Contempo tops off Bamboo Bay tower-A A +A
Wednesday, April 9, 2014
PROPERTY developer Contempo Property Holdings Inc. topped off Tuesday its Bamboo Bay project on Hernan Cortes St. in Mandaue City.
The company said it has no immediate plans to expand in Cebu, noting the proliferation of condo projects.
“We want to relax the market for now,” chairperson and chief executive officer Beverly Dayanan told reporters during the topping off ceremony on Tuesday.
Dayanan said the numerous pending applications filed before the Housing and Land Use Regulatory Board 7 and Office of the Building Official for Cebu projects prompted them to hold back plans of expanding condominium projects.
She also cited as reason for holding back the tight competition among property developers catering to the mid-market.
She said the company will focus on regional expansions but offered no timeframe.
She said Contempo is still focusing on Bamboo Bay, being their first project. It sits
on a one-hectare property with three 12-storey towers.
The first tower did very well, according to Dayanan, and sold out its units last year.
She said it attracted both local and foreign buyers. She said some survivors from disaster-stricken areas in Bohol and Leyte also bought units.
The first tower has a total of 229 units. The topping off of the tower was 25 percent ahead of schedule, said Dayanan.
The second tower, which was launched in mid-January, is now 20 percent sold, she said. It has 226 units.
She said she will be launching a new company in the third quarter of this year to focus on mass housing in Cebu.
Dayanan said in previous interviews that there remains a high demand for affordable houses in the province. Before she started her own company, Dayanan worked for five years for a mass housing company that sold almost 3,000 affordable house and lot packages.
Published in the Sun.Star Cebu newspaper on April 10, 2014.