REAL estate developer Sta. Lucia Realty Development Inc. (SLRDI) is eyeing more property development projects in Cebu, including a lot inside the Cebu Business Park.
SLRDI president and chief executive officer Exequiel Robles said the company plans to develop residential projects in Consolacion, Liloan and Compostela next year.
“Possibly, also Carcar and Talisay City,” Robles said, adding that most of the projects will be designed for the middle-end market.
He said SLRDI plans to undertake some projects in joint venture with lot owners while others would require land acquisition.
He told news reporters that a lot owner has offered a property within the Cebu Business Park (CBP) for SLRDI to develop. He declined to reveal the identity of the lot owner or the exact location of the lot in question within the CBP.
Hotel project
Robles was in Cebu last Sunday for the inauguration of another hotel and resort building by SLRDI at the Re-sidencia de Vistamar in Barangay Dapdap, Lapu-Lapu City.
The week before, the real estate developer launched a residential condominium building project in the same estate.
He said that aside from La Mirada, the recently launched condo building, and SotoGrande Hotel and Resort, SLRDI will also build another condominium tower and another hotel at the Residencia de Vistamar.
La Mirada is estimated to cost about P400 million while SLRDI’s investment on the SotoGrande reached P300 million, including the acquisition of the land.
“There is a good market for condominiums in Cebu,” he said, adding that many foreigners prefer to buy condominium units because purchase of such property is allowed by Philippine laws.
Land shortage
Overseas Filipino workers and their families, as well as Filipinos who live abroad, are also good markets as they have a strong purchasing power.
SLRDI vice president for finance Gerry Quintos said the residential condo units at SotoGrande are already sold out.
Robles said developing condominium buildings is also a better option than subdivisions because of the lack of land in low-lying areas.
He said there is not much land in Cebu and most properties are located in steep areas that are difficult to develop.
As for Discovery Bay, a joint residential and resort project of SLRDI and Cebu Discovery Bay Properties Inc., Robles said the project is “already a success.”
Work on Discovery Bay, located at the tip of Barangay Punta Engaño, is already ongoing.
Robles said the 13-hectare project will also include a condominium. (LAP)
