Real estate firm Filinvest Land Inc. (FLI) is investing nearly P10 billion for seven projects in the cities of Cebu, Lapu-Lapu and Talisay.
These projects include a resort-town development, a 25-story condotel (condominium and hotel), residential subdivisions and condominium buildings.
Jeffrey Badilles, FLI Visayas Area sales head, said the company's investment shows that the real estate industry is not affected by the economic recession in the United States.
He said the current scenario would instead benefit the company since Americans would prefer to buy properties here.
He also cited the location of Cebu as an attraction.
“Cebu is the melting pot in the south where you can enjoy both city and rural living. It is also a second home. Well-off people from Mindanao buy properties here,” said Badilles.
Of the seven projects, four are located in Lapu-Lapu City. These are Aldea del Sol, Mactan Tropics 1 and 2 and Seascapes.
Grand Cenia and One Oasis, two development projects which promotes urban living, are located within Cebu Business Park and barangay Mabolo respectively.
Corona del Mar, an existing 36-hectare subdivision in Talisay City, will undergo a five-hectare expansion before the year ends.
Badilles said they are also looking at developing more properties in the south to complement the rapid development the company has undertaken in Lapu-Lapu.
“We also hope to have a full business line in the Visayas (which includes a corporate city and commercial buildings),” said Jose Raian Pescante, business development officer for FLI's Mactan cluster.
Badilles said that most of these projects started in 2007 would be finished by 2011.
subdivisions
Pescante said Aldea Sol, Mactan Tropics 1 and 2 and Corona del Mar target the middle to upper middle market segment specifically foreigners and overseas Filipino workers (OFWs) and families.
In a press conference yesterday, Pescante said the estimated project cost of the 10-hectare Aldea del Sol is P500 million.
The eight-hectare property in barangay Bangkal has 500 homes.
The company has also opened the four-hectare Mactan Tropics 2 in barangay Agus after the success of five-hectare Mactan Tropics 1 in barangay Basak where all 180 lots are sold out within nine months.
“Mactan is a growing city with high investment value because of tourism. We also target investors who may want to buy lots as investment products,” said Louie Carandang, business development officer for city projects.
Carandang said Mactan Tropics offers a tropical-themed residential subdivision with 2010 as target date for project delivery.
In Talisay City, Pescante said the new expansion phase of Corona del Mar called Escala will add 200 lots. Each lot cut has an average size of 160 sq. m.
“People buy there to live there. An entire strip of 2,000 sq.m. fronting the sea is equipped with amenities such as basketball court and view tower.”
Urban living
Positive outlook in the hotel and business process outsourcing (BPO) industries in Cebu also encouraged the company to put up Grand Cenia, a 25-story structure which will house residential condos, condotels and commercial spaces.
The property, which is in the Cebu Business Park, has 432 units, 60 percent of which has already been reserved.
Close to two billion pesos is invested for the project.
Carandang said the first to third floors of the building will be the site of BPO operations, seventh to 18th floors for condotels and 19th to 25th floors for residential units.
For condotel units, Carandang said, buyers can purchase units from P3 million to P3.5 million and have these units rented.
Residential condo units, on the other hand, cost between P4 million to P7 million each.
“In real estate, everything is location. This development is located at Cebu Business Park so prices will be higher. Buyers have the option to get an investment product or a residence.”
Another Asian-inspired condominium building will be built in barangay Mabolo. The building called the One Oasis is estimated to cost close to a billion pesos.
Carandang said it will have studio, one-bedroom and two-bedroom units sold between P1.4 million to P2.5 million each.
The project will be soft launched on Oct. 3. Initial construction will start on the first quarter of 2009.
seascapes
By the end of 2008, FLI will launch a resort-town development project in barangay Mactan.
Badilles said around P4 billion will be spent for the 12-hectare residential and resort project called Seascapes, which is composed of casitas, seaside subdivision lots, villas and condominium units.
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