By Ehda M. Dagooc (The Freeman) Updated February 08, 2010 12:00 AM
CEBU, Philippines - The promising outlook for real estate sector in Cebu has prompted a Cebuano capitalist group to put its focus on the industry and readies to invest at least close to a billion pesos this year.
The company that developed three buildings, two of which are BPO buildings, the Sykes building and TG Universal (TGU) Building at the Asiatown IT Park, has created Innoland Development Corporation to pursue its active real estate developments for Cebu in the next few years.
At least three more big projects will be introduced by the new company within this year, one of which will be started before the May elections, said Innoland chief operating officer (COO) Charles Ong.
“These will be high-breed projects, something different for Cebu,” said Ong during the formal opening of the 16-story TGU Building at the Asiatown IT Park.
According to Ong, the company has positive outlook for Cebu’s real estate sector, “there’s a room for growth in the long term. Besides, we feel the passion to contribute to Cebu’s economy.”
The group, which is led by its chief executive officer (CEO) Joy Anthony Ong, expressed its seriousness in venturing into the real estate development for Cebu, and ultimately ventures projects in other regions, after building its name here.
In fact, Innoland consultant Tetta Ba-ad said the company is planning to enter into IPO (Initial Public Offering) for a long-term plan.
This new real estate development brand, although has not divulge the kind of projects it is going to venture into in the next couple of months, Ong only said that one of the projects will be the creation of a full-“green building” that will get and international accreditation for environment friendly building.
The first project that will be started by the company in the next couple of months will be located in a 3,000 square-meter lot at the Asiatown IT Park. However, the group has not divulged the full description of the kind of project.
Innoland has done extensive research and feasibility study for Cebu real estate sector. “The market is different now—sophisticated, tech-savvy, well informed, and conscious of the environment,” Ong said.
Thus, the company’s line of projects will incorporate the different need for today’s market.
According to Ba-ad, Innoland will not only concentrate in building projects contained in the urban areas in Cebu, but eventually it will also look at possibilities of developing other projects, such as resorts, residential, among others.
The company, is constantly on the look out for more opportunities to develop more real estate projects in Cebu, aside from the identified three projects that will be introduced under the Innoland brand in the next few months.
The group behind the InnoLand, is the same group that developed the Sykes Building in Mabolo, TGU Building. This time, the group has decided to put their future developments into one brand, indicating its seriousness in entering in full-time into the real estate business.
Innoland strives not only to create living and working spaces, but projects that are tempered buy respect for nature and environment. “Sustainability will be an important consideration in the design and implementation of our projects,” Ong concluded.
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