By Ehda M. Dagooc Updated March 11, 2009 12:00 AM
CEBU, Philippines - Landco Pacific Corporation remains dynamic owing to the vibrant real estate market in Cebu and in fact plans to further expand its land bank in the province after it completes its P10 billion integrated project called “Monterrazas de Cebu”.
Landco president and chief executive officer (CEO) Alfred Xeres-Burgos Jr. said that so far lot sales of Monterrazas de Cebu has not been affected by the perceived slowdown in consumer spending, in fact, the real estate industry in general is somehow benefiting from the crisis.
Significantly, he said that Landco’s project here, which is catering to the discriminating or high-end consumer base, is getting high interest from the “moneyed” people here and abroad, as real estate investments remain the safest investment in this fragile economy.
However, although Xeres-Burgos expressed confidence on the real estate industry in Cebu, he said the company is also adopting very cautious outlook, in terms of fast tracking the entire development of the 220-hectare prime hillside estates.
While some developers are slowing down, Landco is only adjusting its time line for the meantime because of the unpredictable economic outlook.
“We are also practical people,” Xeres-Burgos said explaining that the company is taking its time and is carefully calibrating the market, while the project involves a huge capital expenditure.
Except for the residential lot offer and the house and lot package, other plans such as the establishment of a series of high-rise buildings within the property will be part of its long-term development plan for Cebu.
Aside from the 220-hectare property, which is up for development, in partnership with the Villalon family in Cebu, Xeres-Burgos said the company is in an active mood in looking for good property locations to increase its land bank here, while Cebu is becoming a hot investment location for real estate products.
He said for Landco, there is no “slowing down” of its projects, as the market has sustained its target. Although, jitters remain in pouring multi-billion peso investments in the middle of an erratic economy, he said “we don’t want to be caught asleep, especially when the market fully recovers.”
He believes that the world economy is on an upturn trend, considering the efforts made by the United States, and other G7 countries to pump prime their respective economies and pull-down further threat of economic distress.
Monterrazas de Cebu is one of the largest integrated residential development projects, being built in Cebu in recent years. It is located in the huge 220-hectare prime hillside estates which covers several barangays in Cebu City Labangon, Sapang Daku, Guadalupe, and Buhisan.
The development, which will build a complete line of real estate products, such as chic home address, townhouses, condominiums, commercial/lifestyle facility is targeted to complete in the next five to 10 years.
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