‘More property projects in ’10’

The real estate industry in Cebu has proven to be resilient amid the global economic crisis as developers plan more projects in 2010 and new players emerge.

ProHomes Development Inc. marketing manager Glenda A. Tupaz and assistant vice president Adonis P. Sencio announced their latest subdivision which is set for launch early next year. More are in the pipeline as a result of robust sales this year.

“Projects that we launched this year were sold out within three months. This means that more and more people are investing in real estate especially in residential projects,” Tupaz said referring to 387 units in Corinthian and La Bienvenida project’s 307 units.

St. Dominic’s Place, their latest, is their third project this year and eighth since they started in 2007.

The project will be developed in three-hectares in Mactan with 536 units. Of this, 17.5 percent will be socialized housing, Tupaz said.

Five more projects are planned: “We’ll have a project in Consolacion and Mandaue and three more in Mactan.”

The Mandaue project will be their first foray into the condominium market.

“This will be the first condominium project of the company and we think that it’s just right to do that project in Mandaue where it is near offices and malls.”

All five project will have a total of 1,200 units to be built on a collective land area of 10 to 12 hectares, according to Sencio.

For each project like St. Dominic’s Place, they invested at least P218 million.

“So we expect to invest over a billion pesos soon for the next projects which we are optimistic will give us the same response from the customers as all our projects.”

Tupaz said that 90 percent of their buyers are locally employed while the remaining 10 percent consists of those working abroad who want to build a house in Cebu for their families.

Because of the fast uptake in real estate, new companies have emerged like Colourfield Land Development Corp., the first real estate development arm of the Cebu Belmont, Inc. Group headed by Chester Lim.

Lim, president and chief executive officer of Colourfield Land Development Corporation, announced at a formal launching of the company that they are optimistic about the new company .

Their maiden development will be launched in early 2010.

“We call the project Northfield Residences located in Canduman, very close to the Sacred Heart School-Jesuit,” Lim said.

Lim said the project targets the upper middle class with tThree house models – single detached, townhouses and duplex units.

Horizontal development will start in the first quarter and be completed in six months.

“We target that before the end of next year, units will be occupied,” said Lim.

“We want to focus on Northfield Residences first. We’ll tell you about more projects next time.”

Cebu Belmont, Inc. has a track record of 36 years supplying industrial companies with construction materials and other home improvement supplies. Lims said their decision to go into real estate development is complemented by their direct access to construction suppliers.

Aboitizland Inc. has started pre-selling lots in its latest Cordova town residential development project, Ajoya.

Ajoya, which is styled as a modern Asian village, is located on a 14-hectare site along the Gabi River in barangay Gabi.

Pia Mantecon, Aboitizland vice president for sales marketing and customer service, said in a statement that the project was a response to the demand for mid-end residential units near key industrial and commercial centers, ideal for start-up and growing families, overseas Filpino workers, and retired couples.

The project is a few minutes drive to the airport, beaches, economic zones in Mactan and the industrial hub of Mandaue City.

Aileen Garcia-Yap
Cebu Daily News

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