THE real estate arm of the Aboitiz Group is expanding its residential projects in Cebu on the back of strong sales take-up amid the lingering effects of the Covid-19 pandemic on the property market.
AboitizLand’s president and chief executive officer David Rafael announced in a virtual Cebu media briefing that they will be launching new phases for Foressa Mountain Town and Amoa starting this year.
Rafael said they saw a “substantial increase in sales take-up” for both brands even during the pandemic, faster than what they anticipated, prompting them to expand and launch new phases.
Foressa Mountain Town is a 250-hectare mountain resort project in Cansamoroy, Balamban. This multibillion-peso project was launched in April 2017.
“Before the pandemic, the way we market Foressa Mountain Town was we were targeting retirees. It is more of a second home because it is far from Cebu City. But with the work from home set-up, infrastructure developments and preferences of open space and healthy living, the Foressa market is changing. It is now being bought by buyers who are looking at it as primary residences,” said Rafael.
“The sales take-up in Foressa was much faster, and so we are in a situation that our inventories are almost down to zero. We don’t have a choice but to accelerate the expansion. We are developing another 50 hectares of land that will bring about 200 to 250 lots. We should be pre-selling in the fourth quarter of this year,” he added.