Saturday, October 20, 2007 Developer foresees strong market in OFWs, balikbayan
THE real estate arm of the Aboitiz Group is confident about prospects in residential property development in Cebu.
During AboitizLand’s launching of its first residential project in southern Cebu, company president and chief operating officer Andoni Aboitiz said he is hoping for a 20 percent to 30 percent growth in sales every year.
He said 40 percent of the market of recently launched Kishanta Zen Residences will be made up of overseas Filipino workers (OFWs) and their families.
AboitizLand sales and marketing chief Jojo Rafaeles said most of the buyers of the company’s residential projects, in general, belong to the international Filipino market which include “balikbayans, Filipino foreigners or those who are married to foreigners and OFWs.”
He said Cebu’s real estate industry “very promising.” He said real estate projects in Cebu have a turnover rate of one year while those in Manila can go up to five years.
Kishanta Zen Residences is part of the 17-hectare Kishanta subdivision which has a total of 380 units of lots-only and houses-and-lots.
Rafaeles said that prior to the launching last Wednesday, 200 units of lot-only and more than a hundred houses-and-lots have already been sold.
He also said AboitizLand will be launching its residential condominium and commercial space complex in Barangay Mabolo, Cebu City in December.
The Persimmon project will be a sort of “urban village,” said Rafaeles. He added that he expects the first building to be sold out by the first quarter of next year. (TEP)
