A NEW player in the real estate industry will invest P1 billion for projects they will soon launch for the Cebuano market.
"There is a full demand in the market. We have seen that there is a room to grow in the real estate industry for (the) long term," said Innoland Development Corp. chief operating officer Charles Vincent Ong in a press conference last Friday.
Ong said the company already has three projects in the pipeline.
One of the projects is expected to be launched before the May 2010 elections.
Ong added the company will focus on developing residential and commercial spaces.
Although he declined to disclose information about the company's first project, he said the company will re-invent real estate products in response to new market opportunities.
"The projects in line are going to be different as they would target the market with sophisticated lifestyle," said Tetta Baad, Innoland Marketing and Sales consultant. She added that the new projects to be implemented will also push for green initiatives.
"We will also introduce to Cebu the "green building'," Baad said.
Innoland Development Corp. is owned by the Ong family, who also owns TGU Towers in Asiatown IT Park, Ong Tiak Building on Gen. Maxilom Ave. and Synergies Building in Barangay Mabolo.
Innoland was established on Sept. 2, 2005. It is registered with the Securities and Exchange Commission with an initial authorized capital stock of P20 million. The company is registered as an Ecozone Facilities Enterprise with the Philippine Economic Zone Authority.
Expansion
TGU Towers, which was also launched last Friday, already houses 20 companies.
"These are mostly companies looking for business expansions," Ong said. "And we expect that the building will be a full house in the middle of the year," he added.
TGU Towers is reportedly the biggest commercial building in Cebu in terms of gross floor area.
Ong said the projects the company will develop will surely boost economic activities in Cebu as these would generate jobs.
With their new project, Ong said the company will need an estimated 350 workers in the construction phase.