Belle Corporation

"Belle realized net income from real estate operations of P282.4 during the six months ended June 30, or an increase of P37.3 million," the company said in a disclosure yesterday. The firm, which is controlled by mall and banking tycoon Henry Sy and his family, recorded net revenues of P660.5 million, 7% higher than last
year's P615.8 million.

"This resulted from higher revenues from the sale of lots at Fairfield of Saratoga Hills residential subdivision and Lakeside Fairways," Belle said, referring to projects at the Tagaytay Highlands development. More revenues are expected to come from Lakeside Fairways and the seventh and eighth phases of Fairfield, which will be launched late this year, Belle said.

Other property projects include Alta Mira, Lakeview Heights, Pinecrest Village, Plantation Hills, the Tagaytay Highlands Golf Club, and The Woodlands, all in Tagaytay.

The property developer is looking at a 10% growth in profits this year due to higher demand for the company's leisure projects.

Shares in Belle, which was incorporated in 1973 for oil exploration before going into property development in 1989, rose to P1.93 each yesterday from P1.90 on Tuesday.

Belle, Harrah’s in advanced stage of talks for casino project

By Zinnia B. Dela Peña

Philippine Star (Business Section) – August 2, 2010

MANILA, Philippines - The owners of Belle Corp. and Leisure & Resorts World Corp. are in an advanced stage of negotiations with US-based Harrah’s Entertainment Inc., to build the country’s largest casino complex, estimated to cost around $350 million.

On the sidelines of LRWC’s annual stockholders’ meeting Friday, Negros Occidental Rep. Alfredo “Albee” Benitez, said Harrah’s – the world’s largest provider of branded casino entertainment –has an edge over the two other casino players it is in talks with and it is hoped an agreement would be signed in August or September. “Among the three groups we’re talking to, the one with Harrah’s has moved to the advanced negotiation level,” he said.

Harrah’s which generates around $10.8 billion in yearly revenue, owns and operates about 50 casinos under the Bally’s, Caesars, Horseshoe, and Rio brandnames, primarily in the US and the United Kingdom. It also owns the London Clubs International family of casinos and the World Series of Poker.

Owned by Apollo Management and Texas Pacific Group, Harrah’s secured leadership position in the global gaming industry after it acquired rival Caesars Entertainment for $9.4 billion in 2005. It also acquired Planet Hollywood’s Resort & Casino in Las Vegas, adding to the group’s plethora of locations on the Las Vegas strip.

Benitez, former president and majority shareholder of LRWC, said the two other entities have a presence in Asia but refused to name them. LRWC was tapped by Belle to run the casino as the holder of the management contract for the gaming component of the project.

He said the multi-billion peso casino which will rise on a 6.2 hectare property near the SM Mall of Asia in Pasay City, will be nearly two times bigger than Resorts World Manila, a flagship integrated entertainment project of Alliance Global Group Inc. and the Genting Group of Malaysia.

The gaming operation will be developed in three phases over a five-year period. The first phase will include the construction of the casino with around 100 VIP suites to cater to high-rollers. Two 15-storey hotel towers of 500 rooms with a Planet Hollywood theme will eventually be built to complement the casino operations.

Benitez said the Las Vegas style casino, which is targeted for opening in the third quarter of 2011, will feature 1,500 slot machines and 250 tables.

Belle’s entry into the gaming market was formalized last year following its acquisition of Premium Leisure and Amusement Inc. from SM Commercial Properties Inc. The PLAI holds a franchise from Pagcor for the operation of a casino complex in the 800-hectare Bagong Nayong Pilipino Manila Bay Entertainment City.

Together with the SM Group, Belle has committed to inject $1 billion into the project over a 25-year period.
The SM Group will be in charge of non-gaming developments which include hotels, a sports arena, museum, and an oceanarium.

Aside from its real estate projects, which include its crown jewel Tagaytay Highands, Belle also generates earnings from Pacific Online Corp. the exclusive online lottery systems provider in Visayas and Mindanao.

http://www.philstar.com/Article.aspx?articleId=598813&publicationSubCategoryId=66

LRWC nears foreign partnership deal in casino project

Business Insight Malaya (Business Section) – August 2, 2010

Listed Leisure & Resorts World Corp. at the weekend said that it may soon have its partner for the planned casino in Pagcor City as discussion with one Las Vegas operator reaches advanced stage.

LRWC said that Planet Hollywood of Harrah’s Entertainment is leading two other prospective operators in negotiations for the contract to run the casino that is being put up by LRWC and Belle Corp.

Former LWRC president Alfredo Benitez said that while negotiations for the $350 million hotel and casino continue with the prospective operators, talks with Harrah’s are in "more advanced stages."

Planet Hollywood is likely use its Planet Hollywood brand and this will be the first Planet Hollywood hotel and casino in Asia although it is also planning to put up another one in Vietnam, said Benitez.

While this will be Planet Hollywood’s first venture in Asia, Benitez said that two other firms with some presence in Macau and Singapore are also talking to them.

Benitez said this will be the country’s biggest hotel and casino development with about 250 gaming tables, 1,500 slot machines, 100 VIP suites for high rollers and about 500 five-star hotel rooms.

"The Philippines is very poor in junket operations. With the advent of this kind of project and investment, we would like to hold a very big share of junket operations," Benitez said.

He said the casino and the all-suites hotel will be the first to open at around the third quarter next year while the 500-room five star hotel will be completed a year later.

http://www.malaya.com.ph/08022010/busi10.html

Sy-owned developer sets aside P2 billion for Tagaytay projects

By Miguel R. Camus
Business Mirror (Business Section) – August 2, 2010

HIGHLANDS Prime Inc., a listed leisure property developer controlled by the group of Henry Sy, is allotting P2 billion for two projects in Tagaytay City.

The company also expects to complete by end-2010 the master plan for its ambitious 342-hectare property in Canlubang, Laguna.

“It will be a mixed-use development,” said Highlands Prime senior vice president Shirley Ong following the stockholders’ meeting on Thursday.

The company is now focusing on two projects, one each in its Tagaytay Highlands and Tagaytay Midlands developments. It is also launching Phase 2 of The Woodridge Place, which will offer two additional mid-rise condominium buildings offering a total of 88 units with an average size of 166 square meters.

Woodridge Place Phase 2 is a follow up to the Woodridge Place Phase 1 which is composed of seven buildings with 71 condominium units.

Also to be launched is The Glass Terraces, which will be composed of five 10-story buildings offering a total of 500 units.

HIGHLANDS Prime Inc., a listed leisure property developer controlled by the group of Henry Sy, is allotting P2 billion for two projects in Tagaytay City.

The company also expects to complete by end-2010 the master plan for its ambitious 342-hectare property in Canlubang, Laguna.

“It will be a mixed-use development,” said Highlands Prime senior vice president Shirley Ong following the stockholders’ meeting on Thursday.

Woodridge Place Phase 2 is a follow up to the Woodridge Place Phase 1 which is composed of seven buildings with 71 condominium units.

Also to be launched is The Glass Terraces, which will be composed of five 10-story buildings offering a total of 500 units.

The company registered 32-percent increase in sales revenues in 2009 to P1.098 billion. Net income amounted to P24 million from P187.7 million in the previous year due to land acquisition charges and adjustments costs to its Tagaytay properties.

Highlands Prime was initially set up in 2001 by Belle Corp., another listed leisure property developer.

http://www.businessmirror.com.ph/index.php?option=com_content&view=article&id=28243:sy-owned-developer-sets-aside-p2-billion-for-tagaytay-projects&catid=24:companies&Itemid=59

Casino venture eyes ‘Planet Hollywood’

By Neil Jerome C. Moral

Business World (Corporate Section) – August 2, 2010

LEISURE AND Resorts World Corp. is in the “advanced stages” of negotiation with Planet Hollywood of entertainment and casino giant Harrah’s Entertainment, Inc. to operate a $350-million casino complex.

The listed entertainment firm, along with joint venture partner Belle Corp. led by the Sy mall and banking conglomerate, is also in talks with two more casino operators, an executive said last week.

“Talks with Planet Hollywood are] the most advanced,” Alfredo B. Benitez, outgoing president of Leisure and Resorts World, told reporters after the company’s annual stockholders’ meeting in Ortigas Center.

It would be the first casino operation of Planet Hollywood in Asia, Mr. Benitez said.

Harrah’s Entertainment records $10.8 billion in revenues yearly through 50 casinos under the brands Bally’s, Caesars, Harrah’s, Horseshoe, and Rio.

“[The other two casino operators] have a presence already in Asia like in Macau and Singapore,” he said, refusing to name them, citing confidentiality agreements.

“We are not really in a rush to decide [on the operator],” Mr. Benitez said.

Under a five-year development plan, Belle and Leisure and Resorts will spend $350 million for the casino complex along Manila Bay in Roxas Boulevard.

Phase one of the construction will include a casino and VIP suites with 100 units. About 500 hotels rooms will follow.

The joint venture partners are aiming to open the casino late next year. The casino, which will have 250 tables and 1,500 slot machines, will be the largest in the Philippines, Mr. Benitez claimed.

“The Philippines is very poor in junket [tour] operations. With the advent of this kind of project and investment, we would like to hold a very big share of junket operations,” Mr. Benitez said.

Belle subsidiary Premium Leisure & Amusement, Inc. was one of four groups given a license by state-run Philippine Amusement and Gaming Corp. (Pagcor) to develop the 800-hectare Bagong Nayong Pilipino Entertainment City Manila.

The government wants to lure 10 million foreign visitors to the “Pagcor City” through new hotel, leisure and entertainment establishments.

Meanwhile, profits are expected to grow by 15% to 20% this year to P240 million, Mr. Benitez said. Leisure and Resorts World generates income from electronic and “traditional” bingo operations.

On Friday, the company declared an eight-centavo cash dividend, up from six centavos last year, as it netted 40% higher net income to P40.007 million in the first quarter.

Shares in Leisure and Resorts World, which was originally incorporated in 1957 as Atlas Fertilizer Corp. before shifting focus to gaming and entertainment in 1999, rose to P1.60 each on Friday from P1.58 on Thursday. --
http://www.bworldonline.com/main/content.php?id=15118

Harrah’s Close to clinching casino deal

By Krista Angela M. Montealegre

Manila Times (Business Section) – August 2, 2010

HARRAH’S Entertainment Inc. is the frontrunner in the bid to operate what is touted to be the biggest hotel and casino complex in the Philippines, according to the project’s local developers. The world’s largest provider of branded casino entertainment was earlier reported to be one of three foreign firms that wanted to run the $350-million hotel and casino project that Leisure and Resorts World Corp. (LRWC) and Belle Corp. are jointly developing.

“They’re the most advanced [in terms of negotiations],” Alfredo Benitez, former president of LRWC said on the sidelines of the company’s annual stockholders’ meeting.

Benitez, who resigned from his post after being elected congressman of the third district of Negros Occidental, said Harrah’s will likely use its Planet Hollywood brand for its first venture in Asia.

Harrah’s is also mulling the establishment of another Planet Hollywood in Vietnam, he said.

Benitez said the two other interested operators already cemented their presence in the Asian gaming market, particularly in Macau and Singapore.

LRWC and Belle’s hotel and casino project will have 100 VIP suites, about 500 five-star hotel rooms and a casino that will have 250 tables and about 1,500 slot machines.

The casino is scheduled to open by the third quarter next year.

LRWC holds the management contract for the gaming component of the project, while Belle, which is majority-owned by mall magnate Henry Sy, will provide the entertainment facilities.

