Wednesday, October 18, 2006 Developer evaluates Cebu sites for another subdivision project
Seeing a boom in Cebu’s real estate industry, a Manila-based developer and its local partner bared plans to implement more residential development projects in the province.
“Yes, there will be plans of expansion because of an uptrend development of housing projects. Right now we are looking at feasible sites in the province,” MFC Property Ventures Corp. (MFC-PVC) chief executive officer Cesar Salimbangon said.
Salimbangon did not identify the potential sites for the company’s future undertakings, but said he is “optimistic” the projects will begin “very soon.”
The MFC-PVC official said future projects in Cebu will be in joint venture with Sta. Lucia Realty and Development Inc. (SLRDI).
“We are also scouting for areas in Bohol, especially near Tagbilaran City because of the proposed alternate international airport,” he told Sun.Star Cebu.
The residential housing project in Bohol is set to begin next year.
In an earlier interview, SLRDI president Exequiel Robles said the firm considers Bohol as another “prospective market” apart from Cebu, Manila, Baguio, Cavite, Laguna, Tagaytay, Davao, Iloilo and Bacolod.
SLRDI-Cebu finance manager Gerardo Quintos said the company is encouraging more developers to partner with them in their future ventures.
Potential sites
Quintos had reported that SLRDI-Cebu is now looking at potential sights for residential subdivisions in the province, particularly in the towns of Naga, San Fernando and Lilo-an.
Salimbangon also said memorial park development in Cebu is also a “good market” for investments.
“People are now more conscious of their needs. They see (that) it will be quite expensive in the long run,” he said.
Cebu Board of Realtors vice president Raffy Toledo earlier said healthy competition among memorial park developers in Cebu is a manifestation of the province’s acceptance of the market.
Salimbangon said the family-owned business Mactan Island Memorial Garden is “doing well,” but the company will not be expanding anytime soon.
“For memorial park, we will not be expanding yet. What we are doing is second wave of reselling where we encourage our investors to dispose their investments,” he added.
MFC-PVC, in joint venture with SLRDI, launched Greenville Heights Subdivision in Consolacion, Cebu two years ago.
The 11-hectare residential subdivision is MFC-PVC’s first residential housing project.
According to Quintos, 95 percent of the lots at Greenville have already been sold. (MMM)
