A REAL estate developer poured in an initial investment of P100 million for the multi-use high-end development project on the Island Garden City of Samal (Igacos), which is set to be completed in the next three years.

The project, dubbed as the Samal Highlands Garden Resort, is pegged to cost an estimated P800 million for both its resort complex and residential estates.

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In a press forum Tuesday, Lemuel Podador, proprietor and chief executive officer of RJP Realty Development, developer of the multi-million project, said the high cost of the procurement of land property and the cost of shipping materials across the gulf are some of the factors that are behind the high investment cost.

"It is a high-end development, with about 19 hectares of residential development for the first phase, another five hectares of residential for the second phase, and the beachfront development," Podador said.

The first phase of the project is dubbed as Emilia Garden Residences, which is composed of 119 farm lots. The second phase is dubbed as Terazzas de San Isidro, and the third phase, a resort complex, has been dubbed as Costa de Azure.

A grand launch for the multi-million project is slated by Podador sometime in July.

"The market has been good, with about 40 percent of the property (Emilia Residences) already put on reserved or purchased already," Podador said.