Belle is part of a consortium led by the SM group that was granted provisional license to undertake the development of the 800-hectare Bagong Nayong Pilipino Manila Bay Entertainment City.

Even before the new casino complex opens, LRWC is eyeing a 15- to 20-percent profit growth to about P240 million this year after a relatively strong first half.

Earnings rose 18.4 percent to P201 million last year from P170 million in 2008 despite economic uncertainties due to the global crisis.

LRWC announced an eight centavo cash dividend to shareholders, higher than last year’s six centavos, and equivalent to 35 percent of the firm’s net income last year.

LRWC shares rose from P1.58 on Thursday to P1.60 each on Friday, while Belle was unchanged at P1.85.

http://www.manilatimes.net/index.php/business-columns/22781-harrahs-close-to-clinching-casino-deal.

Belle in talks with three foreign casino operators

July 26, 2010 Philippine Star

High-end leisure estate firm Belle Corp. is in talks with three foreign casino operators to be its partner for its first major foray into the high roller gaming market.

Belle vice-chairman Willy Ocier said the company is taking its time to find a suitable partner for its planned P14-billion casino complex along Manila Bay on Roxas Boulevard.

“We have so many offers from competing entities so we are taking our time. We are still shopping for the best deal,” Ocier said.

Ocier said he is hopeful a deal can finally be concluded next month.

Harrah’s Entertainment – the world’s largest casino – was earlier reported to be one of those entities that have expressed interest to team up with Belle for the multi-billion peso casino complex.

Publicly-listed Leisure & Resorts World Corp. will help Belle run the casino as the holder of the management contract for the gaming component of the project.

LRWC has extensive experience in the gaming business with its technology-aided online gaming operations in the Cagayan Special Economic Zone as well as several bingo parlor operations in malls.

Belle’s entry into the gaming market was formalized last year when it acquired Premium Leisure and Amusement Inc. from SM Commercial Properties Inc.

The PLAI holds a franchise from the Philippine Amusement and Gaming Corp. for the operation of a casino complex in the 800-hectare Bagong Nayong Pilipino Manila Bay Entertainment City.

Together with the SM Group, Belle has committed to inject $1 billion into the project over a 25-year period.
The SM Group, on the other hand, will provide the entertainment facilities which include hotels, a sports arena, museum, and an oceanarium.

The first phase of the project, which will include the casino and some VIP suites, will require an investment of P4.5 billion, excluding the cost of land and the gaming franchise. The casino is targeted for opening by end-2011.

Aside from its real estate projects, which include its crown jewel Tagaytay Highands, Belle also generates earnings from Pacific Online Corp., the exclusive online lottery systems provider in Visayas and Mindanao, as well as from an upscale property firm. Zinnia B. Dela Peña

RP’s ‘largest’ casino to open in ’11

May 16, 2010 Philippine Daily Inquirer

MANILA, Philippines—Leisure estate firm Belle Corp. will launch its first major foray into the gaming industry with the expected opening of the country’s largest casino by late next year.

The casino complex that will rise near the SM Mall of Asia in Pasay City will cost the Henry Sy-controlled firm about P9 billion, excluding the cost of the land and the gaming franchise, according to Belle executive vice president and chief financial officer Manuel A. Gana.

The casino itself will have a floor area of between 1.5 and two hectares spread over two floors.
“If it were finished today, and if it were done at two hectares, I think it will be bigger than what Resorts World has right now,” Gana said.

Belle formalized its entry into the gaming industry last year with its acquisition from SM Commercial Properties Inc. of Premium Leisure and Amusement Inc. (PLAI), the firm which holds a franchise from the Philippine Amusement and Gaming Corp. for the operation of a casino complex in the Manila Bay area.
The Belle official said the gaming franchise was owned by PLAI which was acquired by the firm from SM in exchange for 2.7 billion Belle shares.

“Whoever has PLAI has the franchise,” he said. “Under law, you cannot transfer a franchise, but you can sell the corporation that has the franchise.”

PLAI’s casino franchise is meant to be part of a 120-hectare leisure complex known as the Bagong Nayong Pilipino Entertainment City being put up by the state-run gaming regulator.

Belle’s gaming operation will come online in three phases over a five-year period. Present plans call for the construction of a four-tower complex with eight stories each—a level limited by height restrictions imposed by aviation authorities, since the facility is located near aircraft flight paths around the Ninoy Aquino International Airport.

The first phase, which will include the casino and some VIP suites, will cost P4.5 billion, excluding the cost of land and the gaming franchise.

“When we open it [in late 2011], we probably won’t have all the retail [establishments] in, we won’t have all the hotels in yet,” Gana said. “Those will come later.”

Previous reports have identified US-based Harrah’s Entertainment Inc.—the world’s largest provider of branded casino entertainment—as Belle’s partner for the venture, although company officials were tightlipped about the deal’s finer points during last Friday’s stockholders’ meeting.

Belle’s main partner for the project is listed firm Leisure Resorts World Corp., which has yet to sign formal agreements with potential foreign casino operators, he said.

“We’re not going to operate [the casino] ourselves,” Gana said. “We have the franchise, we have the land, and we will be putting up part of the structure.”

Belle confirms talks with Harrah's on P14-billion project

March 30, 2010 The Philippine Star

MANILA, Philippines - High-end leisure estate developer and gaming firm Belle Corp. confirmed yesterday it is in talks with Harrah’s Entertainment Inc. for its planned P14-billion casino complex along Manila Bay.
In a disclosure to the Philippine Stock Exchange, Belle said its subsidiary, Premium Leisure & Amusement Inc. (PLAI) is “in the process of negotiating with several casino operating partners, among which is Harrah’s Entertainment Inc.”

Belle, now majority owned by retail magnate Henry Sy, said none of such negotiations, however, have been concluded to date.

Informed sources said top officials of Harrah’s – the world’s largest casino operator – were in Manila last week to explore the possibility of investing in the Philippines.

“From what I’ve heard, Harrah’s is sizing up They seemed very much interested opportunities in the Philippine gaming market. in investing here. They think the Philippines would be a phenomenal market for them to open a casino,” the source said.is part of a consortium of companies PLAI earlier granted a provisional license by state-run Philipine Amusement & Gaming Corp. to take part in the 800-hectare Bagong Nayong Pilipino Manila Bay Entertainment City.

It holds the gaming component of the Together with the SM Group, multi-billion peso gaming and leisure project. Belle has committed to inject $1 billion into the project over a 25-year period. Of the $1 billion total investment commitment, P14 billion will be spent for the planned casino complex.
The SM Group will provide the entertainment facilities which include hotels, a sports arena, museum and an oceanarium.

The project, when completed, is expected to Belle’s crown jewel to date is its flagship boost Belle’s cash flow. It also generates equity earnings from 1,500-hectare Tagaytay Highlands. Pacific Online Corp. the exclusive online lottery systems provider in Visayas and Mindanao, as well as from upscale property firm Highlands Prime Inc.

Harrah’s, with yearly revenues of $10.8 owns and operates about 50 casinos under the brand names Bally’s, billion, Caesars, Harrah’s, Horseshoe and Rio. It also owns the London Clubs International family of caisnos and the World Series of Poker.

Harrah’s was incorporated on Oct. 30, 1937 as a Since then, it has grown leaps and bounds through small bingo parlor. Its most significant acquisition was the purchase acquisitions and expansions. of its rival firm Caesars Entertainment in 2005 as this allowed it to become the dominant player in the global gambling market.

The same sources said Belle was reportedly tapping publicly-listed Leisure & Resorts World Corp. as the holder of the management contract for the gaming component of the project.
LRWC was the market’s fourth gainer yesterday, A total of 3.46 million shares changed rising 11 percent to P2 each share. hands valued at P6.9 million. Belle likewise went up 3.4 percent to close at P1.80 apiece.
LRWC provides professional bingo gaming through Bingo Bonanza Corp and owns First Cagayan Leisure and Resort Corp. (FCLRC), which has an existing license agreement with the Cagayan Economic Zone Authority (CEZA) to develop, operate and conduct internet and gaming enterprises and facilities in the Cagayan Special Economic Zone Freeport.

FCLRC receives and processes applications for and issues interactive gaming licenses as well as regulates and monitors all operators of internet gaming in the Cagayan Special Economic Zone Freeport. LRWC also owns 30 percent of Binondo Leisure Resort Inc., a company engaged in hotel and recreation business.

Nayong Pilipino Entertainment City will The house an integrated resort with a world-class theme park, residential areas, shopping malls, fine dining restaurants, and other leisure activities.

Belle Corp eyes partnership with Harrah’s

March 29, 2010 Philippine Star

MANILA, Philippines - Belle Corp., an upscale leisure developer and gaming firm controlled by the family of retail tycoon Henry Sy, is entering the high roller end of the gambling market in a big way reportedly through a partnership with Harrah’s Entertainment Inc., the world’s largest provider of branded casino entertainment.

Sources said Belle is in talks with Harrah’s to manage the planned P14- billion casino complex that will rise on a 6.2-hectare property along the reclaimed Manila Bay. The P14 billion is part of the total P46 billion investment commitment given by Belle and the SM Group to the Philippine Amusement Gaming Corp., which is spearheading the development of a mini-Las Vegas in Parañaque City.

When asked to comment on this, Belle chairman Willy Ocier said the company is not at liberty to say anything yet. “We can not disclose yet,” he said.

Belle is handling the gaming operations of the project such as the setting up of a casino and other gaming facilities while the SM Group will be providing the entertainment facilities which include hotels, a sports arena, museum, and an oceanarium.

With yearly revenues of around $10.8 billion, Harrah’s owns and operates about 50 casinos under the Bally’s, Caesars, Harrah’s, Horseshoe, and Rio brandnames, primarily in the US and the United Kingdom. It also owns the London Clubs International family of casinos and the World Series of Poker.

Since its beginning in Reno, Nevada on Oct. 30, 1937 as a small bingo parlor, Harrah’s has grown through development of new properties, expansions and acquisitions, and now operates casinos on four continents. Owned by Apollo Management and Texas Pacific Group, Harrah’s was listed on the American Stock Exchange in 1972.

Harrah’s became the world’s number one gaming company when it acquired rival Caesars Entertainment for $9.4 billion in 2005. Just last month, Harrah’s has acquired Planet Hollywood’s Resort & Casino in Las Vegas, adding to the company’s plethora of locations on the Las Vegas strip
Sources said Belle is also reportedly teaming up with publicly-listed Leisure & Resorts World Corp. to provide other gaming facilities.

It also LRWC provides professional bingo gaming through Bingo Bonanza Corp. owns First Cagayan Leisure and Resort Corp. (FCLRC), which has an existing license agreement with the Cagayan Economic Zone Authority (CEZA) to develop, operate and conduct Internet and gaming enterprises and facilities in the Cagayan Special Economic Zone Freeport.

The SM-Belle project includes the already-developed section spanning about It forms part of 300 hectares that contains the sprawling Mall of Asia complex. the multi-billion dollar Nayong Pilipino Entertainment City, which is being converted into a gambler’s haven of slot machines, roulette wheels and card tables.
Nayong Pilipino Entertainment City will Aside from casinos and hotes, the house an integrated resort with a world-class theme park, residential areas, shopping malls, fine dining restaurants, and other leisure activities.

When completed, it is expected to boost tourist arrivals in the country to over three million annually, generate 450,000 new jobs and dramatically increase government earnings.

Aside from the SM group, other investors in the multi-billion dollar project are Malaysian conglomerate Genting Group and Alliance Global Group Inc. of tycoon Andrew Tan.

