Luxury property developer Torre Lorenzo Development Corp. has invested P7.4 billion in four ongoing projects in partnership with the Dusit Thani Group, including Dusit Princess Lipa Hotel in Batangas.
Torre president and chief executive officer Tomas Lorenzo said Wednesday the hotel component of the P2.4-billion, three-tower development was a 152-room hotel that would rise within the Tierra Lorenzo Lipa. It will be the first urban lifestyle center in Lipa City, on top of the two residential condominium towers each fitted with 163 units.
“We want to be the first to put an internationally-branded hotel in Batangas that will cater not only to foreign tourists but for locales to have a really good place to stay when visiting the province as well as for balikbayans visiting their homeland,” he said.
The company signed Wednesday a professional management agreement with the Dusit Thani group to manage the hotel development in Lipa, City, known as Dusit Princess Lipa.
The biggest portion of the investment in the partnership with Dusit involves three projects in Davao City—the Dusit Thani Residence, dusitD2 and the Lubi Plantation Beach Club with an estimated development cost of P6 billion.
Torre chief finance officer Noel Rapadas said the real estate company was also keen on listing its shares the local bourse before the end of 2021 or early 2022.
“In fact, we had set our sights to pursue local listing earlier than the new timeline. But economic circumstances made it a bit difficult for us to gamble or risk our gains,” he said.
With a portfolio of 17 projects, Torre has so far completed six project—the Toree Lorenzo 1, 2 Torre Lorenzo, Torre Sur, Torre Central, Cuidades Business Park, and Lubi Plantation Beach Club.
Ongoing projects include 3 Torre Lorenzo, Torre Lorenzo Malate, Tierra Lorenzo Lipa Tower 2, Dusit Princess Lipa, Tierra Lorenzo San Fernando, Dusit Thani Residence Davao, dusitD2 Davao, Dusit Thani Resort at Lubi Plantation and Ciudades Town Center.