NOTING flat growth in their own economy, a Singaporean company said it will focus its expansion in emerging markets in Southeast Asia, particularly the Philippines.
Wei Kiat Management and Developments Inc., whose business is in property development, announced that it is committed to support the country’s robust real estate industry by developing more projects, first in Cebu and to be followed in other parts of the country.
“Singapore’s economy is standing still. The ones that can survive are the big, listed companies. I think it is better to expand in Asean (Southeast Asian countries),” said Wei Kiat president Don Ang during the ground breaking ceremony of its P750 million condominium project La Nivea in Nivel Hills.
The Singaporean businessman is married to a Filipina. Under the Constitution, foreigners are restricted to own property in the country, except for condominiums.
The 32-storey La Nivea offers the “lowest price points” in the Nivel Hills area if compared to the two other condominium projects located nearby, said Anthony Leuterio, president of Leuterio Realty and Brokerage, the exclusive marketing arm of La Nivea.
Wei Kiat vice president Chris Ang said prices start at P1.2 million for a 17-square meter unit.
Both officials revealed that the company is also gearing up for another “affordable” 15-storey condominium project in Mabolo City. They said the company will be investing around P70 million for this.
“We studied the market and we saw that more Filipinos are still in need of affordable units, especially the working class,” Chris said.
However, the official stressed the company wants to establish its La Nivea brand here in Cebu first before they add more projects. The 350-unit condominium is expected to be completed and turned over in 2018.
Currently, 50 percent of the units have been sold. The company started pre-selling in September 2014.
In the next years, the Ang brothers revealed that they are planning to expand their portfolio to lifestyle business like hotels, restaurants, and fitness clubs, among others.
It’s Singapore counterpart, Wei Kiat Construction Pte Ltd., is an ISO-certified company specializing in the construction of dwelling houses and apartments. The company expanded to China before it explored the Philippines.
At present, Wei Kiat Management and Developments Inc. is on the lookout for more land acquisitions to accommodate its future projects.
“There will be more projects to come, high-rise condominium and affordable housing,” assured the Ang brothers. The Singaporean investors believe that Cebu will emulate Singapore’s skyline in the next five to ten years.