In its recent report on global gaming, PricewaterhouseCoppers identified Asia-Pacific as the industry’s fastest growth market with revenues seen hitting $37.2 billion in 2012. Zinnia B. de la Peña

Belle Corp net income up 87% to P385.8 million

March 17, 2010 Philippine Star

MANILA, Philippines - Belle Corp. posted a net income of P385.8 million last year, up 87 percent from P205.8 million in 2008 on the back of higher sales from its flagship Tagaytay Highlands development as well as an enlarged share of profit from its associate companies.

In a financial report submitted to securities regulators, Belle said gross revenues rose four percent to P1.4 billion, largely coming from sales of club shares, farm lots in Plantation Hills and house and lot units in The Parks rose nine percent to P726.2 million. Saratoga Hills. Gross profit likewise Belle, majority owned by the family of retail tycoon Henry Sy, booked an operating income of P552.4 million, 10 percent higher than the P500.9 million recorded the year before.

The company’s equitized net earnings from 36-percent owned Highlands Prime Inc. and 35 percent-owned Pacific Online Systems Corp. expanded by 45 percent to P117.9 million from only P81.3 million.

Highlands Prime is engaged in real estate development within the Tagaytay Highlands and Midlands complexes while Pacific Online is the exclusive lotto system provider in Visayas and Mindanao for the Philippine Charity Sweepstakes Office.

Belle’s total operating expenses including depreciation and amortization went up by five percent to P173.8 million, largely due to increased project activities.

As of end-December 2009, construction on the first six phases of Lakeside Fairways and on nine new holes for the Tagaytay Midlands golf course were on-going, and are expected to continue this year.
Belle will also continue with development of houses in The Parks at Saratoga Hills. Construction of Fairfield will also be in full swing.

Aside from this, Belle is set to launch the seventh and eight phases of Lakeside Fairways and the second phase of Fairfield. Zinnia B. de la Peña.

Leisure firm Belle Corp. post 88% growth in profit

March 16, 2010 Philippine Daily Inquirer

MANILA, Philippines—Leisure estate and gaming firm Belle Corp. grew its 2009 consolidated net profit by 87 percent to P385.8 million as sales of real estate and club shares improved despite the slower domestic economic growth.

Based on its annual report recently filed at the Securities and Exchange Commission, gross revenues went up by 4 percent to P1.4 billion last year. About 83 percent of the revenues of the company—whose flagship project is the plush Tagaytay Highlands Golf Club—came from the sale of real estate and club shares which rose by 5 percent to P1.26 billion over the previous year.

Real estate sales were booked in 2009 from the sale of: farm lots in Plantation Hills; house and lot units in The Parks Saratoga Hills; and lots in Lakeside Fairways, The Verandas at Saratoga Hills and Fairfield.

The company booked an operating income in 2009 of P552.4 million, 10 percent higher than a year ago.

On the other hand, total operating expenses including depreciation and amortization increased by 5 percent to P173.8 million due to increased project activities.

The company’s equitized net earnings from associated companies also increased by 45 percent to P117.9 million mainly from its 36 percent-owned Highlands Prime Inc. (HPI) and 35 percent-owned gaming firm Pacific Online Systems Corp. (POSC). HPI is also engaged in real estate development within the Tagaytay Highlands and Midlands complexes, while POSC leases online equipment to the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao. Doris Dumlao

Belle profits more than doubled to P301M

October 29, 2009 BusinessWorld

THE HIGH-END property unit controlled by the Sys more than doubled its January to September profits as demand for houses at its flagship Tagaytay Highlands remains brisk.

Based on its financial statements, the net income of Belle Corp. stood at P143 million from July to September, up from the P48 million in the same period last year. This brought nine-month profits to P301 million, or an increase of 148%.

Revenues during the nine-month period went up by more than a tenth to P1.04 billion.

Belle attributed the higher revenues to the sale of lots in the Verandas at Saratoga Hills and the Lakeside Fairways Phase 6 (Cotswold) and Phase 7 (Katsura). The company said revenues in the near future will continue to come from both projects.

Fairfield, a project adjacent to the Verandas that will be launched in the last quarter this year, will also be a major source of profits, Belle said. The new project will become a seven-hectare development with 100 to 120 lots.

The lots, averaging at 400 square meters (sq. m.) each, will sold for P7,000 per sq.m. The "contemporary suburban American style" project is expected to be turned over to buyers in 2011.

Among the company’s current projects are the first four phases of Lakeside Fairways (Kew Gardens, Terrazas de Alava, Lakeside Enclave and Tivoli Place) which are now 92% complete and more than 86% sold.

Cotswold, launched last year, is already 45% complete with more than half already sold, while the Japanese-inspired Katsura is already 39% complete and 76% sold.

Meanwhile, Belle said its investment in associated companies also helped lift profits. Equity contribution from associates Pacific Online Systems Corp. and Highlands Prime, Inc. rose by 60% to P121.9 million
Pacific Online leases online equipment to the Philippine Charity Sweepstakes Office for lottery operations in the Visayas and Mindanao and is 35% owned by the company. Belle holds another 36% stake in Highlands Prime, a listed real estate company, which is also engaged in the development of Tagaytay Highlands.
The company is also involved in the development of the ambitious Pagcor City. It recently acquired a stake in one of the companies that will help establish the entertainment complex along Manila Bay. Kristine Jane R. Liu

Belle income surges 148% to P180 M

October 29, 2009 Manila Bulletin

Belle Corporation reported a 148 percent jump in net income for the first nine months of the year to P179.8 million from P121.4 million in the same period in 2008 mainly due to the appreciation of the peso and higher earnings of affiliates.

In a disclosure to the Philippine Stock Exchange (PSE), Belle said realized net income from real estate operations hiked 5 percent to P381.6 million from P363.4 million in the same period last year.

The firm added that its net revenue from operating sources rose 15 percent to P1.05 billion in the first three quarters of 2009 from P910.9 million in the same period last year.

This resulted from higher revenues from its sales of lots in the Verandas at Saratoga Hills and new sales in Lakeside Fairways Phase 6 (Cotswold) and Lakeside Fairways Phase 7 (Katsura).

Because of the higher revenues, gross profit increased 10 percent to P497.4 million from P451.4 million for the same period in 2008 while total operating expenses including depreciation and amortization rose 7 percent to P124 million from P114.4 million due to increased project development and marketing activities.
Interest expense dipped 2 percent to P158.9 million while the firm recorded a P2.8 million foreign exchange translation gain compared to foreign exchange loss of P125.4 million in the same period last year.

Equity in net earnings of associated companies rose 60 percent to P121.9 million from P76.2 million.

These consist of equitized share in net earnings of 35 percent-owned Pacific Online Systems Corporation and 36 percent-owned Highlands Prime Inc.

Belle said its revenues in the near future will be coming from Lakeside Fairways and Fairfield, a project adjacent to the Verandas at Saratoga Hills that will be launched during the last quarter of 2009.

Belle Corp triples third quarter income on higher sales

October 29, 2009 The Philippine Star

MANILA, Philippines - Listed real estate development and gaming firm Belle Corp. nearly tripled its net earnings in the third quarter this year on higher sale of real estate and club shares.

In a quarterly report submitted to securities regulators, Belle said its net profit from July to September this year reached P143.41 million compared with only P48.55 million the previous level.

This brings the company’s nine-month net income to P301.24 million, up 148 percent from the year earlier figure of P121.43 million.

Revenues, on the other hand, amounted to P1.05 billion in the first nine months of the year or an improvement of 14 percent from P910.93 million a year ago.

In the third quarter alone, revenues grew 39.3 percent to P430.29 million mainly coming from sales of lots in the Verandas at Saratoga Hills and new sales in Lakeside Fairways Phase 6 (Cotswold) and Lakeside Fairways Phase 7 (Katsura).

Because of the higher revenues, gross profit rose 10 percent to P497.4 million.

Total operating expenses, including depreciation and amortization, went up seven percent to P124 million due to increased project development and marketing activities. Interest expense decreased though by two percent to P158.9 million.

However, with the appreciation of the peso against the dollar to 47.39 as of Sept. 30, 2009 from 47.52 in Dec. 31, 2008, Belle recorded a P2.8-million foreign exchange gain on its dollar denominated debt of $22 million. Comparatively, the company had a foreign exchange transaction loss of P125.4 million as the peso depreciated to 47.05 from 41.28 as of Dec. 31, 2007.

Belle’s equity in net earnings of associated companies grew 60 percent to P121.9 million from P76.2 million. Equitized share in net earnings were from Belle’s 35-percent owned associate Pacific Online Systems Corp. and its 36 percent owned associate highlands Prime Inc.

Pacific Online leases online equipment to the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao while Highlands is also engaged in real estate development.
Belle expects to sustain its growth for the rest of the year with future revenues coming from Lakeside Fairways and Fairfield, a project adjacent to the Verandas at Saratoga Hills that will be launched during the last quarter of 2009.

As of Sept. 30, 2009, the first four phases of Lakeside Fairways (Kew Gardens, Terrazas de Alava, Lakeside Enclave and Tivoli Place), a lots-only subdivision located south of the existing Tagaytay Midlands golf course and initially launched in 2007 were collectively 92 percent completed and more than 86 percent sold and reserved.

Cotswold, the sixth phase of the Lakeside Fairways that was launched in 2008, was 45 percent completed and approximately 53 percent sold and reserved as of Sept. 30, 2009. Although the latest phase of Lakeside Fairways (Katsura) was launched only in 2009, the project was already 39 percent completed and was approximately 76 percent sold and reserved as of the same period.

Belle had total assets of P10 billion as of end-September this year as against liabilities of only P4.35 billion. Zinnia de la Peña

Belle income up 148%

October 28, 2009 Philippine Daily Inquirer

LEISURE ESTATE developer Belle Corp. posted a 148-percent increase in consolidated net income in the first nine months over a year ago due to earnings from its flagship Tagaytay Highlands development as well as greater share of profit from gaming and real estate units.

In a report to the Philippine Stock Exchange, Belle reported a consolidated net income of P301.2 million as of September compared to P121.4 million recorded in the same period last year.

This was supported by a 5-percent growth in real estate operations to P381.6 million over a year ago.

Net revenue amounted to P1 billion, up by 15 percent year-on-year, due to higher revenue booked from the sale of lots.

Meanwhile, equity in net earnings of associated companies rose by 60 percent to P121.9 million year-on-year.

Equitized share in net earnings came from 35-percent owned associate Pacific Online Systems Corp. and 36-percent owned Highland Prime Inc. Doris C. Dumlao

Prospects bright for south Luzon

October 15, 2009 BusinessWorld

INFRASTRUCTURE PROJECTS, along with the entry of big property players, will transform places like Tagaytay Highlands into a home for permanent residents rather than just a vacation spot, property experts say.

CB Richard Ellis Director Victor J. Asuncion said the acquisition by Sy-led Highlands Prime, Inc. of a 342-hectare property in Canlubang, Laguna was "very strategic" because it made Tagaytay Highlands of Belle Corp. closer to Ayala Land, Inc.’s ambitious Nuvali project.

Improvements at the South Luzon Expressway, meanwhile, will reduce traffic gridlock to Laguna from the Makati Central Business District (CBD), which in effect will make the areas more accessible, he said.

Vacation homes at the posh Tagaytay Highlands will soon become "primary homes" as families head south of Metro Manila to live, work and learn.

"Highlands Prime’s acquisition of the Canlubang property has made all the other developments within Laguna and Tagaytay interconnected with one another," he said.

Mr. Asuncion said primary home buyers would come from "organic" sources and migration. Affluent families living in the vicinity, he said, are the primary candidates, while the rising CBD in Laguna will encourage people to leave the metropolis for Laguna or Tagaytay, where they can buy a house at a cheaper price.

