New realtor to build 10 Mandaue condos
After an economist warned that real estate in Cebu may suffer a glut, a new developer announced plans to develop 10 mid-rise residential condominiums in three years.
“The demand is from the lower class so we will be developing products for these markets in our property in Mandaue City,” said Michael Lim, A. Lim Development Inc. managing director, during a recent press conference.
The firm’s first project, Insular Square in barangay Basak, Mandaue City, was launched in March and occupies the site of the Insular Rattan Factory.
Lim said he agreed with Dr. Winston Conrad B. Padojinog’s warning to realtors about the risk of a glut in the high-end residential market.
Padojinog said in a recent Cebu forum, that demand was no longer need-driven but rather for other purposes like investments, which could end in speculation a bubble.
“This (Insular Square) is our first foray into real estate development. We are positioning this as a community center where people living nearby can have access to grocery shopping through our anchor tenant Save More and other services like a gym, restaurants, pharmacy, banks and more,” said Lim.
The three-hectare property includes the mall in 1.4 hectares and the remaining 1.6 hectares for ten condominium buildings to rise in three years.
Another project that they will soon launch is the Design Center along A.S. Fortuna St. in barangay Banilad, Mandaue City.
This small complex will hold high-end brands for home finishing and furnishing materials.
For Insular Square, the company invested about P120 million and P40 million for the Design Center.
Eppie Acusar, A. Lim Development Inc. consultant, said the firm would develop more commercial-type establishments in Metro Cebu.
Officials saw the need for this type of investments despite the aggressive opening of mall branches in Cebu.
“The difference between a community center and a mall is that the community center offers basic services in proximity to the neighborhood communities allowing them more convenience,” said Acusar.
“We still see a lot of opportunities in that aspect here in Cebu,” said Acusar.
