By Doris Dumlao
Philippine Daily Inquirer
First Posted 14:07:00 07/17/2009
MANILA, Philippines -- The Gotianuns’ holding company Filinvest Development Corp. is putting up a new wholly owned subsidiary for an upcoming P4-billion upscale leisure estate project – Seascapes Resort Town – on Mactan Island, Cebu.
In a disclosure to the Philippine Stock Exchange on Friday, FDC said it has filed with the Securities and Exchange Commission an application for the incorporation of Seascapes Resorts Inc., whose primary purpose would be to manage a hotel and resort business.
The proposed new subsidiary will have an authorized capital stock of P100 million.
FDC plans to launch later this year the 12-hectare residential resort community Seascapes which offers a 2.5-hectare beach club, fully furnished 280 casitas, villas, condos and 56 premium lots. It finished the development of the raw land to provide road access and landscaping in 2006 and has started pre-selling beach club shares and the casitas fractional shares.
The resort plans to have a soft launch in the third quarter of this year, based on the company's annual report.
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