"What is even more interesting about the South is the satellite campuses that will be built. [After a number of years], they will have the same reputation as the schools in [Manila]," he said.

In an interview, Belle Corp. Chief Finance Officer Joselito R. Consunji said schools being built in Canlubang, Laguna would help turn Tagaytay Highlands into a primary home market.

Belle Corp., which is doing the master plan for Tagaytay Highlands, is embarking on a 25-year plan that will allow it to serve both secondary and the first-time home buyers.

"We are working on improving the infrastructure of Tagaytay Highlands to be able to service the primary home market in the future. We can see that the Tagaytay homes will someday be [a place where families will be raised], once the Nuvali project of Ayala matures," Mr. Consunji said.

"School is important for primary home development. Some people are willing to work one hour away but the parents are not willing to make their children travel one hour to school," he added.

As such, schools that are being built in the area, which include Xavier School, Don Bosco School, De LaSalle-Canlubang, and the University of Santo Tomas, will encourage people to live south of Metro Manila.

"And Tagaytay Highlands is already a settlement area so probably a lot of our houses will be transformed into a primary home area. That is how we see it," Mr. Consunji said.

He cited the case of Makati’s Forbes Park, which used to be the second home of rich business families that lived in the old CBD of Binondo and Escolta.

"The prospect for the appreciation of that investment [in Tagaytay Highlands] will depend on how the infrastructure improves. But when Tagaytay Highlands becomes a primary home market, the value will improve," Mr. Consunji said.

Mr. Asuncion said there is usually a 15% appreciation in the value of land once it starts attracting families who want to settle.

"The options abound to these people," Mr. Asuncion said, adding that unlike Makati, which is known for its skyscrapers, Laguna and Tagaytay will likely continue to offer "horizontal" projects.

A number of property developers have already set their sights on Laguna, which hosts car assemblers and other manufacturers.

Lucio C. Tan-led Eton Properties Philippines, Inc. for instance is building the Eton City, a 1,000-hectare masterplanned property along the South Luzon Expressway in Sta. Rosa, Laguna.

In the long term, Eton Properties expects to duplicate Makati in Eton City through a number of commercial and residential developments. Kristine Jane R. Liu

Belle to venture into casino business

September 29, 2009 Manila Times

THE developer of high-end Tagaytay Highlands said Monday that it would acquire Premium Leisure and Amusement Inc. (PLAI) from SM Commercial Properties Inc. In a disclosure to the Philippine Stock Exchange, Belle Corp. said the company would acquire the entire outstanding capital stock of PLAI, a member of a consortium that will establish an entertainment complex.

PLAI was granted a provisional license by state-owned Philippine Amusement and Gaming Corp. (Pagcor) to develop Bagong Na-yong Pilipino Manila Bay Entertainment City.

“PLAI will be taking on the gaming component of the project and will contribute approximately P14 billion in infrastructure,” Belle said.

Belle said its acquisition of PLAI shall be through a share swap, subject to regulatory approvals.

“It is estimated that the consideration for the acquisition of PLAI shall be 2.7 billion common shares from
Belle’s unissued stock. The final terms of the shares swap, however, will be set forth in the Memorandum of Agreement to be executed by the parties,” Belle said.

In taking over PLAI, Belle also said that it plans to bring in foreign and local partners to contribute their expertise in managing the entertainment and gaming facilities.

These arrangements shall be subject to Pagcor’s supervision.

The Bagong Nayong Pilipino project, which is estimated to cost between $10 billion and $20 billion, will be developed in three phases.

The first phase involves the construction of a hotel casino, a theme park and a casino. Projects under the first phase will be completed over the next two years.

The second phase involves the establishment of residential condominiums, resort and additional hotels and casinos, while the third phase covers the construction of service hospitals, retirement village and wellness center.

With the completion of Pagcor City, tourist arrivals in the country are expected to reach 10 million over five years. The project is also seen to generate a million jobs. Chino S. Leyco

Belle up on purchase of SM stake in tourism venture

September 29, 2009 BusinessWorld

SHARES IN high-end property developer Belle Corp. rallied yesterday after the firm announced a plan to acquire the SM group’s stake in a company that will put up an entertainment complex on the Manila Bay reclamation area.

Belle went up by 1.29% or P0.02 to finish at P1.56 apiece, bucking the almost across-the-board decline of the market yesterday. The property firm was also one of the day’s most actively traded stocks, cornering 3.32% of the market’s volume.

"It is a positive development for Belle. But the market was ugly yesterday which explains the limited gain of the property firm," Eunika B. Maloles of 2TradeAsia.com said.

The stock market closed 1.3% or 36.69 points lower at 2,784.65 after tropical storm Ondoy brought the capital to its knees.

"The transaction also happened between Belle and the SM group so there was not much hype [among] market participants," Ms. Maloles said.

In a disclosure yesterday, Belle said it would acquire from SM Commercial Properties, Inc. its entire outstanding capital stock in Premium Leisure and Amusement, Inc., a member of a consortium that will establish an entertainment complex at the Bagong Nayong Pilipino Manila Bay Entertainment City.

In exchange, the SM group will acquire 2.7 billion common shares of Belle, which will hike the family’s stake in Belle to about 50%. The Sy family held a 25.9% stake in Belle through its various companies.

"Premium Leisure will be taking on the gaming component of the project and will contribute approximately P14 billion in infrastructure," Belle said.

The property firm said it plans to bring in foreign and local partners who have expertise in managing entertainment and gaming facilities.

"These arrangements shall be subject to Philippine Gaming Corp.’s (Pagcor) supervision in accordance with the terms of the Provisional License," Belle said.

Other companies that have been prequalified by Pagcor to develop the Bagong Nayong Pilipino are Travellers International Hotel Group, a partnership between Andrew L. Tan-led Alliance Global Group Inc.; Star Cruises of Malaysia; and Aruze of Japan.

Belle has long been making attempts to tap the gaming and leisure industry. More than a decade ago, Belle made plans to develop casino-hotel projects but they were shelved in 1999 because of the Asian financial crisis.

In June, the property company said it would be reapplying with the Philippine Economic Zone Authority (PEZA) to have flagship project Tagaytay Highlands declared as a special economic zone.

Belle wants to make the exclusive enclave a tourist destination.

Belle first applied in 1997 and was allowed by PEZA to make Tagaytay Highlands an ecozone but the crisis overtook a number of projects, which include a racetrack.

From April to June, Belle Corp. hiked its net income by more than three-folds to P119 million, bringing first-half profits to P157 million as a result of higher sales.

Belle Corp.’s developments are located mostly in Tagaytay and Batangas province.

Later this year, the company will launch Fairfield, a seven-hectare project that will have 100 to 120 lots with an average size of 400 square meters (sq. m.) each. The price was set at P7,000 per sq. m.

The "contemporary suburban American-inspired" project is expected to be finished by 2011.

The company had said it would double its budget this year to spend around P700 million to P800 million. The budget will increase further to P800 million to P900 million next year to keep up with demand. Kristine Jane R. Liu

Sy hikes stake in leisure estate developer

September 28, 2009 Philippine Daily Inquirer

THE GROUP of retail tycoon Henry Sy will infuse into leisure estate developer Belle Corp. the Las Vegas-style gaming component of a P46-billion entertainment complex to be built along Manila Bay under the auspices of the state-owned Philippine Amusement and Gaming Corp. (Pagcor)

Based on the framework approved by Belle’s board last Friday, the company will acquire from the SM group the entire outstanding capital stock of Premium Leisure and Amusement Inc. (PLAI) through a stock swap that will allow the Sy family to jack up its stake in Belle to about 50 percent, Belle vice chair Willy Ocier said in an interview.

The deal has brought into Belle a greater financial muscle from the country’s richest man Henry Sy, who has been a strategic investor in the company for a long time. Sy’s SM group owns 25.9 percent of Belle through various units: Sysmart Corp. (16.6 percent), SM Development Corp. (8.87 percent) and SM Investments Corp. (0.44 percent).

PLAI, owned by the privately held SM Commercial Properties Inc., is part of a consortium of companies earlier granted a provisional license by Pagcor to take part in the 800-hectare Bagong Nayong Pilipino Manila Bay Entertainment City. PLAI holds the gaming component of the project and is programmed to contribute about P14 billion in infrastructure.

“Along with SM, we have committed to spend P46 billion over 25 years. PLAI will be spending at least P8 billion by 2011,” Ocier said.

Belle’s acquisition of PLAI will be consummated through an exchange of shares, subject to regulatory approvals. “It is estimated that the consideration for the acquisition of PLAI will be 2.7 billion common shares from Belle’s unissued stock,” Belle corporate secretary Bayani Tan said in a disclosure submitted to the Philippine Stock Exchange late Friday.

Based on the closing of Belle’s stock last Friday, the shares under consideration as payment to the SM group in exchange for PLAI are worth about P4.16 billion—equivalent to about 43 percent of the company’s market capitalization of P9.6 billion.

Belle closed at P1.54 on Friday, up 1.3 percent. Over the last 52 weeks, Belle’s share price has tripled from a low of P0.51 to a high of P1.58.

“In taking over PLAI, Belle plans to bring in foreign and local partners to contribute their expertise in managing world-class entertainment and gaming facilities,” Tan said.

Asked whether Belle has identified the foreign partners coming in, Ocier said these would be announced “in the next few days.”

The masterplan for the P46-billion project, he added, would be the subject of a subsequent announcement once Belle has finalized its plan with foreign partners and operator.

The new project is also a realization of Belle’s dream to expand its gaming interests. The company had a casino-hotel project that it had to shelve in 1999 due to the Asian currency crisis.

When Belle spun off some undeveloped land and other assets into a new company seven years ago, it was also the SM group that came in as a strategic partner and the investing company—Highlands Prime Inc.—has become the Sys’ leisure estate arm.

Belle’s biggest cash cow to date is its flagship 1,500-hectare Tagaytay Highlands. It also generates equity earnings from its 35-percent owned online gaming firm Pacific Online Corp., which sells instant lottery tickets and leases online equipment to the Philippine Charity Sweepstakes Office for lottery operations in the Visayas and Mindanao. Belle also has a 36-percent stake in Highlands Prime.

The SM group was one of three companies prequalified by Pagcor to develop the multibillion-dollar Bagong Nayong Pilipino coastal project. The two others were Travellers International Hotel Group, a partnership between Alliance Global Group Inc. of real estate tycoon Andrew Tan and Star Cruises of Malaysia, and Aruze of Japan. Doris Dumlao

Belle Corp, SM reach deal on P14-billion gaming project

September 28, 2009 The Philippine Star

MANILA, Philippines - Leisure developer and gaming firm Belle Corp. has struck a deal with the SM Group to take charge of the gaming component of a project within the Bagong Nayong Entertainment City that will require an investment of around P14 billion.

The SM Group is one of the major investors in the 120-hectare Bagong Nayong Pilipino Manila Bay Entertainment City, which is envisioned to become the country’s biggest tourism development and the government’s biggest job-generating project ever.

In a disclosure to the Philippine Stock Exchange (PSE), Belle said its board has approved a proposal to acquire from SM Commercial Properties Inc. the entire outstanding capital stock of Premium Leisure and Amusement Inc. (PLAI), a member of a consortium of companies which was granted a provisional license by the Philippine Amusement & Gaming Corp. (Pagcor) to develop a world-class entertainment and gaming hub along Manila Bay.

The acquisition will be done through a share swap, subject to the approval of regulatory authorities.
Under the plan, Belle will be issuing 2.7 billion common shares in exchange for 100-percent ownership of PLAI.

