Michael Tan invests in property company

The Havitas Properties partners: (From left) Erwin de Pedro, Robin Karlsen, Jonathan Caro, Alejandro Manalac, Michael Tan

MANILA  -Business tycoon Michael Tan has invested in a real estate developer focused on vacation homes that can generate recurring passive income, riding on rosy prospects for Philippine tourism.

Tan, who recently retired as president of the LT Group Inc., invested in the company called Havitas Properties in his personal capacity.

He is now one of the six partners of Havitas, each owning 16.67 percent of the company.

The other partners are Alejandro Mañalac (chair), Jonathan Caro (president), former Eton Properties executive Erwin de Pedro (chief marketing officer), David Rafael and Robin Karlsen (chief investment officer).

Havitas’ first project is a resort-style low-density townhouse development in Talisay, Batangas called Aya Hills. The two-hectare leisure estate will offer about 73 units valued at P10 million with a panoramic view of Taal Lake starting the fourth quarter of 2023.

“The founders are excited to have Michael Tan on board. We’ve worked with him in the past and his guidance, insight and experience will be a valuable asset to our company,” Caro said.