Top officer divests from ProHomes to focus on own real estate company-A A +A
Tuesday, October 2, 2012
A TOP official of a real estate company has divested from ProHomes Development Inc., (ProHomes) to pursue her own business.
“I have decided to opt for full divestment of my interest with ProHomes so that I can consolidate and strengthen Contempo and steer it on its own,” Contempo Holdings Inc. president and chief executive officer Beverly Dayanan said Monday.
Dayanan partly owned ProHomes. She was ProHomes president and chief executive officer and has been with the company for five years. Dayanan is said to be responsible for delivering almost 3,000 housing units during her stint.
She gave up her full control of ProHomes last Sept. 28.
Dayanan now runs her real estate holding firm, Contempo Property Holdings Inc., which has an authorized capital stock of P100 million and was registered with the Securities and Exchange Commission last February.
She told reporters the business move was meant to strengthen the entry of Contempo in the market, which is positioned to address the demand of the middle-income condominium and economic housing sectors.
“We found huge opportunities in these segments as these are currently underserved markets,” she said.
Dayanan is optimistic about the country’s real estate industry saying that there are still gaps that needed to be filled especially in the low to middle-income market segments.
Contempo’s flagship project is the P1-billion one-hectare condominium development on H. Cortes Street in Mandaue City. It will have three residential condo towers with close to 800 condo units, priced within the range of P1.5 million to P1.8 million.
The project will be launched before the yearend.
Dayanan also said her company will also venture into economic and socialized housing development, noting the huge housing backlog of Cebu at 200,000 units.
Contempo will officially launch the company that will handle horizontal projects by the second quarter in 2013.
Published in the Sun.Star Cebu newspaper on October 03, 2012.