info on www.PinoyBroker.com www.PinoyBroker.com www.PinoyBroker.com feb 2005... Cathay Land fast-tracks P5.25-billion satellite city By ROULEE JANE F. CALAYAG, Reporter If South Forbes Golf City appeals to images of manicured fairways, then so be it. "Golf is really the centerpiece, the major attraction of South Forbes Golf City," said Cathay Land President Jeffrey T. Ng in a statement. But the 250-hectare development of the Ng family's Cathay Land, Inc. in the Sta. Rosa-Tagaytay growth area is more than just a place for golfers. There is more than meets the eye in Cathay Land's biggest and most ambitious project to date. The satellite city, with P5.25 billion in investment, is expected to be delivered in 2020, signifying a perfect vision (20/20) for the company. As early as June, Cathay Land will turn over the completed development for a portion of the property as it advanced its target completion to 15 years from an earlier proposed period of 20 years. It expects to finish the golf recreational area by 2007. At the project's launch on Monday, Mr. Ng told reporters that they had completed the four phases of development in the self-sustaining satellite city. "We had started the development of 50 hectares. We will turn over 12 hectares of Bali mansions by July. We are doing it in phases," said Mr. Ng, noting that the funds to be used for the development will mostly be internally generated. The rest will come from proceeds of the sale of subdivision lots. Cathay Land will develop the area by phases. Its South Forbes exclusive residential enclaves will have Bali, Kyoto, and Shanghai mansions -- all keeping an Asian theme, Mediterranean-inspired Villas, Victorian-themed Oxford manors, modern Miami towers -- a group of luxurious condominium buildings, and French-styled country chateaus overlooking the 80-hectare golf course of South Forbes. A Cathay Land marketing agent said a square meter (m2) at Bali Mansions fetches for P11,500. About 200 houses are expected to be built under Bali Mansions. Each house ranges from P4.5 million to P6.5 million. Mr. Ng said they will also be building a 100-room business hotel with a conference center, spa, and wellness center. A cyber park will also rise to accommodate call centers and firms involved in business process outsourcing. The South Forbes cyberpark, envisioned to be a group of modern and sleek office buildings, hopes to lure multinational companies and investors with its capability to host advanced telecommunications and technology facilities. The Harvard Square, which will host the city's own university belt, will make Sta. Rosa, Laguna a center for higher learning south of Metro Manila. The area is hosting branches of the Ateneo de Manila University, De La Salle University, Brent International School and St. Scholatica's College. Learning Links, the first environmental school in Asia, is also based in South Forbes. "We will focus on the south," said Mr. Ng, noting that while his family wants to strengthen their position in the real estate industry, they will not let go of the company's leadership in the steel and ceramics business and other interests. Instead, he said these will all work together to bring residents a kind of distinct urban lifestyle, away from the congested metropolis. Mr. Ng said a business district will rise along the city's main avenue -- the South Boulevard. There will also be various entertainment, dining and shopping stalls in the South Forbes Citywalk, a la Eastwood City in Libis, Quezon City. The average lot at the commercial strip is 1,500 m2. The recreation area, the highlight of the whole development, is expected to bring in more buyers who would be passing by the residential enclaves before they reach the place. The project hopes to reduce excess urbanization in Metro Manila in 15 years. "It will be a city that thrives and one which promotes walking. It will be accessible to schools, offices, recreation centers and just a few minutes' walk from the residential area," said Mike Gascon, a Cathay Land official. Mr. Ng said, "We put our money where our mouth is. We are committed to deliver with our big investment," adding that aside from the middle- and upper-class families, Cathay Land will also target multinationals. "We also get a lot of queries from families of Filipinos overseas," said Mr. Ng. "The area has a lot of potential because it is beside the 400-hectare Laguna Technopark. Together with Ayala Land, Inc., we will create a critical mass which makes sense since Alabang is nearby. We will complement Ayala Land's residential subdivision -- the West Grove." He said buyers in South Forbes will get to enjoy free golf club membership. "We see a lot of synergy between these projects," Mr. Ng said. Cathay Land, founded in 1994, has a 500-hectare landbank in Metro Manila and nearby suburbs. Through a synergy with affiliates in the Cathay Group of Companies such as steel manufacturers Cathay Metal Corp., Amalgamated Iron Works, and Cathay; tile manufacturer Eurotiles Industrial Corp., tile retailer Ceramic Plaza; building materials retailer Federal Hardware; computer retailer PC; and hog raiser Cathay Farms Development, Cathay Land has risen as a strong participant in the real estate industry. Its other projects are the Dynasty Towers in Manila, the 35-storey Astoria Plaza Hotel in Ortigas Center, Pasig City, and the 77-hectare Cavite Light Industrial Park in Carmona, Cavite.