Formally launched in 1997, Forest Lake Development Inc. was a company born by necessity. In the 1990s, real estate was a booming industry. Landco Pacific Corporation, the parent company of Forest Lake at that time, was a growing business in the leisure property category. The game then was land banking and generating big sales, and that meant borrowing money from the bank. They tried to chase after the big guys in the industry, when suddenly the Asian financial crisis hit East Asia affecting the country by storm. Bank interests doubled, which meant the real estate buyers needed to pay double interests, as well.
Business was a dead stop. Everything stopped, so they were looking around for what was moving and what they can do to survive. Amidst the crisis, there was one industry that continued selling – the memorial park industry. The memorial park industry opened a small door for them, and while it was small, it was moving.
Venturing into an industry new to them, Forest Lake opened its first park in Zamboanga in 1997. In the same year, they opened a second park in Iloilo.
Having no name and no history back then, the company saw that a big number of their customers were employees who can shell out around Php 500 a month, and for some of them, this was their first real estate ownership. For Php 500 a month, they are now lot owners, although small, but they now owned a lot. It clicked.
Forest Lake started with two parks then was quiet for three years. In 2001, it opened another park. In 2004, it opened two, and then the pace went faster. Soon, the company opened as many as seven parks at a time and were growing by leaps and bounds.
For 20 years, Forest Lake has been providing efficiently-designed and family-friendly memorial parks all over Luzon, Visayas, and Mindanao. To date, it has 23 memorial parks and one chapel in Binan. By 2021, the company aims to have 50 memorial parks in the Philippines.
Through the years, Forest Lake has become an institution. In the next 20 years, the company foresees that there will be changes in the industry. Land values will increase through the roof. Practices today will go passé. Whatever changes the future may bring, the company will be ready for it.