BENEDICT Ventures Inc., the real estate arm of the BE Group of Companies, is eyeing to build at least two residential projects in Cebu, reflecting the company’s bullish outlook on Cebu’s real estate industry.
“For project launches, if everything goes well, we will probably launch a couple or three more within the year in Metro Cebu,” said Nova Noval, BE Group’s chief operating officer.
She, however, declined to disclose further details of the planned expansion but hinted that they will focus on design-oriented developments.
“We are coming up with new concepts for condominium living,” said Enrilen Joy Benedict-Tan, the managing director.
Grand Benedicto, president of Enrison Land, said they are satisfied with the turnout of their residential projects despite being a newbie property developer.
“As far as our projects are concerned, we are very happy. The market has been strong. That’s why we keep on building because we are satisfied,” he said.
BE Residences has condominium projects in Cordova, Mactan and Dauis, Panglao in Bohol, under the Balai brand, its affordable housing segment.
According to Noval, these projects have been enjoying high sales with more towers due for launching soon.
The Condovision
Last Thursday, Feb. 8, 2024, the company held an exclusive viewing of The Condovision, a concept that blends the comforts of a condominium and subdivision home, inside BE Residences Lahug.
The eight-unit Condovision offers two-story, three-bedroom homes with floor areas ranging from 149.44 to 185.54 square meters. It caters to end-users seeking the comfort of a home with the convenience of a condominium.
Each Condovision unit is equipped with LifeSmart’s smart home technologies.
“This project is a marriage between a condominium and a subdivision. It gives you the warmth and comfort and everything you find in a home and at the same time it gives you the convenience and security you find in a condominium,” said Benedicto.
He added: “When we were conceptualizing the project, we were looking for a twist. When we started BE Residences, we always said we were coming in to be different.”
BE Residences Lahug located on St. Lawrence St., in Barangay Lahug, Cebu City is a 20-level condominium that consists of three-floor townhomes, two-floor homes with private garages, two-bedroom garden suites, two-bedroom units and studios with a total of 647 units.
Besides offering various unit options, this condo project also offers 20 units of leasable storage spaces, among its unique features.
Amid the various condominium developments surrounding the Cebu IT Park, Benedicto believes it has not yet reached its saturation point.
“I don’t think it’s saturated. I think condominium development is highly tied up to the traffic situation in a way. If traffic doesn’t get any better and if it gets more difficult to travel further, the condo market will always be there. The convenience of travel time and distance will always be given to condominium over house and lot,” he said.
Tan added: “The trend is changing. Before people were willing to drive but now you see people are investing near business districts, near schools, or near where they work.”
Vibrant real estate
Cebu’s real estate market is anticipated to maintain its vibrancy in 2024, as an increasing number of homebuyers and investors recognize real estate as a resilient investment option.
The rising middle-income class and the continued strong inflow of overseas remittances on top of a growing economy will further fuel the growth of the sector next year.
In a past interview, realty broker Anthony Gerard Leuterio, founder of Filipino Homes, said real estate has been a surprisingly resilient investment, even as the Covid-19 health crisis, stubborn inflation and high-interest rates disrupted the market.
“When people encountered issues with other investment instruments, they observed the resilience of real estate investments. Even during economic downturns, real estate has proven to remain robust,” said Leuterio.
He said that this realization will spur more buying activities, particularly among middle-income and overseas Filipinos, to sustain a strong market appetite for condominium developments.