“The final terms of the share swap, however, will be set forth in a memorandum of agreement to be executed by the parties,” Belle said.

With the acquisition, Belle will now be handling the gaming operations of the project such as the setting up of a casino and other gaming facilities while the SM Group will be providing the entertainment facilities which include hotels, a sports arena, museum, and an oceanarium.

The SM-Belle project is estimated to cost at least $1 billion. Included in the new entertainment complex is the already-developed section spanning about 300 hectares that contains the sprawling Mall of Asia complex.
Belle is open to partnering with foreign and local entities to help develop a reclaimed land along Manila Bay into a mini-Las Vegas.

“These arrangements shall be subject to Pagcor’s supervision in accordance with the terms of the provincial license,”

The Bagong Nayong Pilipino Entertainment City will house an integrated resort with a world-class theme park, casinos, residential areas, shopping malls, fine dining restaurants, and other leisure activities.
When completed, it is expected to boost tourist arrivals in the country to over three million annually, generate 450,000 new jobs and dramatically increase government earnings.

Aside from the SM group, other investors in the multi-billion dollar project are Malaysian conglomerate Genting Group and Alliance Global Group Inc. of tycoon Andrew Tan.

AGI has forged a joint venture with international cruise operator Star Cruises Ltd., an affiliate of the Genting Group, to build an integrated tourism zone on a 40-hectare property in the reclamation area.

The project will host an array of leisure and entertainment facilities, including a theme park, theaters, amusement and cultural centers, retail and gaming centers and hotels. Zinnia B. Dela Peña

We are all Cory’s children

August 8, 2009 Philippine Daily Inquirer

YELLOW is the new black. For a nation in mourning, yellow has become the color of unity, promise and peace.

I’m sure we will all remember Tita Cory’s funeral as we were all united in creating a bit of history. Whether you joined the queue in the rain on the yellow-swathed roads, or just watched the rival networks’ tear-inducing coverage from home, or Facebooked during the Internet live stream from your part of the globe, we were all brought together to honor this amazing woman, Cory Aquino.

I was in Cebu, unable to attend the funeral, as I had committed to attend the topping-off ceremony for the new Hotel Elizabeth. Luckily, my mom, Marixi Prieto, my husband Dennis and I were able to attend the first evening Mass at La Salle for our beloved former president, and I was able to condole with Kris and her family.
Kris and I have been friends for more than a decade, a friendship forged in late-night visits to Baclaran. I have seen her through the ups and downs, and the unwavering support of her mother even when the latter was not fully in favor of her relationships. I was glad to see how well Kris handled herself at the funeral.

Although I was in Cebu, it was impossible not to feel part of the throng. The TV coverage was exhaustive and Facebook was a social revelation. There were so many uploaded photos and videos, all the experiences of individuals who wanted to share their moment with Cory.

I was hooked reading the updates and looking at photos, videos and graphic art contributed by so many. A young graphic artist, Revo Naval, posted his redesigned P500 bill, with Cory beside Ninoy Aquino. Check out www.peaceloveandrevolution.com for more images.

Virgie Ramos of Swatch, a longtime friend of Tita Cory, told me of their incredible, nine-hour bus ride as part of the funeral cortege, surrounded by multitudes chanting “Cory! Cory! Cory!” It’s amazing how one person can unite a divided nation into a country of proud Filipinos.

Now that the funeral is over, Celda Santos, daughter of Passy Teopaco, and I will resume our biking sessions with coach Paolo Defensor. Life has to go on, which brings another color to my mind – green, the color of life.
We are all working hard to create a greener world. Ayala Malls, for instance, has come up with Greenology. Marivic Añonuevo, Ayala Malls SVP, explains that this is not about the study of the color, but about showcasing earth-friendly events that help save the environment.

Pro-environment designers

Eco Tote is one project. Fashion designers Louis Claparols, Michi Calica-Sotto, Vic Barba, Patrice Ramos-Diaz, Jun Escario and Randy Ortiz from the Filipino Zone in Greenbelt 5 were commissioned to create a reusable bag for each Ayala Mall. The bags are sold at P400, and Ayala Malls contributes P100 of this to World Wildlife Fund.

The designers also partnered with different organizations in support of their environment campaign. Claparols adopted The Philippine Animal Welfare Society (PAWS), an organization that develops awareness and compassion for animals in the country, while Calica-Sotto engaged Earth Day Network, an environment campaign pushing proper waste management.

Meanwhile, Barba tapped Gift and Graces Fair Trade Foundation, an organization that provides product development and market access to marginalized communities, and Ramos-Diaz supported Haribon Foundation’s Gift of Trees project under the Road to 2020 movement, aiming to restore one million hectares of rainforest with native tree species by 2020.

Not to be left out, Escario supported Gasa sa Gugma, home of the destitute and dying elderly, by providing them basic necessities such as food, bedding and toiletries. Ortiz partnered with the shoemakers of Marikina City, tapping the legendary cobblers known all over the world for their superior craftsmanship.

Eco Dash

Another green way in saving Mother Earth is the Eco Dash, a fun run open to all patrons of Ayala Malls, runners and non-runners alike, on September 13, starting 5 a.m. at Bonifacio High Street. In partnership with Bantay Kalikasan, Globe and Ayala Land, Ayala Malls’ Eco Dash is inviting everyone to race against time to save the earth. Runners may choose from among four distances: 3K, 5K, 10K or even a harrowing 21K half marathon.

Continuing on with their eco theme, Ayala Malls also has Eco Art. Renowned artists Alma Quinto, Pete Jimenez, Mac Valdezco and Ral Arrogante display their edgy art pieces all over the malls, featuring sculptures and 3-D models. I guess it’s all meant to make you feel green while exercising your credit cards. But truly, Ayala Malls does a great job being eco-friendly and eco-chic, educating the young about sustainability and environmental issues.

Green is truly the color of the new day. I can just picture the undulating fairways of the Tagaytay Highlands golf courses and leisure parks. Developed by Belle Corporation over 15 years ago, Highlands continues to enthrall with its new projects, the latest of which is Cotswold.

Cotswold, named after a beautiful area of rolling hillsides sometimes referred to as the “Heart of England,” is Belle’s way of promoting a housing complex devoted to wellness and promoting a healthy family lifestyle. Just like its English namesake, Belle’s Cotswold is all about natural beauty and calm surroundings.

At the Cotswold launch at Podium, which was supported by Chris Sports, Nike and Folded and Hung, I learned that each Cotswold property comes with a proprietary share of the Tagaytay Midlands Golf Club, the complex’s premiere 18-hole course. Even better, Tagaytay Midlands members have access to the world-class amenities at the Tagaytay Highlands Golf and Country Clubs.

Colors can really represent our dreams, hopes and desires. Yellow and green can both be so positive. What other colors can be in our future? Tessa Prieto-Valdes

Belle Corp. spending P250M on Tagaytay project

July 9, 2009 BusinessWorld

PROPERTY COMPANY Belle Corp. is setting aside P250 million for a second project this year, claiming that demand for high-end developments in exclusive communities has remained.

In a disclosure yesterday, Belle Corp. said Cotswold would be the fifth residential community of the Lakeside Fairways development in the exclusive complex of Tagaytay Highlands.

The new project will cover nine hectares of land, offering 156 lots with sizes ranging from 300 square meters (sq. m.) to 842 sq. m.

"Cotswold is best for those who love to contemplate their natural surroundings and for individuals who would like to engage in an active lifestyle. Cotswold owners will have a proprietary share of the Tagaytay Midlands Golf Club as well as enjoy the amenities at Tagaytay Highlands Golf and Country Club," Belle Corp. said.

Cotswold lots will be sold at P13,000 per sq. m. or P3.9 million for the smallest 300-sq.-m. lot and P10.9 million for the biggest lots. Belle Corp. said it expects to complete the project by end of next year.

Headed by Willy N. Ocier, Belle Corp. is a high-end property developer whose developments are located mostly in the resort city of Tagaytay and Batangas province.

The company’s major stockholders include the Sy family of the SM mall, property development, and banking group.

In March, the group launched its first project for the year, Katsura, selling half of residential units within a month, according to executives. This has boosted the company’s outlook for the rest of the year.

Aside from Katsura and Cotswold, Belle Corp. plans to launch another project, called Fairfield — a seven-hectare development that will have 100 to 120 lots with an average size of 400 sq. m. Lots will be sold for P7,000 per sq. m.

Belle Corp. has more than doubled its budget to P700 million to P800 million this year, which will be increased further to P800 million to P900 million next year.

Profits went up by 4% to P38 million from January to March as a result of strong sales from residential projects.

Shares in the company rallied by 9.09% or P0.07 to P0.84 per share yesterday. Kristine Jane R. Liu

Belle to spend P250-M for Batangas residential project

July 9, 2009 ABS-CBN News

Upscale property and gaming firm Belle Corp. is spending around P250 million to develop a residential community in Batangas province, it told the Philippine Stock Exchange on Wednesday.

Called Cotswold, Belle's new development will offer 156 lots, with sizes ranging from 300 to 842 square meters priced at P13,720 per square meter. It will also feature homes that are spacious and contemporary.

The company said each property at Cotswold will come with a propriety share of the Tagaytay Midlands Golf Club, which also entitles residents to enjoy world-class amenities at the Tagaytay Highlands Golf and Country Clubs.

The project is slated for completion by the end of 2010.

Belle has earmarked up to P1.7 billion over the next two years for the development of more residential communities amid strong demand for prime properties.

Of the amount, P800 million will be spent this year for the construction of three projects, including the recently launched Japanese-themed residential subdivision called Katsura within the Lakeside Fairways in Batangas, and Fairfields, an American South contemporary-themed development that will rise on a 7-hectare property adjacent to The Verandas at Saratoga Hills in Tagaytay.

Next year, Belle is launching 5 new projects that will require an investment of around P800 to P900 million.

Belle is currently developing a 30-hectare property in Tanauan, Batangas to be called The Greenlands Community. Another 32 hectares are being planned for development as farm lots.

Belle expects to end 2009 with net earnings of at least P300 million, up 46 percent from the P206 million reported in 2008. Revenues are forecast to reach P1.3 billion or almost the same level as last year.

In the first quarter this year, Belle reported a 4 percent rise in its net earnings to P38.2 million from P36.7 million as revenues increased by 5.3 percent to P269.08 million.

Belle allots P250 million for Cotswold project

July 9, 2009 Philippine Star

MANILA, Philippines – High-end leisure developer and gaming firm Belle Corp. is spending around P250 million to develop Cotswold, the fifth residential community within Lakeside Fairways in Talisay, Batangas.
In a disclosure to the Philippine Stock Exchange (PSE), Belle said Cotswold will offer 156 lots ranging from 300 to 842 square meters priced at P13,720 per square meter inclusive of 12-percent value added tax.

Buyers of Cotswold will get to enjoy world-class amenities at the Tagaytay Highlands Golf & Country Clubs as each share sold comes with a propriety share of the Tagaytay Midlands Golf Club.

The project is slated for completion by the end of 2010, Belle said.

Belle has earmarked up to P1.7 billion over the next two years for the continued development of residential communities to meet the strong demand for premium residential units.

Of the total, P800 million will be spent this year for the construction of three projects which include the recently launched Japanese themed residential subdivision called Katsura within the Lakeside Fairways; Fairfields, an American South contemporary-themed development that will rise on a seven-hectare property that is adjacent to The Verandas at Saratoga Hills.

For next year, Belle is launching five new projects that will entail an investment of around P800 million to P900 million.

