Two Cebu developers pour P5.8B in real estate projects

By Aileen Garcia-Yap

Dennis Quiokeles, Pacific Land Ventures and Property Development Inc.’s executive vice president, raises his glass for a toast during last week’s launching of 28-story Midpoint Residences condominium project at the Oakridge Pavilion. (CDN PHOTO/CHOY ROMANO)

Two Cebu-based real estate developers are riding on Cebu’s real estate boom as they continue to invest in more projects, which will be completed in the next five years.

Cebu Landmaster Inc. will be pouring P5 billion in five new projects focusing on socialized, economic, and mix use developments, even beyond Cebu.

“The firm’s thrust in the next five years will be more on these segments,” said Jose R. Soberano III, Cebu Landmaster Inc. president and chief executive officer.

He said there is still at least a 3.5-million housing backlog for this market segment.
“In the next five years, we will be adding around 200,000 square meters of space in our portfolio,” Soberano said on Friday.

Another local property developer is also investing P800 million in its first two 28-story tower condominium project in Mandaue City.

The condominium project called Midpoint Residences will be built along A.S. Fortuna Street and will be completed in 2017, said Dennis Quiokeles, Pacific Land Ventures and Property Development Inc. executive vice president and general manager.

They are targeting the middle income market composed mostly of young professionals and parents of students who are studying in the universities in Talamban (Cebu City), said Quiokeles.
The Midland Residences project will have 635 units and will be the tallest high-rise building in Mandaue City, said Quiokeles.

On the other hand, the five projects Cebu Landmasters Inc. will develop include a hectare property within the city, a beachfront residential condominium, a mix use office and commercial building in Cebu Business Park, a residential and condominium project in A.S. Fortuna in Mandaue City, and its first condominium project in Cagayan de Oro City.

The beachfront condominium project will be in a one-hectare lot in Mactan.

“The office and commercial building will be our first in Cebu Business Park which will be located in the lot across Insular Square or beside Pag-Ibig,” he said.

The A.S. Fortuna condominium is his second project in the area after Midori Residences.

“The Cagayan de Oro project will be our first outside of Cebu. It will be our first salvo into the midmarket sector there,” said Soberano.

At present, Cebu Landmasters, Inc. has 12 projects at different levels of development.

These include the San Jose Maria Village in Balamban, Toledo, Talisay and Minglanilla; the condominium and offices in Baseline Residences and Mindori Residences.

PACIFIC LAND

For Pacific Land Ventures, Quiokeles said theyplan to expand its horizontal housing projects and will develop Pueble El Grande Dos in Lilo-an in northern Cebu by the fourth quarter of the year.

The firm’s other projects include residential subdivision Pueblo El Grande in Consolacion town and Mactan Plains in 

Lapu-Lapu City./With Correspondent Christine M. Estrella

For your retirement and other real estate needs, please visit http://www.gregmelep.com.

Developer plans socialized units in Minglanilla

By Jeandie O. Galolo

Saturday, September 21, 2013

INSTEAD of developing properties solely for the high and mid-market, a homegrown real estate developer decided to venture into socialized and economic housing for the “underserved” sector before the end of the year.

Cebu Landmasters, Inc. President and Chief Executive Officer Jose Soberano III disclosed on Tuesday that the company will launch their socialized and economic housing project on a 6.5-hectare lot in Linao, Minglanilla before the end of 2013,
with 400 houses expected to rise in the next few years.

This move, according to Soberano, shows the company’s desire to provide homes to the “underserved” sectors of the society instead of just focusing on the needs of more affluent markets.

He said that by “underserved”, he meant those who earn P10,000 per month or less.

Just recently, Cebu Landmasters celebrated the topping off of its 12th project, the Midori Residences, on A.S. Fortuna St. in Mandaue and broke ground for another mid-rise condominium project, the Mivesa Garden Residences, in Barangay Lahug.

P400,000 per unit

Both of these cater to the high and middle market.

Soberano said each house will cost around P400,000 and below for the socialized housing, with an estimated lot area of 32 square meters. “Economic” housing units can go for P600,000 to P1 million.

Residents can also enjoy amenities like a clubhouse and community centers and will be provided with security like that of most subdivisions, said Soberano.

In addition, he emphasized that owning a house nowadays in a socialized housing community is no longer a problem since banks and other financial institutions offer housing loans with low interest rates.

PAG-IBIG or the Home Development Mutual Fund, which he cited, is encouraging such kinds of loans. He said that for a 25-year payment period on a P400,000 housing loan, one will be paying less than P2,000 a month.

Urban development requirement

Rather than renting a property, Soberano advised those who wish to own a house, but don’t have enough money, to avail themselves of a housing loan.

Soberano said he is also eyeing on developing more socialized housing projects, but hopes that others in the private sector will also do the same.

“Let the private sector or developers look at this area. We cannot just leave this to Habitat (for Humanity) or Gawad Kalinga. We also have a major role to play here,” he said.

Republic Act 7279 or the Urban Development and Housing Act of 1992 mandates developers to use 20 percent of their total project costs to “build new settlements or implement slum improvement and resettlement programs, enter into joint-venture projects with the local government units or housing agencies, and participate in community mortgage programs.”

Compliance

Soberano said although there are various ways in complying with the law, the “real compliance is still putting up (socialized) houses.”

He said he envisions to put up a four- or five-story building in a one- or two-hectare property in the city as part of the company’s socialized housing advocacy.

“If we (developers) don’t give them that kind of alternative, then they (underserved sectors) will continue to just flourish in the urban areas…in places that are not really equipped for residential living,” Soberano said.

Instead of just focusing on how much money developers can make out of it, he said it is better to think of how it can contribute to the improvement of communities.

“Economic growth? I would say it’s now more on trying to put some kind of shift on ‘attitude’. There’s an ‘attitude shift’. If you have a home that is properly managed, you have set some line of discipline.”

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