South City Homes launched in Bulacao-A A +A
Friday, October 11, 2013
HOMEGROWN real estate player M&E Family Realty Development Inc. launched last Wednesday its third residential project in Bulacao for the mid-high market.
The company also announced they will launch one more residential project in Minglanilla before the year ends.
M&E president and chief executive officer Basil Ting expressed confidence the project will successfully take off given its strategic location near the South Road Properties, where commercial and residential establishments by giant companies like SM and Filinvest are being built.
The South City Homes Bulacao is the company’s third project since the company ventures into residential developments in 2004. M&E focused on leasing commercial establishments in the early 1990s.
Ting’s family also owns Cebu Parklane International Hotel, GT Industrial Development Inc., Luminoso Manufacturing Corp., Tenessee Feedmill Inc. and Ishop.
Ting said the shift to residential developments is buoyed by the growing demand for housing in the country. He said despite the growing number of local real estate players in the market, demand has steadily been growing due to the growth in population and the expanding middle-income earners, including those employed in business process outsourcing (BPOs).
Engr. Neil Rom of M&E also added the expansion was prompted by the sales take-up of their past two projects. Most of their buyers come from the overseas Filipino workers segment, particularly seafarers.
OFW remittances contribute about a tenth to the country’s gross domestic product. Research firm CBRE said that OFWs and the expanding middle income earners continue to drive the horizontal residential markets.
South City Home Bulacao sits on a 5,000-square-meter area. This subdivision houses 40 townhouse units priced from P3.9 million to P8 million.
The planned South City Homes in Minglanilla is a high-end residential development with 70 house units in a two-hectare property. Ting declined to disclose the firm’s existing land bank in Cebu, but he said they have acquired some properties that will be developed into residential projects, depending on the market demand. They might also venture into vertical projects.
Ting added they will also start developing their low-cost housing soon as mandated by the government.
“We maintain a positive outlook in the real estate industry here driven by Cebu’s strong economic growth,” said Ting.
Published in the Sun.Star Cebu newspaper on October 12, 2013.