THE Benedicto family is setting aside P5 billion to enter into residential developments.
The amount will fund five projects in the next two to three years, including its first residential tower to be erected in Lahug, Cebu City.
The family who runs resorts in Mactan, Cebu and Panglao, Bohol, office towers and a furniture export company, is now expanding its business into residential real estate through Benedict Ventures Inc., the property arm of the Enrison Holdings Inc.
Enrison Holdings president and honorary Consul of Romania, Grand Benedicto on Wednesday, Nov. 7, said their entry into the residential market is a natural move for the family since they are already engaged in several real estate projects.
The Benedictos own Be Resort Mactan, Be Grand Bohol in Panglao and Mabuhay Towers in Cebu IT Park. They also own a cement company, Mabuhay Filcement, and Berben Wood Industries Inc.
Enrison Holdings managing director and honorary Consul of Hungary, Enrilen Joy Benedicto-Tan, said their extensive background in hospitality and services will give them an edge in courting the condominium buyers.
“We want to show the market our strengths in this industry,” said Tan, adding they first ventured into resorts and offices, prior to getting into residential projects.
Benedicto said their entry into the residential segment came on the back of the country’s healthy economic stature and expanding middle class.
Benedict Ventures will erect its flagship condominium tower, Be Residences Lahug, which sits on a 3,000 square meter (sq.m) property on St. Lawrence St. in Barangay Lahug.
It is an 18-story tower that will have about 600 units with pre-selling prices ranging from P3.1 million to P25.1 million.
Be Residences Lahug offers four different models, from studio to two-bedroom flats (23.17 sq.m to 74.38 sq.m); garden suites (36.07 sq.m to 62.76 sq.m); maisonettes (99.56 sq.m to 103.14 sq.m) and condovision (136.64 sq.m to 144.36 sq.m).
Besides the usual condominium amenities, the company promised to deliver a project that exudes a resort vibe. It will also offer leasable self-storage units exclusive for unit owners.
The tower is scheduled for construction in the first quarter of 2019 and is expected to be completed in the second quarter of 2022.
Besides erecting a condo tower, the family said it has sufficient landbank in Cebu that would allow them to put up mixed-use developments and a city hotel in the near term, among others.
Earlier, David Leechiu, chief executive officer of Leechiu Property Consultants, said the real estate sector is poised to grow in the coming years.
“The Philippines is in a tremendous beginning of what could be another 15- to 20-year boom, not just in the economy, but specifically in real estate,” he said.
This expected boom in real estate, Leechiu said, will be driven by the influx of Chinese nationals to the Philippines, among other key foreign investors.
He said that the 1.4-billion China market will play a significant role in the expected rise in the property market across all segments.