FOLLOWING the success of its 1Nito Tower, Cebu-based King Properties is eyeing to launch four real estate projects this year.

Jason King, president of King Properties, said these new projects are a combination of horizontal and vertical developments.

“We have multi-brands, different projects ongoing and going to be undertaken in the next two months both in the leasing and selling as well a long with our residential developments in Bacolod, Iloilo and Minglanilla, among others,” said King.

The company has about four active projects currently being constructed.

King Properties officially opened on Thursday, Feb. 24, 2022, its first large-scale for lease office and commercial tower located along Archbishop Reyes Avenue, Cebu City.

1Nito Tower, dubbed “Cebu’s Skyline Crown Jewel,” is an 18-story building developed by King Properties with future-ready office spaces that are tailored to the business needs of small, medium or large-scale companies.

King said while there is currently high vacancy of office space in Metro Cebu as a result of the Covid-19 pandemic, its demand will eventually improve as restrictions ease and as the economy gradually return to its pre-pandemic state.

Research firm Colliers International Philippines is optimistic that the abundance of new office buildings and Philippine Economic Zone Authority-proclaimed spaces in Cebu will continue to attract information technology-business process management (IT-BPM) locators and other occupiers to the province.

“As the largest outsourcing hub outside Metro Manila, Cebu remains a preferred business destination due to its competitiveness in terms of manpower, infrastructure, and cost of doing business,” said Colliers in its recent market update.

1Nito Tower is currently experiencing a good mix of tenants from government agencies to IT-BPM companies.

“Some of these are new BPM locators while some have been with us from a long time,” said King, whose company also developed Avenir, a small-office-home-office tower along Archbishop Reyes, Cebu City.

Outlook

According to King, these uncertain times have been challenging to the company, especially when deciding which real estate products to build. But he is banking on the gains the country logged since the last quarters of 2021.

“The outlook is promising but of course there are challenges... It is really difficult being at the forefront of decision making. But what is important for us is to keep our ears closer to the ground as much as possible to see where things are headed, to really listen into what the demands are, what the unserved markets and where they are,” said King.

He added that remittances continue to fuel property purchases. King said despite the pandemic the country’s migrant workers still continue to send remittances.

Money sent home by overseas Filipino workers reached US$31.4 billion in 2021. In December 2021 alone, cash remittances increased 3.3 percent to $2.99 billion from $2.89 billion a year ago.

Cash remittances in 2020 posted a mere 0.8 percent decline, defying negative forecasts from 2019.

“Aside from remittances, if the confidence level of the investors continuously improve and if these all work out then we are in for a good run this year,” said King.

Basement food lounge

Besides the opening of the 1Nito Tower, the company also unveiled its food lounge dubbed as the “first basement food lounge in Cebu City.”

According to King, they thought of such concept to make 1Nito different from other office towers.

The food lounge houses 16 food and beverage tenants and can accommodate a seating capacity of 195.

“These are very unique locators and we made sure that we really have a good mix of tenants,” said King, added that they saw an opportunity in this space knowing that most food halls in the metro are located inside malls.

“Anybody can build buildings. But you are just like everybody if you are offering the same thing,” he said.

“So we had to set ourselves apart. We need to create something new and be a trendsetter.”