DESPITE being a new player in the real estate industry, Contempo Property Holdings Inc. (CPHI) reported that its first project, Bamboo Bay Community on Hernan Cortest St. in Cebu City, is close to being sold out.

CPHI chair and chief executive officer Beverly Dayanan told reporters that the condominium’s Tower 1, which has more than 200 units, is 98 percent sold in less than a year since it was launched on Jan. 10, 2013.

CPHI launched Bamboo Bay’s Tower 2 last Saturday. Dayanan said most of their buyers are locals.

Bamboo Bay is a multi-million peso flagship project of the company nestled in a one-hectare Asian contemporary themed development. It is master-planned to support three residential towers with a central core of resort amenities.

Units range from 22 square meters to 44 square meters, with a studio, one-bedroom, and two-bedroom room types. Unit price starts at P1.8 million.

The three towers and the amenities are set to be completed in 2018, with a total of about 800 condo units.

Dayanan said the property houses various species of bamboos, hence the name Bamboo Bay. She said it is the first bamboo-themed condominium project in Cebu. She said they picked bamboo because it is an “icon of grace and serenity.”

Dayanan also reported that CPHI will also launch this year its wholly-owned subsidiary company that will cater to economic housing, with its first project set to rise in Lapu Lapu City.

She said the company wants to cater not only to the mid- and high-end market but also to the low-end, recognizing that there remains a very high demand for affordable housing projects in Cebu.

Prior to the establishment of CPHI, Dayanan headed a mass housing company in Cebu that put up 3,000 economic houses in 12 different communities in the province.

Now that she has her own company, Dayanan said she will continue to build mass housing projects in Cebu through the subsidiary.

CPHI has a capital stock of P100 million. It was registered with the Securities and Exchange Commission in February 2012.