Ortigas developers try to draw Cebu’s prospective condo buyers

PROPERTY developer Ortigas and Company is bullish about attracting Cebuano investors to own units in their latest luxury residential tower, The Imperium in Pasig City.

“One hundred percent of Ortigas and Co.’s land bank is in Metro Manila, and for us, Cebu is still a frontier market. While we can’t build residential communities and retail centers here just yet, we want to open real estate investment opportunities to Cebuanos,” said Joey Santos, senior vice president.

Santos noted that while there are a lot of real estate investments to choose from in Cebu, it is equally important for investors to diversify.

“Instead of putting all your money in Cebu, why not spread it to Manila, where you know there is a bigger market?” he pointed out.

Ortigas and Co., through real estate broker Georgia Osmeña, organized a one-day road show in Waterfront Cebu City Hotel and Casino to introduce the company and showcase its latest real estate projects to some Cebuanos.

Ortigas and Co. is the firm behind Valle Verde, Greenmeadows and Greenhills subdivisions. Its commercial spaces include Greenhills Shipping Center and Tiendesitas.

The 62-storey Imperium is the company’s most recent residential project and has 232 units. It features only four two- or three-bedroom units per level.

Appreciates faster, he says

The Imperium is situated in the 10-hectare mixed-use development in Pasig City called Capitol Commons, the former site of the Rizal Provincial Capitol. The development features Estancia, a mall slated to open in the coming months; a 10,000-square-meter grocery facility called Unimart; Paragon, an upcoming lifestyle and entertainment hub; and Gastro, a food and beverage strip.

The Capitol Commons will have five residential buildings.

According to Santos, the advantages of investing in Manila are the access to a bigger market and the quicker appreciation of property.

“If you are an investor, you don’t just put your money anywhere, you put it where it will get the highest return of investment,” Osmeña said.

Real estate advisory and services firm CBRE Philippines reported that real estate activities in the country grew by 8.9 percent in the third quarter this year.

In the residential sector, the research firm noted the upbeat economy fares well for luxury, high-end, affordable, and mid-market condominiums. “Demand for these developments overpowered fears of a property bubble in the sector,” it said.

The growing expatriate community and the families of Filipinos working abroad drive this demand. Forty percent of condominium sales activities cater to foreigners while 60 percent serves Filipinos, the report cited.

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