Cold Hotcakes
“Selling like hotcakes” was the phrase used not long ago by one IGaCoS official in regards to three new residential resorts on Samal Island. For at least one of those the “hotcakes” have gotten a little cold. Playa Azalea is now predicting it will take up to four years to sell the remaining lots at the high end resort. Evidently they’ve sold nearly 200 (of 600), so I’m pretty sure the following quote was incorrect in regards to the remaining number of lots.
J. Danilo A. Manlangit, Playa Azalea project head, said the company had expected to sell the remaining 26 lots within the next two to three years. “But with the global crisis, my estimate is [it will take us] four years,” he said.
Shortly after the article quoted above was released, another appeared stating that Landco was still upbeat about the region and it’s prospects. In that article they mention 25 pre-sales, so I’m thinking that’s where the misquote came from. I’d sure hope they could sell 26 lots in less than four years. Regardless, the point is that things are moving slower than anticipated.
BTW, Playa Azalea finally has a dedicated website. I have to say it’s quite nice, even if it did take a long time to sprout.
BusinessWorld Online: Landco needs more time to sell Playa Azalea on Samal Island
Sunstar: Landco Remains Bullish Despite Economic Crisis