Belle is currently developing up to 30 hectares of property in Tanauan, Batangas to be called The Greenlands Community. This project is adjacent to established developments such as Plantation Hills, the Parks at Saratoga Hills and The Verandas at Saratoga Hills.

Another 32 hectares are being planned for development as a farm lots project.

Belle expects to end the year with net earnings of at least P300 million, up 46 percent from P206 million reported in 2008. Revenues are forecast to reach P1.3 billion or almost the same level as last year.

In the first quarter this year, Belle reported a four-percent rise in its net earnings to P38.2 million from P36.7 million as revenues increased by 5.3 percent to P269.08 million.

Sale of real estate and club shares rise 8.7 percent to P249.21 million from P229.26 million due to higher sales revenues from Plantation Hills farm lots projects and its Verandas at Saratoga Hills residential subdivision. Zinnia B. Dela Peña

Belle Corp allots P1.7 billion for residential projects

June 29, 2009 Philippine Star

MANILA, Philippines - High-end leisure estate and gaming firm Belle Corp. is setting aside up to P1.7 billion over the next two years for the continued development of residential communities to ensure long-term growth.

On the sidelines of the company’s annual stockholders meeting, Belle vice-chairman Willy N. Ocier said management remains upbeat on the real estate sector due to the strong demand for its premium projects.
Of the programmed capital budget, P800 million will be used to fund the construction of three projects which include the recently launched Japanese themed residential subdivision called Katsura within the Lakeside Fairways.

In the second half of the year, Belle intends to introduce Fairfields, an American South contemporary-themed development that will rise on a seven-hectare property adjacent to The Verandas at Saratoga Hills.
William Gana, Belle executive vice-president and chief financial officer, said the company is going full blast next year with the construction of five new projects that will require an investment of between P800 million to P900 million.

Gana said the firm is developing up to 30 hectares of property in Tanauan, Batangas called The Greenlands Community. This project is adjacent to established developments such as Plantation Hills, The Parks and The Verandas at Saratoga Hills.

Another 32 hectares are being planned for development as a farm lots project, he said.

“With the help of these plans laid out for the very near future, your corporation intends to maintain its leadership position in its market and we will always continue to work hard to assure that our reputation for quality family-oriented products will continue to be well-deserved in the future,” Ocier said.

Joselito Consunji, Belle chief operating officer, said the company has a landbank of 1,500 hectares, more than sufficient to ensure the continued development of projects.

In the first quarter this year, Belle reported a four percent rise in its net earnings to P38.2 million as revenues increased 5.3 percent to P269.08 million.

As a result of the higher revenue, as well as project cost savings, the company’s gross profit rose 22 percent to P117.5 million from P96.6 million.

Total operating expenses, including depreciation and amortization, grew 27 percent to P42.8 million from P33.8 million due to increased project development and marketing activities. Zinnia B. Dela Peña

Belle Corp. sees earnings growing nearly half this year

June 27, 2009 Manila Times

THE developer of high-end Tagaytay Highlands expects its net income to recover this year.

In a disclosure to the Philippine Stock Exchange, Belle Corp. said the company’s profit this year is expected to increase at least 47 percent to P300 million from P205.8 million in 2008.

Belle also set aside at least P800 million for capital expenditures this year.

For the second half of the year, Belle plans to unveil another community called Fairfield, which will feature contemporary suburban American style homes. The project will be situated beside the planned last nine-holes of the Tagaytay Midlands golf course. In the first half this year, Belle launched its addition to the Lakeside Fairways project, Katsura, which is inspired by the imperial Katsura Palace of Kyoto.

To raise funds for its expansion, Willy Ng Ocier, Belle vice chairman, had said the company would just unload some of its assets this year instead of raising money through the capital market.

“We intend to build up capital by selling our non-core assets and paying down our debt. But no definite details,” Ocier said.

Last year, Belle double its revenues to P1.283 billion from P615 million in 2007.

The company said its balance sheet remains solid with more than P900 million in liquid assets, as well as almost P300 million in available credit lines.

“Belle intends to maintain its leadership position in its market and will continue to work hard to assure that its reputation for quality family oriented products will continue to be well-deserved in the future,” the company said. Chino S. Leyco

Belle wants perks for Tagaytay Highlands

June 26, 2009 BusinessWorld

MANILA - Property developer Belle Corp. will reapply to have flagship project Tagaytay Highlands declared a special economic zone, more than a decade after its first attempt.

"We are applying to the PEZA (Philippine Economic Zone Authority) to make Tagaytay Highlands a tourism destination," Belle Chairman Willy N. Ocier said at the sidelines of the company’s stockholders’ meeting.
Mr. Ocier said there are no concrete plans yet for new tourist facilities but the idea is to build retirement villages, adding that Tagaytay Highlands is big enough to have "exclusive" and "non-exclusive zones."

He said Belle might convert 200 hectares of the total 1,200 hectares into a PEZA-accredited zone and is hoping to get the approval within the year.

"Everything is preliminary," Mr. Ocier told reporters.

The company first applied for ecozone status in 1997 but "the crisis overtook the planned projects" among which include a racetrack, he said.

PEZA-registered economic zones enjoy a lot of benefits, which include exemption from the corporate income tax for a limited period and a 5% special tax on gross income and exemption from all national and local taxes thereafter.

Belle Corp. is a high-end property developer whose developments are located mostly in Tagaytay and Batangas province. The company’s major stockholders include the Sy family of the SM group.

"Belle Corp. is profitable. In March, we launched our first project, the Japanese-inspired Katsura and in just a span of a month, it was already 50% sold. This is better than expected," Belle Corp. Executive Vice-President Manuel A. Gana said.

Mr. Gana said the group plans to launch another project, to be known as Fairfield, in the second half of the year.

The seven-hectare project will have 100 to 120 lots with an average size of 400 square meters (sq.m.), priced at P7,000 per sq.m.

The "contemporary suburban American style, home-inspired" project is expected to break ground this year and will be turned over in 2011.

"We wanted to do more projects this year and we are supposed to launch four projects but we want to be cautious and be prudent in launching projects," Mr. Gana said.

The company has doubled its budget this year and plans to spend around P700 million to P800 million, hiking spending further to P800 million to P900 million next year.

Mr. Gana said most of customers are locals or foreign-based professionals preparing to retire here, adding that the company is experiencing only a 1% cancellation rate.

"Belle is going to be okay and Katsura causes us to be optimistic. The demand is still there and we expect the second half to be better than last year, and [this should] continue until the year ends," he said.

Mr. Gana however said the group has no plans to build condominiums this year or next to "prudent."

"In the worst-case scenario, we will be able to finish all our projects in time [if we pursue with the horizontal developments]," he said. Kristine Jane R. Liu

Hai,' Tagaytay Highlands brings a slice of Japan

June 14, 2009 Philippine Star

MANILA, Philippines – Catch a whiff of the crisp, cool air. Listen to the gurgling brook on a balmy day. Smell the flowers as you stroll through the many pocket gardens. Or walk down a postcard-pretty promenade. Bask in an oasis of greenery and an infinite stretch of gently rolling terrain. Come home to a Japanese house with a steep angled roof and a beautiful mountain backdrop.

No, you’re not in Japan, particularly its ancient capital Kyoto. Hai, you’re in Tagaytay Highlands that brings a slice of Japan with Katsura, the sixth residential community of Belle Corporation’s Lakeside Fairways development located beside the Tagaytay Midlands golf course in Talisay, Batangas.

“We’re excited about our two new projects,” says innovator Willy Ocier who has not stopped dreaming high since he founded Tagaytay Highlands and built what has become today’s premier leisure and residential community amid the legendary Taal Lake with bosom buddy and fellow dreamer Jerry Tiu. “There’s the Japanese village Katsura and then there’s Cotswold, with its tropical, modern theme. Here, it’s all about wellness and a healthy lifestyle. There’s a brook that runs through the village.”

Come home to a place of simplicity and tranquility at Katsura. Nature is in every detail of Katsura — picture large windows and Shoji screen doors opening up to let you step into the garden that’s so much a part of your home’s design.

Think wide open spaces with lots of trees and flowers, fairways, and a meandering brook, and you have Cotswold that combines the best of two worlds. It’s designed both for the laid-back and the active individual who loves sports, like golf. But at this dream mountain resort, golf is not just a sport, it’s a way of life.

Each property at Cotswold and Katsura comes with a proprietary share of the Tagaytay Midlands Golf Club, which also entitles residents to enjoy world-class amenities at the Tagaytay Highlands Golf and Country Clubs.

“We envision young couples, families to live in these new developments,” says Willy. “At Tagaytay Highlands, it’s always about family. Whenever we do a project, it’s always about couples with young children or toddlers; it’s always been our mantra. It’s a second home for young families. It’s not for pepople who want to party from 12 midnight till 5 a.m. At Highlands, from 12 to 5, people are sleeping. They wake up at 5 or 6 a.m. and they jog or walk or play golf. Ganon ang lifestyle sa Highlands.”

Before they gave birth to their baby — Tagaytay Highlands, of course — Willy and Jerry were themselves young doting fathers who were looking for a place to take their restless kids on weekends. (FYI, Jerry Tiu is otherwise known as the father of hardcourt heartthrob Chris Tiu.)

“It was raining, foggy, and muddy as we were walking to where the Highlands’ peak is today,” Willy fondly relates. “Suddenly, the fog cleared and what I saw was the lake. My reaction was, ‘OMG (Oh, my God)!’ It was awesome! The fog closed again but because of that little opening that I saw, I kept coming back. On my third visit, I realized it’s such a special property.”

Willy just can’t stop gushing: “You stand on one location. You look south and you see the lake; you turn around and you see Manila just on one ridge. And then you start to imagine the potentials of the place. Here, the weather changes four times a day, there are four seasons here — rainy, sunny, windy, foggy.”

With a hint of paternal pride, Willy adds, “What makes Tagaytay Highlands very unique and successful is that we have a very unique property, it’s very difficult to duplicate what we have in Tagaytay — the view, the climate, it’s God-given; even if it’s raining, it’s romantic. You can have your own little corner and enjoy the view. But for me, the most important quality of Tagaytay Highlands is the energy that this place gives to people who come here — you feel happy, recharged. After all, our inspiration for Tagaytay Highlands was Disneyland or Disneyworld, which is called the happiest place on earth.”

With a couple of balikbayans and a Japanese lady who fell in love with the Philippines and married here, we were some of the happiest people on earth when we spent a precious weekday at Tagaytay Highlands recently. Yes, we were recharged — ready to face yet another rat race.

We were the happiest tourists in our own country, taking pictures of the volcano or the lake within a lake within a lake from the balcony of our bedroom. We enjoyed the cable car and the funicular ride like little kids. Some of us opted to de-stress with a most relaxing massage at the Spa & Lodge, but the rest probably just needed an ego massage. And of course, after taking in the sights and nourishing the spirit, we couldn’t wait to fill our stomachs with the food, glorious food at Tagaytay Highlands’ many restaurants.

“We take pride in our food,” asserts Willy. “Tagaytay Highlands not only has a good view, it has good food, too.”

He hastens to add, “Our members are well-traveled, well-exposed so they know what’s good. Whenever there’s a little palpak somewhere, they remind us. What runs Tagaytay Highlands are the people — our very efficient and dedicated staff. Tagaytay Highlands is our crown jewel so we protect it well. A lot of people have tried to copy us and we’re flattered.”

According to Willie, when you have balikbayan friends or relatives who come home, you either bring them to the Mall of Asia or to Tagaytay Highlands because it’s so convenient. “Henry Sy is a very tourist-oriented businessman so he’s very proud of his properties. He has always believed that the future of the Philippine economy — and even the present — should be anchored on tourism.”

