Landco, Genvi drop dev’t deal
LANDCO Pacific Corp. and Genvi Development Corp. have agreed to terminate the joint venture agreement on the development of the 210-hectare urban residential resort community development in Guadalupe, Cebu City.
This was announced by officials of Genvi Development Corp. during the company’s first general membership meeting last Wednesday.
The 210-hectare property is owned by the Villalon family.
Dindo Perez, Genvi Development Corp. managing director and corporate secretary, said it was an “amicable termination.”
Well compensated
“Landco was well compensated for the investments that they have poured in for the project,” he said.
Monterrazas de Cebu could have been the first project of Landco in the Visayas. The termination of the agreement was signed last Feb. 12 after a series of negotiations.
Genvi Development Corp. president Augusto Villalon said the transition was an opportunity for them to increase their involvement in the project.
“We wanted to bring this project closer to the Cebuanos. After all, we are from here,” said Genvi Development Corp. vice president and treasurer Marga Villalon. “We are even excited handling this project.”
Original vision
Genvi Development Corp. has said it will stick to its commitment to pursue Landco’s original vision for the project.
Landco, Augusto said, will serve as consultant for the next several months to ensure a smooth transition of the project.
Perez also reported that they have partnered with four financial institutions to fund the P5-billion development that started in 2007.
“About P300 million is needed to fund the next 30 months,” he said. The first tranche of the funding will be awarded in May.
To meet the timeline set for the project, Augusto said the company is accelerating the development this year.
Construction of major amenities such as the pavilion is scheduled to start by first half of this year, the clubhouse by first quarter next year, and the pavilion pool and gazebo by the second quarter of next year.
Since the project’s operation, they have sold close to a billion pesos since 2007 and about P460 million last year, Marga Villalon said.
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