MSY to invest P7B in 4 Cebu projects-A A +A
Sunday, December 22, 2013
HOMEGROWN MSY Holdings Corp. (MSY) is investing at least P7 billion for its four property projects in Cebu.
These projects include a mixed-use building in Cebu Business Park, a high-end condo in Nivel Hills, a residential development in Talisay and a high-end villa resort in Daanbantayan.
Two of these projects will be completed by next year while the other two are scheduled to be launched next year, said MSY president Martin Yeung.
He said Cebu’s thriving economy and robust real estate industry drove them to accelerate their property developments.
Martin said these projects will improve the economic landscape of the region and bolster growth in the countryside.
The projects that will be completed next year includes the MSY Tower 1 which houses office and condominium units. The 16-level building which is currently under construction at the CBP is expected to be completed by the first quarter of next year.
The P1 billion mixed-used building will also serve as the new headquarters of the company.
The high-end Kandaya Resort, on the other hand, is due to open in September 2014.
MSY chairperson Mariquita Salimbangon-Yeung said the villa resort was originally scheduled to open this month but it was severely affected by the typhoon, prompting them to postpone the opening for rehabilitation work.
“The villa resort wasn’t spared . We incurred huge losses but one good thing the typhoon brought is that it gave us the opportunity to build stronger foundation for our projects,” she said.
The 15-hectare P1-billion resort project in Daanbantayan is positioned as a health and fitness resort. It has 18 rooms and 22 villas, of which 16 villas have individual swimming pools.
Officials said the resort will be the first six-star resort facility in the northern part of Cebu.
MSY is currently doing domestic and international marketing promotions for the Kandaya Resort.
The company is also embarking on bigger projects next year.
Martin said they will be developing another Bayswater residential development in Talisay City. The five-hectare project is described as an improvement on Bayswater Mactan. It will have 500-560 house units.
“The advantage of this project is that we are strategically located in the booming SRP area,” Martin said.
MSY is earmarking P1 billion for the Talisay project.
Martin said the expansion of Bayswater in Talisay was driven by the “extreme success” of its Mactan project, which is now 90 percent sold. The project has 850 units.
Bayswater Mactan is a 15-hectare project launched in 2008 with prices ranging from P1.5 million to P9 million. It has five house models.
“We noticed that Cebu is growing faster than we expected so we are taking a chance and riding the wave to increase the developments we have here,” Martin said.
The firm will also venture into high-end condo project. Mariquita said the company will invest P4 billion in building 128 Nivel Hills.
MSY was founded in 2003 by Mariquita. The company is into residential and memorial properties.
Published in the Sun.Star Cebu newspaper on December 23, 2013.