Cotswold and Katsura are sure to be tourist drawers. Hai! Ching M. Alano

GO SOUTH FOR THE SUMMER

April 29, 2009 BusinessWorld

BELLE CORPORATION, developer of the popular destination for luxury living, the Tagaytay Highlands, recently announced its plans to develop a princely summer retreat within the Tagaytay Highlands complex—Katsura.

Inspired by the great Katsura Palace of Kyoto, the sixth residential community of the Lakeside Fairways development located beside the Tagaytay Midlands golf course in Talisay, Batangas, will surely awe one’s senses and uplift his spirit. It is designed to be a home of simplicity and exclusivity, carefully cultivated and stretched across approximately 14 hectares of gently rolling terrain. When completed, Katsura is estimated to have a total of 241 lots, with sizes ranging from 250 to 461 square meters.

Katsura will pay tribute to the simple way of life and will offer a lay of rustic elegance. The architects of Katsura envision a community of traditional and contemporary Japanese homes with steeped angled roofs that mimic the beautiful mountain on its backdrop.

Inside each abode are delicate Japanese interiors that emphasize the reflective majesty of the outdoors. The large windows and Shoji screen doors allow one’s private space to spill into the garden, making nature a vital part of one’s home’s design.

Apart from the minimalist architectural style and interior design, there are many reasons why one should come home to Katsura. A picturesque five-meter promenade invites one to take an invigorating stroll along the paths leading to one of five delightful pocket gardens or koen. Outside, families can engage in an assortment of activities such as biking, golf, kite-flying or swimming.

Katsura is undoubtedly the perfect place to live in for those who love to relish the tranquility of nature and at the same time enjoy different sports and activities. An outdoor pool and other indoor sports facilities are available for the active individual.

In addition to these, each property at Katsura comes with a proprietary share of the Tagaytay Midlands Golf Club, which entitles residents access to world-class amenities at the Tagaytay Highlands Golf and Country Clubs.

Reservations in Katsura are currently being accepted for the price of P12,888 per square meter, plus 12% VAT. Belle Corporation estimates total project construction and development costs for Katsura to eventually amount to between P300 to P400 million, with completion anticipated within three years.

Enjoy the crisp and pleasing Tagaytay weather at the safety of your home, in a gated community with 24-hour security, independent and abundant water supply, 24-hour emergency medical and fire-fighting teams, 100% emergency power supply, in-house landscaping, and full housekeeping services.

At your hands is an indulgence where anything is possible.

TAGAYTAY HIGHLANDS TURNING JAPANESE

April 25, 2009 Philippine Daily Inquirer

Tagaytay Highlands, a recreational development noted for its exclusive sanctuaries themed after such locations as a Swiss Alpine village, rustic log homes enhanced by thousands of pine trees, among other things, is venturing into another community, with a theme a bit closer to home.

A Japanese-themed residential community will be situated across a 14-hectare property straddling Tagaytay Highland’s gently rolling terrain.

This was recently revealed by Belle Corp., developer of high-end residential and leisure properties.

Residential Community

The community, which would commence construction by early 2010, is described as “inspired by the great Katsura Palace of Kyoto, a princely summer retreat that awes the senses and uplifts the spirit.”

Each property of Katsura comes with a proprietary share of the Tagaytay Midlands Golf Club, which also entitles homeowners to amenities at the Tagaytay Highlands Golf and Country Clubs.

Belle, however, will have the right to a deed of restriction on design specifications among other things.

“If you want to build your house, you have to submit your architectural plans to a committee. That committee will tell you whether your design conforms (with the design specifications) or whether you have to make the changes,” Manuel Gana, Belle executive vice president and chief financial officer, told Inquirer Property.

Lot Sizes

Belle will be selling lots with sizes ranging from 250 to 461 square meters.

Lot cuts will depend on the location. These are tailored for flexibility to accommodate a wide range of buyers. The executive price, for example, is P12, 888 per sq m plus VAT.

Gana said the lot sizes vary depending on the location because some spots, for example, will have to adjust to the contours of the land. “If it drops off a cliff you just can’t sell it. You have to cut it to 250 sq m,” Gana quipped.

He added that “if people want bigger cuts they can always buy two lots. There’s no limit as long as the lots are available. And they don’t have to build in all of the lots.”

Gana said construction should begin “by early 2010 if not earlier. We are accepting reservations, but we’re not selling yet.”

Interested buyers will be lead to vantage points where they can see the “lay of the land” and the ongoing development.

Japanese homes

Proponents of the project envision a community of traditional and contemporary Japanese homes with steep angled roofs that mimic the beautiful mountain in its backdrop. The slender beams and posts customary to this type of design frame the spectacular scenery and natural environment.

Gana said housing designs nowadays are leading toward a modernistic approach, particularly designs resembling Zen, Balinese or a preference in contemporary Asian architecture.

Expect the “Koen,” one of several pocket gardens scattered throughout the area. Architects also described a five-kilometer drive through the verdant Tagayatay Highlands complex leading to the “Kaido,” or main road, a welcoming vision of rural Japan.

The interiors, as expected will reflect simplicity. Architects explained that will be a delicate simplicity of Japanese interiors emphasizing the reflective majesty of the outdoors. Large windows and Shoji screen doors open up to allow private space to creep into the garden, making nature a vital part of the home’s design. Tessa R. Salazar

BELLE REPORTS 38% DROP IN PROFIT TO P206 M in 2008

April 17, 2009 Manila Bulletin

Belle Corporation reported a 38 percent drop in consolidated net income to P205.8 million in 2008 from the P331.7 million in 2007 due to foreign exchange losses.

The firm disclosed to the Philippine Stock Exchange (PSE) yesterday that gross revenues for the year more than doubled to P1.38 billion from the P669.1 million registered in 2007.

The company’s gross profit increased by 69 percent to P666.0 million, from P393.9 million in 2007, due to higher revenues in 2008.

Total operating expenses including depreciation and amortization was higher by 16 percent at P165.1 million, from P142.2 million in 2007, mainly due to increased project activity.

Based on these, Belle reported operating income in 2008 of P500.9 million, which was 99 percent higher than the operating income of P251.7 million in 2007.

The Company’s equitized net earnings from associated companies increased by 13 percent to P81.3 million in 2008, from P72.2 million in 2007.

Equitized earnings were from its 36 percent-owned associate, Highlands Prime, Inc. (HPI), and from its 34 percent-owned associate, Pacific Online Systems Corporation (POSC).

HPI is also engaged in real estate development within the Tagaytay Highlands and Midlands complexes, while POSC leases on-line equipment to the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao.

Interest expense decreased by five percent to P206.6 million, from P216.4 million in 2007, due mainly to lower interest rates.

With the depreciation of the Philippine Peso against the US Dollar to P47.52: US$1.00 as of December 31, 2008, from P41.28: US$1.00 as of December 31, 2007, Belle posted a P135.4 million foreign exchange translation loss in 2008 from its $22 million US Dollar-denominated debt, compared to a foreign exchange translation gain of P166.1 million in 2007. JAL

BELLE EARNINGS FALL 38% TO P205.8 MILLION ON HIGHER OPERATING EXPENSES

April 16, 2009 Philippine Star

MANILA, Philippines - Weighed down by higher operating expenses, upscale leisure estate developer and gaming firm Belle Corp. reported a 38-percent drop in net earnings last year to P205.8 million.

Based on its audited financial report submitted to the Philippine Stock Exchange, Belle said it registered consolidated revenues of P1.38 billion or more than double the previous year’s P669.1 million. As a result, gross profit grew 69 percent to P666 million.

Total operating expenses, including depreciation and amortization, rose 16 percent to P165.1 million, largely due to increased project activity.

The company’s equitized net earnings from associated companies amounted to P81.3 million, 13 percent higher than the year earlier figure of P72.2 million.

Equitized earnings came from Highlands Prime Inc. and Pacific Online Systems Corp., in which Belle holds a 36- percent and 34-percent stake, respectively.

Highlands Prime is also engaged in real estate development within the Tagaytay Highlands and Midlands complexes while Pacific Online leases online equipment to the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and Mindanao.

Belle said interest expense declined five percent to P206.6 million from P216.4 million due mainly to lower interest rates.

From a gain of P166.1 million in 2007, Belle incurred a foreign exchange loss of P135.4 million due to the depreciation of the peso against the dollar to 47.52 as of end-December last year.

The company had total assets of P9.91 billion as of Dec. 31, 2008, five percent higher than the previous level. Stockholders’ equity, meanwhile, stood at P5.34 billion.

Belle is set to launch the sixth phase of Lakeside Fairways, named Katsura, during the first half of the year. Katsura is the first Japanese-inspired upscale subdivision in the Highlands and Midlands complexes.
It will also launch the second phase of The Verandas at Saratoga Hills.

BELLE CORP. LAUNCHES JAPANESE-THEMED RESIDENTIAL COMMUNITY

April 3, 2009 Philippine Star

MANILA, Philippines - Belle Corp., developer of the country’s premier destination for luxury living-the Tagaytay Highlands, introduced another world-class residential community recently with Katsura at Tagaytay Highlands.

Inspired by the great Katsura Palace of Kyoto, the Japanese-themed residential community is designed to be a haven of simplicity and exclusivity. Carefully cultivated and stretched across over 14 hectares of gently rolling terrain, Katsura will pay tribute to the simple way of life and offer a lay of rustic and elegant simplicity.

The architects of Katsura envision a community of traditional and contemporary Japanese homes with steep angled roofs that mimic the beautiful mountain on its backdrop. The majesty of the great outdoors will be emphasized by the delicate simplicity of the Japanese interiors. The large windows and Shoji screen doors open up to allow the private space to creep into the garden, making nature a vital part of the home’s design.

JAPANESE-INSPIRED VILLAGE TO RISE IN TAGAYTAY HIGHLANDS

March 31, 2009 Philippine Daily Inquirer

UPSCALE LEISURE ESTATE DEVELOPER Belle Corp. is investing up to P400 million on a pioneering Japanese-inspired subdivision within the plush Tagaytay Highlands complex.

The new residential community called “Katsura” will be the sixth cluster of Lakeside Fairways, a residential enclave situated at the heart of the Tagaytay Midlands development, the company told the Philippine Stock Exchange yesterday.

The project will occupy about 14 hectares of land and sell about 200-230 lots for the “A” and “B” market, Belle executive vice president and chief financial officer Manuel Gana said in an interview yesterday.

The project will cost between P300 million and P400 million and will likely be finished in two to three years, he estimated.

Inspired by the great Katsura Palace of Kyoto, the subdivision will be designed as a haven of simplicity and exclusivity, the company said.

Katsura is a 17th-century Japanese princely villa on the bank of the Katsura River in Nishikyo Ward, Kyoto, Japan. Famous as a preeminent masterpiece of traditional Japanese architectural aesthetics, Katsura Detached Palace comprises a main building and a number of pavilions and subsidiary buildings arranged across a carefully landscaped estate of about seven hectares. It has gardens with lakes, ponds and teahouses for each of the four seasons.

“Buyers today are increasingly looking for clear lines of construction. That’s why Balinese types of residential developments are very popular and the Japanese style is similar to that,” Gana said.

“It’s a great concept and nobody has done it before [here in the Philippines],” he said.

Belle’s initial foray into the property business was a developer of Tagaytay Highlands International Golf Club Inc. In early 2001, Belle decided to spin off 534 hectares of undeveloped land, 70 developed subdivision lots and 25 finished residential units into a newly formed subsidiary, Highlands Prime Inc.

