Cebu,
Philippines – Joining Cebu’s list of residential developers is the firm
Contempo Property Holdings Inc., a firm that wishes to focus on
affordable residential projects.
Contempo’s president and chief executive officer Beverly Dayanan stated in a press conference that the firm will address the market gap within the residential industry, most specifically for the middle- income market.
Contempo’s president and chief executive officer Beverly Dayanan stated in a press conference that the firm will address the market gap within the residential industry, most specifically for the middle- income market.
Contempo, with a capital stock of P100 million was registered with the Securities and Exchange Commission last February. Dayanan, also president of ProHomes Development Inc., trusts that the company will be able to offer more than just the customary concept of residential establishments.
The company’s first project is situated on a one-hectare property along H. Cortes Street in the city of Mandaue. It will have three residential condominium towers with approximately 800 units. Its completion is said to be within the next four to five years.
“We will be spending close to P1 billion for the development of this complex,” she said.
Dayanan informed that the condo unit price ranges from P1.5 million to P1.8 million. She declined to give further information on the said project but said that about 50 percent of the development has been allotted to amenities.
Contempo’s marketing and sales consultant Tetta Baad said that the projects will be market-driven, having conducted a study to point out the features that the Cebuano market prefers.
She also added that among the key factors the middle-income earners look for in a residential establishment are accessibility to major and minor public transportations, accessibility to other major establishments like schools and malls and affordability.
Furthermore, she explained that although most of the locations of residential buildings are within good locations, the middle-income sector also pinpoints the preference of affordable monthly amortization and low down payment amount.
The company is set to launch the entire project this year, inclusive of their first condominium tower.
According to the National Economic Development Authority 7, construction and real estate will continue to grow due to the strong demand of BPOs, the tourism industry and the increase of overseas remittances.
It further added that residential units continue to flourish also because of the promotion of the city as a second home. For Inquiry, please contact us at (032) 3181589 | 09173236123.
SOURCE: SUNSTAR CEBU
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