THE 20-year-old Abejo Waters Corp. has set up a new business named BSB Properties to mark its maiden venture into the real estate sector.
Its president and chief executive officer Gabino Abejo Jr. said BSB Properties Inc. is currently selling 32 townhouse units of Sadya Homes, a pocket residential development located in Danglag, Consolacion, Cebu.
These units, according to Abejo, are priced from P5 million to P6 million and they come with ready titles and tax declarations, cutting the waiting time of buyers and allowing them to choose which financial institution to transact with.
The company obtained its license to sell the units on Monday, April 17, 2023.
Abejo said the company’s 20-year experience of providing water to resort owners and real estate developers in Cebu, Bohol and Siargao ignited its interest to pour money in real estate.
Back then, Abejo said he was already in touch with Filipino Homes founder Anthony Gerard Leuterio to discuss his interest in real estate. It was only this year that the company finally decided to pursue its plan.
“We’ve already considered investing in real estate but we just needed more time and knowledge about how to run it. Our partnership with property developers for their water supply allowed us to gain insights on where the development is heading,” said Abejo, adding that besides the water business, the family also operates a construction business.
Currently, BSB Properties has land in the cities of Cebu, Mandaue, Naga; Panglao, Bohol; and Siargao, which Abejo Waters also has a presence.
Abejo said they picked Consolacion as the company’s first project site because of the accelerated development in the town, including the construction of the New Cebu International Container Port in Barangay Tayud, among others.
BSB set aside P40 million for this maiden project, whose land development and other amenities are already completed.
“Right now, we are finding our niche in the industry. But looking at long-term, we are eyeing tourism investments in Cebu and the Philippines in a bigger perspective. But as of now, we are focusing on house and lot (developments),” said Abejo.
Leuterio said house and lot has always been the preference of Filipino buyers but they too invest in condominiums as their escape homes.
Leuterio said Abejo’s entry in real estate came timely on the back of the current huge requirement for housing. The country logs a housing backlog of six million.
“Abejo’s entry is market-driven. He forayed into real estate because there is demand,” he said.
Moreover, Abejo said that despite being a new player, they are feeling the rebound of the economy now.
“The pandemic is done and we are now bouncing back,” he said. (KOC)