The company’s other completed property development projects are located in Tagaytay City and Batangas, including the Alta Mira, Lakeside Fairways, Lakeview Heights, Pinecrest Village, Plantation Hills, Tagaytay Midlands Golf Club, The Belle View, The Country Club at Tagaytay Highlands, The Parks at Saratoga Hills, The Spa and Lodge at Tagaytay Highlands, The Verandas at Saratoga Hills, The Villas and The Woodlands. Doris C. Dumlao

BELLE EXPECTS ROBUST SALES FOR TAGAYTAY DEVELOPMENT

March 23, 2009 BusinessMirror

AMID a global economic slump that dampened demand for real-estate products, property developer Belle Corp. sees robust sales this year for its newest development, Katsura, a Japanese-themed residential community in Tagaytay.

Belle Corp vice chairman Willy N. Ocier said the company hopes to sell out the 14-hectare development by the end of the year. Sales revenues are expected to bring in P700 million.

“We maintain our niche in selling second-home properties to the growing middle-class. Belle never joined the fray of developing projects for mass housing and OFWs (overseas Filipino workers),” said Ocier, adding that 95 percent of their clients are not dependent on overseas remittances.

Ocier added that the company has set aside P800 million this year for two more projects to be announced in the second half of 2009. In 2008, he estimated that the company sold P1 billion worth of property, and that he expects to increase this figure by 20 percent this year.

Katsura is the sixth development of the Lakeside Fairways, a residential enclave part of the 670-hectare Tagaytay Midlands Development, which includes its own 18-hole golf course and golf club.

The P330-million Katsura development is already 50-percent reserved, said Ocier. The firm is still unable to start selling activities as it has yet to receive its license to sell from the Housing and Land Use Regulatory Board. The company expects the license to be issued in May.

Average price for a 300-square meter lot in Katsura property is at P3.6 million, which automatically includes one share in the Tagaytay Midlands Golf Club.

Other themed developments of Lakeside Fairways, which was launched in 2007, include Kew Gardens, Terrazas de Alava, Tivoli Place, Lakeside Enclave and Cotswold.

Earlier, Belle announced it allotted P2 billion for capital expenditures to support ongoing developments in its Tagaytay Highlands project.

The company shifted its principal activity from mining and oil exploration to property development when it developed the Tagaytay Highlands Golf Club in 1989. The bulk of its developments are located in Tagaytay City and in Batangas. Miguel R. Camus

HIGH-END DEVELOPER ALLOTS P800M FOR PROJECTS

March 23, 2009 BusinessWorld

THE HIGH-END property arm of the SM Group has joined the bandwagon of luxury residential developers who continue to downplay the ominous forecasts of real estate analysts, choosing to continue projects for the year despite a slowing economy.

Belle Corporation last week launched its first project for the year—the 14-hectare Katsura subdivision, which is expected to generate P868 million in revenues. Katsura is the sixth cluster of the Lakeside Fairways project that the company is developing on its 1,500-hectare property in Tagaytay Highlands.

“Property developers have to be optimistic. The company is experiencing very few cancellations,” Willy N. Ocier, vice-chairman of Belle Corporation, said.

Mr. Ocier said the company does not feel the global recession as demand from second-home buyers for the firm’s 241 subdivision lots remains brisk. The lots, which have an average size of 300 square meters (sq.m.) are sold for P12,000 per sq.m.

Almost half of the lots are considered sold even if the company has yet to secure its license to sell, he said. “Surprisingly, the market is still there. We have low dependence on overseas Filipino workers and 90% of our sale are from local buyers,” Mr. Ocier said.

Belle Corporation is allotting P800 million in three projects for the year, the same as last year. “Funds for the projects this year will come from internally generated cash. The company has no plan to tap the debt market,” he said.

Aside from Katsura, the company’s other subdivision projects in the area include Kew Gardens, Terrazzas de Alava, Tivoli Place, Lakeside Enclave, and Cotswold.

BELLE CLAIMS MINIMAL CANCELLATIONS FROM SALES

March 23, 2009 Manila Times

Belle Corp. said it incurred minimal cancellations amid the global financial turmoil.

Because of the crisis, the developer of high-end Tagaytay Highlands said it is exercising caution with regard to its expansion this year.

On the sidelines of the launch of its Japanese-themed residential community, Willy Ng Ocier, Belle Corp. vice chairman said cancellations by customers reached 2 percent.

Despite this, he said the company is set to introduce two more projects this year.

Ocier said Belle would develop three communities at Tagaytay Highlands, led by the Japanese-themed Katsura.

The three projects, Ocier said, would cost nearly P800 million, with financing sourced internally.

“Property developers should be optimistic, but also cautious at time[s] of crisis,” he told reporters.

Even as the real-estate sector began taking a hit from the financial crunch last year, Belle registered a 20-percent increase in sales to P1 billion from P800 million in 2007, Ocier said.

“We have a very low dependence on overseas Filipinos. Ninety-five percent of our sales came from the local community,” he said.

Katsura is the sixth subdivision at Tagaytay Highlands. Of the 241 units up for sale, half had already been reserved, Ocier said.

“We hope to get [a] license to sell by May this year,” he said.

Belle owns approximately 1,280 hectares of undeveloped land at Tagaytay Highlands.
The company has programmed future projects over at least the next five years “without the need for substantial new land acquisition,” Ocier said.

The high-end residential and leisure properties located in Tagaytay City and Batangas province are operated by Belle and Highlands Prime Inc., the upper-end property arm of the SM group.

At end-September, Belle’s consolidated net income fell 13.5 percent to P121.4 million as foreign currency translation losses reached P125.4 million, a reversal of the previous year’s P86.9 million gains.

Realized income from real estate operations grew 2.4 times to P363.4 million on a 112-percent surge in revenues year on year, while operating expenses rose 19 percent to P114.4 million because of increased project development and marketing activities.

Belle’s assets inched up by 5 percent to P9.996 billion at the end of the third quarter while cash and cash equivalents grew by 118 percent to P138.2 million.

Liabilities also climbed 9 percent to P4.79 million because of the increase in accounts payable and other liabilities. Chino S. Leyco

AROUND THE WORLD AT HOME

February 23, 2009 BusinessWorld

BELLE CORPORATION, owner-developer of Tagaytay Highlands, once again redefines the leisure estates industry landscape with its latest second home endeavors.

The Lakeside Fairways, comprised of five contemporary country-themed communities—Kew Gardens, Terrazzas de Alava, Tivoli Place, Lakeside Enclave, and Cotswold—will resemble a painting breathed into life: picturesque lodges in the midst of vibrant, sweeping countryside views.

Kew Gardens is inspired by the flora and fauna of the world heritage site in the United Kingdom. Covering an area of seven hectares, the village follows the shape of an amphitheater, which opens into a central park.

Terrazas de Alava, Tagaytay Highlands’ local take on the Basque country in Northern Spain, Alava, follows the design of nature-inspired villages. The slightly terraced layout offers view corridors to the world-class golf course and the scenic Taal Lake.

Taking on the famous historic hill on Italy’s Lazio region is Lakeside Fairways’ Tivoli Place. One can expect spectacular views of the fairways, landscaped gardens and mountain ridges that exalts nature’s glory.

The Lakeside Enclave, the premier residential community of Lakeside Fairways, will provide its residents unmatched privacy within the confines of their home. The village will comprise no more than 19 prime residential lots that combine luxury and exclusivity.

Cotswold, the fifth cluster of the Lakeside Fairways development is situated amidst the fairways and a gliding brook, evoking a contemporary theme that will nestle golf enthusiasts.

Fancy living in a Japanese setting will be the newest addition to the Lakeside Fairways’ residential communities. Inspired by the great Katsura Palace of Kyoto, you too can delight your senses and uplift your spirit at Katsura, a princely summer retreat stretched across over 14 hectares of gently rolling terrain.

The picturesque five-meter promenade invites residents to an invigorating stroll around the neighborhood which leads you to the delightful Koen, one of several pocket gardens scattered throughout the area that is perfect for picnics with the family.

The architects of Katsura envision a community of traditional and contemporary Japanese homes with steep angled roofs that mimic the beautiful mountain backdrop. The delicate simplicity of Japanese interiors emphasize the reflective majesty of the outdoors. Large windows and Shoji screen doors allow the private space to spill into the garden, making nature a vital part of your home’s design.

Enjoy the crisp and pleasing Tagaytay weather at the safety of your home in a gated community with 24-hour security, independent and abundant water supply, 24-hour emergency medical and fire-fighting teams, 100% emergency power supply, in-house landscaping, and full housekeeping services.

At your hands is an indulgence where anything is possible, distinctly Tagaytay Highlands. Created by nature, perfected by inspiration.

PICK A VIEW

February 23, 2009 BusinessWorld

LEAVE IT to the country’s property builders to keep leisure interesting. From simple weekend farms and seaside cottages, local property builders are now molding fully amenitized residential resorts set on even loftier locations—whether in the country’s cool forested hills or pristine, white-sand beaches.

Geared towards the well-heeled, well-traveled market, these serviced communities come with exclusive country clubs, golf courses, infinity pools, spas, and of course, sweeping views of their virgin surrounds.

Landco Pacific, for instance, has picked Batangas as its playground for a series of vacation estates: Peninsula de Punta Fuego, Terrazas de Punta Fuego, Ponderosa Leisure Farms and the more recent Amara en Terrazas, Playa Calatagan, and Playa Laiya. Ponderosa Leisure Farms is a Spanish-Mexican village orchard for hobby farmers, while Playa Calatagan, a seaside development, is a private commune of residences, hotels, retail stores, and recreation spots.

Landco’s current star, Amara en Terrazas, a secluded Oceanside condominium, is surrounded by pockets of forest reserve and outlined by a gentle rolling terrain towards a majestic mountain ridge. The structure was designed with Spanish Mediterranean and tropical Asian touches, and all of its 95 units have unobstructed views of the South China Sea.

Another veteran in the leisure segment, Belle Corporation, had partnered with SM Investments Corp. to build its popular escapes in windy Tagaytay: Tagaytay Highlands, Tagaytay Midlands and Tagaytay Greenlands. “These developers have maintained their excellent track records in this product type, even at the time when the property market was still reeling from the 1997 Asian financial crisis,” said Claro Cordero, head of Research and Consulting at Jones Lang La Salle Leechiu.

Tagaytay Highlands, the firm’s flagship development, offers a spectacular view overlooking Taal Lake, and boasts of world-class facilities like the Tagaytay Highlands International Golf Club. Tagaytay Midlands is a luxury leisure location that also has unrestricted views of the scenic lake and features its own 18-hole golf course.

Given these precedents, new entrants in the segment are under pressure to come up with even better ideas. Ayala Land, Inc.’s Anvaya Cove, its first foray into leisure property building, is a sprawling 320-hectare cliffside affair in Bataan province, northwest of Manila, that has generated some buzz among second-home fans because it features both a mountain retreat and a seaside resort: residents will have both the seas of Subic and the rolling hills of Zambales for their backdrop. Meanwhile, SM Investment Corporation’s Hamilo Coast is a masterplanned network of 13 private enclaves set against the backdrop of limestone cliffs and sloping mountains. The coves will have mid-rise condominiums, saltwater lagoons and freshwater lakes, and facilities for dining and outdoor activities.

Currently the pet projects of local property giants, these leisure developments, many of which are located outside the metro, are expected to not only boost the appeal of the country’s rural areas to city residents and tourists, but also to help invite more investors to the area and provide jobs to the local population. Bernice Marie V. Berida