ROXACO Land Corp., a wholly owned subsidiary of Roxas and Co., Inc., said it will allocate around P500 million to its Anya Villas project in Tagaytay.

“For phase 3 of Anya Villas, we are looking to spend roughly P500 million, and the target completion date is mid-2027 in a total of three years,” Roxaco Land and Anya Hospitality Group Hotels and Resorts President and Chief Executive Officer Santiago “Santi” R. Elizalde said in an e-mailed statement to BusinessWorld on June 24.

Anya Hospitality Group is the leisure unit of Roxaco Land.

This project marks the final phase of the 7.2-hectare Anya Resort Tagaytay and is set to launch within the next two months, Mr. Elizalde said in a separate interview.

The development will feature 17 independent villas, each occupying around 500 square meters.

The resort will offer unit owners the option to either keep their villas private or enroll them in a rental pool to generate a share of the revenues.

Currently, Anya Resort Tagaytay has an occupancy rate of 70%, although it has not yet returned to 2019 levels.

“Between March to about May, our occupancy levels dip a little bit, except for Holy Week. But now, they’re beginning to pick up again,” Mr. Elizalde said, noting that Tagaytay is not a beach destination.

“The residence is just to cater to a different market. Anya has been in existence now, like a resort for seven years, prior to that, the residential area, for about five years prior to the opening of the resort,” he said.

Mr. Elizalde said that feedback from customers indicated a preference for fully furnished villas to avoid the hassle of owning and maintaining a second home. — Aubrey Rose A. Inosante