Contempo to invest P1B in Cebu, Mindanao projects
The 12-storey Bamboo Bay Tower 2 building in Hernan Cortes and F. Cabahug Streets in Mandaue City is part of the three-tower Bamboo Bay Community project in the city. (CDN PHOTO/CHRISTIAN MANINGO)
LOCAL developer Contempo Property Holdings, Inc. (CPHI) is primed to spend around P1 billion for five to six projects in Cebu and Mindanao in the next three years.
Beverly Dayanan, CPHI president and chief executive officer, said they are set to launch five residential projects in Cebu City and Lapu-Lapu City as well as in Davao City and Cagayan de Oro City by 2017.
“In terms of readiness of land, infrastructure, and processes, Mindanao is very ready, Davao City particularly, which is the hometown of our current president,” she said during the blessing and inauguration of Tower 2 of CPHI’s maiden project, Bamboo Bay Community, in Mandaue City last Thursday.
Dayanan said they are eyeing a 12-hectare site in Davao City where a middle-end subdivision with 1,500 houses will rise. She added that they will introduce their low-end brand Sunberry to Cagayan de Oro as well.
She said they will also bring Bamboo Bay to the “City of Golden Friendship,” but not next year.
In Cebu, CPHI will fully launch its second Sunberry project on Mactan Island before the second quarter of 2017, located at a 3-hectare site in Barangay Sudtunggan, Lapu-Lapu City.
The project will have 500 finished house-and-lot units priced at P1.8 million.
For the first time in the history of Cebu’s low- to middle-end subdivisions, the community will have a swimming pool and other facilities, said Dayanan.
CPHI’s first Sunberry project was on a 2.4-hectare site with 400 houses in Barangay Soong, launched in 2015. It is now 100 percent sold and 80 percent completed with 20 homeowners living there at present already.
Dayanan said they are also looking to build a vertical development in Barangay Lahug, Cebu City, which is still in the planning stages.
Finally, they will also launch a horizontal development in Liloan town, northern Cebu, that will have over 200 houses on a 3-hectare property priced at P2 million to P5 million each.
“Housing is a basic need. Everybody needs shelter. We have to pay particular attention to the low and middle end since the market is still a pyramid,” said Dayanan.
CPHI will also launch two new companies next year, one to cater to the middle-end market called Contempo Residences and the other to serve the low-end market called Contempo Communities.
Dayanan said that in order to be able to handle their planned expansion, they are strengthening their business processes and reviewing their systems.
“We are doing it to be an ISO-certified company before the end of 2017,” she said.
CPHI also spent around P1 billion for its flagship project, Bamboo Bay Community, a three-tower Asian contemporary residential condominium.
On Dec. 8, CPHI inaugurated the project’s second tower, a 12-storey building with 231 units.
Dayanan said 90 percent of the units are sold and homeowners can expect a full handover by January next year.
Almost 100 homeowners are now occupying their units of the more than 200-unit Tower 1, which had its turnover ceremony by the end of 2015.
Tower 3, meanwhile is expected to be topped off in time for Sinulog next year and is going to be turned over by the end of 2017. Around 70 percent of the more than 200 units have been sold already.
“Hopefully, by 2018, the whole community will be completed down to its last amenity,” said Dayanan.
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