Developer sees flat growth, not slowdown

By Vanessa Claire Lucero |October 28,2015 - 02:34 AM
Executives of Taft Property Ventures Development Corporation and the Metro Gaisano group are ready for the ground breaking ceremony of Taft Property's Symfoni Nichols in Nichols Heights Guadalupe, Cebu city. (CDN PHOTO/VANESSA CLAIRE LUCERO)

Executives of Taft Property Ventures Development Corporation and the Metro Gaisano group are ready for the ground breaking ceremony of Taft Property’s Symfoni Nichols in Nichols Heights Guadalupe, Cebu city. (CDN PHOTO/VANESSA CLAIRE LUCERO)

 

THE Gaisano-owned Taft Property Ventures Development Corp. will continue to build residential condominium buildings in the next two years.

Instead of a slowdown as predicted by some industry analysts, Taft Properties president and chief executive officer Christopher Narciso said they expect a growth plateau.

“There will still be a slight growth. Developers now are further studying what the market really needs, and geographically, where the demand really is,” he said at the sidelines of the groundbreaking ceremonies yesterday for Taft Property’s newest development, Symfoni Nichols.

Company chairman Jack Gaisano said sales may slow down, but only after 2017. Until then, he said they will continue to build.

“We are very confident in our market. We do not touch other markets. We only build for the city market,” he said.

Symfoni Nichols will offer 513 units, with a size of 20 square meters each, priced between P1.2 million to P1.3 million.

This project, slated for completion in September 2017, addresses the need for affordable housing in urban cities.

At least 6 other Symfoni projects will be put up next year in Cebu, Metro Manila and Legazpi City in Albay, each generating 300 to 600 condominium units, said Narciso.

Three or four other condominium projects are slated for Metro Manila in the coming years. Gaisano said that these will offer a total of 1,500 units.

Tower 1 of Sumilon Taft East Gate in Cebu will also begin construction soon. Over 200 units of the 800 units have already been sold.

Gaisano said they were looking for partners for their existing land banks in Cebu and were in talks with some people to acquire more land.

An additional inventory of at least 10,000 units are in Taft’s goals for the next two or three years, he said.

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