MORE developers in Cebu are getting into pocket-sized retail developments to get closer to targeted markets and provide them accessibility and convenience.
Homegrown CMJC Construction has recently diversified into real estate to build Springwood District located along Plaridel St. in Mandaue City.
It formed CMJC Realty Development Inc. early this year to ride with Cebu’s robust property boom.
Eppie Acusar, founder of iBuild Management Services Inc. and project consultant for Springwood District, said the owners thought of transforming the 5,051-square-meter (sq.m) property, previously a furniture warehouse, into a viable investment.
“Putting up a strip mall there is a good idea because that area has high foot traffic,” said Acusar.
Springwood District will occupy 4,000 sq.m of the total property while the remainder will be set aside for future use.
Springwood District will have at least 30 units for lease. According to Acusar, the project features a “stop-and-go” store format. She said the team is in talks with various tenants that could provide them with a drive-thru amenity, among other retail concepts.
Acusar said the heavy traffic situation in Cebu has led to the development of strip malls.
“People who are caught in traffic will likely look for a convenient place to go and hang out and wait for the traffic to decongest,” she said.
Moreover, because of heavy traffic communities now want to buy their basic needs in stores closer to home.
“Cebu really is getting highly urbanized. People now want convenience and they are getting time-conscious,” she said.
Springwood’s location is close to schools and government offices, among others. The project will commence construction on July 28, 2019. Acusar said they will start offering the units for lease in September this year.
Target completion of the project is eyed in the second or third quarter of 2020.
Units offered at Springwood range from 50 sq.m to 70 sq.m. They also offer units that can be combined. (KOC)