Michael Tan
MANILA -Asia Brewery Inc. president Michael G. Tan has teamed up with real estate veterans to invest in an upstart real estate developer focused on vacation homes that can generate recurring passive income.
The first project of the company, Properties, is a resort-style low-density townhouse development in Talisay, Batangas.
Called Aya Hills, the leisure estate will be built on a two-hectare property with a panoramic view of Taal Lake.
There will be about 73 units valued at roughly P10 million each, to be offered starting the fourth quarter of 2023.
Each vacation home at Aya Hills, a partnership with the Ledesma group, will have a footprint of 100 to 110 square meters and comes with its own plunge pool. Turnover is expected after 24 months.
The project took into account the increased market demand for space and privacy during the pandemic lockdowns, Havitas chair and cofounder Alejandro Mañalac said in a briefing on Tuesday.
Havitas is targeting to capture upwardly mobile investors within the 20 to 40 age group, or the GenZ and millennials, Mañalac said.
Tan, who recently bowed out as president of the LT Group Inc., invested in Havitas in his personal capacity. He is now one of the six partners of Havitas, each owning 16.67 percent, joining Mañalac, Jonathan Caro (president), former Eton Properties executive Erwin de Pedro (chief marketing officer), David Rafael and Robin Karlsen (chief investment officer).
The Havitas partners: From left Erwin de Pedro, Robin Karlsen, Jonathan Caro, Alejandro Manalac, Michael Tan
“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.
It didn’t take long for him to be convinced to invest in Havitas, Tan said.
“The thing that sets the team apart is that we share a common objective and the values are the same. The skill sets are different but they’re experts in whatever they do. In terms of trust level, I’ve worked with some of them so I wouldn’t have picked a better team than this one,” Tan said.
Caro said Havitas’ strategy is to develop uniquely designed projects in established tourism locations, either for rent or end-user living. Aside from the Talisay project, Havitas is also looking at potential projects in Siargao, El Nido (Palawan), Davao, La Union in the next five years.
The business model is to go asset-light, whereby landbanking will be acquired through joint ventures.
The company is now evaluating about 107 properties across the country, of which more than 50 are under active negotiations. INQ