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