Henry Sy’s Daughter Teresita Sy-Coson’s Philathrophy
Posted on December 2nd, 2008
Teresita Sy-Coson, the daughter of the well-know shopping mall person, Henry Sy Sr. is tying up with Robert John L. Sobrepeña, Chairman of the Fil-Estate Land, Incorporated (FELI), for a development project in Nasugbu, Batangas, the Nasugbu Harbor Town.
The Nasugbu Harbortown will be sitting on a land with a size of 216 hectares that will include an 18-hole golf courses, 833 residential lots and many more facilities. This is a pending project originally conceptualized by Country Leisure, a joint project between Luis Cuson, the late husband of Tessie and the Sobrepeñas.
To achieve this project, FELI said that they need to sell some riped assets. Some of these properties are located in Southwoods in Tagaytay, Fairways and Blue Water Resort Golf and country club in Boracay, and some from inside the Camp John Hay in Baguio. These assets according to FELI, are some pending projects that were not carried on. “Now, this will be a great change if they will be sold since insteadt of us building the condos, we are giving opportunities to other delopers to come in and build their own,†they added.
Selling these assets will block the developers way to lend money from Banks and other financial institutions. The proceeds of the funds will surely help since they are expecting an amount of P. 1.5 billion from these assets. The Boracay lots for example costs for about P. 15,000 to P. 20,000 per square meter.
Aside from this project, FELI also have some projects on its list to bring an increase in future revenues. These are the additional residential projects inside Camp John Hay in Baguio, the Twin Lakes residential development in Laurel, Batangas and a partnership project with Ayala Land – the office building projects made for Foreign Investments like business outsourcing firms.
