Michael Tan, who is on audit was our host for the second business (Hausland) a large real estate development in Angeles City (the biggest in Angeles?). It is a 40 hectare JV project with the Lazatin. It total inventory of 1,400 plots would amount to about P4 billion. Michael Tan, the VP for Marketing, the son of a former colleague at Unilab, said that the cost to develop land was at P1t per square meter. The house construction, finished is at P17t/sm; and selling price would be at P30 to P35t. House construction use interlocking panels welded and does not use post thus is faster and cheaper. Many of their materials, except the roofing, are all from China (bought direct thus resulting in tremendous cost reduction) They reserve the adjoining lots for expansion of the house later on, thus doubling the sales (bundling?) From the costs, we can compute the GP per sm. (It is billions too)
The model houses were really impressive, and thus if you are about to wed and/or newly wed, you will surely salivate at the way the houses are presented.
His uncle Mariano Tan was merely a office supplier in Manila and when things did not turn out right, went back to Angeles City. Their first venture was buying, remodeling and selling foreclosed houses from SSS and Pag ibig. Then somebody suggested, why not build subdivisions instead.
It is amazing to hear how P400t was parlayed into P4 million.His partner was somebody whom Mariano supplied. Then they moved to Pangasinan, Tarlac and other areas after the lahar. They started the Fiesta Communities And then moved back to Angeles City.
The Chinese in the senior management are quite frugal; the elderly have moved out/resigned and those in the senior management are in the 40s. His father, Pepito is a member of the Board but is not active in management
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