Vibo Group forays into condo projects

THE Borromeo family-led Vibo Group is investing some P1 billion for two condominium projects, marking its foray into the residential development.

Ian Borromeo, head of engineering, said the two projects are located within the university belt of Cebu City, where demand for housing remains high.

The company is currently building its West Jones project, located at the Uytengsu Compound in Jones, Cebu City.

The 307-unit condo project is eyed to be completed by 2021.

Before the year ends, the company is also set to start the construction of its second condo project, The Curve. Located in Ramos area in the city, the development will also have a total of 226 units.

“For West Jones, the construction is now 30 percent complete,” the official said in an interview Wednesday, Aug. 7, 2019.

Borromeo, who is a member of the family’s third generation, expressed his optimism on Cebu’s condo market, citing potential demand from young professionals, starting families and students.

Moreover, the executive also disclosed the company’s plan to expand its 2.2 hectare Vibo Place development along Escario St. in Cebu City, which is potentially rising as a bustling commercial street in the city.

“On our drawing board, we are planning to build a mixed-use project in the area, with three 30 to 40 story buildings,” he said.

Such expansion is part of the firm’s long-term plan for the area.

Vibo is also building a new wing for its community mall, the Axis Avenue, which will introduce new tenants such as a gym, pharmacy, spa, showrooms, offices and a convenience store.

Vibo Place was formerly known as the Cebu Capitol Commercial Complex located right across Capitol Parish Church, also housing The Apartelle, CAIAA Center, 82 Vibo Center and Cebu Grand Hotel.

The Escario area connects to the city’s prime business hub, the Cebu Business Park.

Various strip malls have since risen at the area, building up both vehicle and foot traffic and making Escario one of the city’s busiest streets.

The uptown area of Cebu City is also where its main business districts—Cebu Business Park and Cebu IT Park—are located.

These business hubs house the regional headquarters of multinational companies, business process management firms, malls, residential towers and hotels.