Belmont Group invests in residential development
CEBU, Philippines – The good performance of its hardware company, Cebu Belmont Inc., this year has positively influenced the business plans of the Cebu Belmont group of companies, especially on its property development arm, Colourfield Land Development Corp.
In an interview, Colourfield Land president Chester Lim said the company aims to launch one project every year, starting off this year with its first residential development, the three-hectare Northfields Residences in Canduman, Mandaue City.
He said that based on the sales performance of Cebu Belmont Inc., which sells construction materials and other home improvement supplies, the Philippines and Cebu in particular did not suffer the brunt of the real estate crisis in the United States.
“We did not feel a negative effect. (In fact,) we see Cebu ’s real estate sector as a very promising sector. This is why we decided last year to venture into property development,” Lim said.
Carlos Co, president of Cebu Oversea Hardware Co. Inc, earlier said the sales performance of his company is also doing good despite the US crunch. COH sells finishing materials such as tiles, closets and lighting materials.
“Despite the said crisis, construction and modification of houses still continue in Cebu ,” he said.
Cebu Belmont’s Lim said the company has been supporting Cebu’s construction and real estate industry through its products—from the most basic items for manufacturing to the more advanced or sophisticated tools and machinery needed by small, medium to large scale manufacturers, among others—for 37 years already. Having access to a wide array of quality products such as these has given them the edge over other players in the industry.
He said the Belmont has been planning to develop properties for years. The company however launched Colourfield Land only in December last year.
“More than development, real estate is a promise. People will judge the capacity of a company to deliver that promise. That is why we made it sure that we are able to deliver the promise, before we fully joined the sector. Real estate development entails a very substantial investment,” Lim said.
Colourfield Land’s first project, Northfield Residences, offers more than 200 house and lot units. The company plans to also offer lots only in its future projects.
“We wanted to immediately create a community in Northfield (and we can’t do that if we sell lots only,) Lim said.