Wei Kiat president Don Ang (5th from left) leads the groundbreaking ceremonies of the firm’s project in Nivel Hills.(CDN/TONEE DESPOJO)
THE Singaporean-owned Wei Kiat Management and Development, Inc. is acquiring a few pocket properties to expand operations in Cebu.
Wei Kiat held groundbreaking ceremonies for its first project, La Nivea at Nivel Hills, and intends to start working on their next venture “as soon as possible.”
Wei Kiat president Don Ang said their second project is a condominium building in Mabolo with an estimated project cost of up to P70 million.
Ang said this will be a smaller and cheaper condominium, with units as low as P1.2 million. The building will have 10 to 15 levels.
He said there are still “more projects to come.” The company plans to offer a mix of high-end and affordable housing as well as lifestyle projects such as restaurants, hotels and a health and fitness club.
“We don’t believe in retiring,” Ang said. He runs Wei Kiat together with his brother Chris, who is vice president.
Their first project, La Nivea, will establish their branding, Chris added. It is estimated to cost P750 million and is targeted to be completed and turned over to clients in early 2018.
Since it was launched last year, Ang said they have sold about half of the 350 condominium units. The building will have 32 levels.
Each unit comes fully furnished with a unique design, showcasing high windows, doors and ceilings. Wei Kiat is also the first developer in Cebu to make use of teak wood for flooring.
Ang said they aim to provide affordable housing to provide the working class “a proper roof over their heads.”