New firm to pour P1.5B into Cebu

A new developer is set to pour  P1.5 billion investments to at least four projects in Cebu in two years.

Land Traders World Properties Corp. launched the first of its four residential projects, the San Marino Residences, at the North Reclamation Area in Cebu City early this month.

“For this project, we are set to pour in about P520 million,” said Michelle M. Yu, Land Traders World Properties Corp. chief executive officer

San Marino Residences is a residential condominium project that will house 420 units in a 20-story building.

Yu said the firm saw a vibrant real estate industry in Cebu and its officials decided to join the market as a diversification of the firm’s surplus business, which had been operating in Cebu in the last 25 years.

Since they launched the project, Yu said the firm already sold 40 units to out-of-town clients.

“Most of our clients are not from Cebu. They are from Bohol and Leyte who have businesses here or have children studying here,” said Yu.

Yu said the firm would focus in tapping the middle-income to low-income market, where there’s a big demand that hadn’t been served by other property firms.

“Our price for San Marino is P1.420 million all in, which is currently the lowest in the market,” she said.

“We’d like to continue tapping this market for more of our new projects soon,” said Yu.

The firm also planned to break ground for the San Marino Residences next month and to have it completed in the 3rd quarter of 2014.

The firm is also planning a project in Mactan Island in Cebu, which will involve about 90 town houses.

“We will also be developing two more residential condominium projects, one is in Andres Abellana and another here in North Reclamation Area,” said Yu.

The Andres Abellana project will be a two-tower development with each tower having 14 stories and 600 units.

Another North Reclamation Area condominium project is also in the pipeline and will involve about 700 units.

“Plans for these three other projects are still being finalized but more or less those are the plans we have come up so far,” said Yu.

The town houses project in Mactan project will be launched shortly after San Marino Residences breaks ground while the Andres Abellana project will be launched by the end of the year.

“For the reclamation project, we are looking at a period of two years before we will launch it,” said Yu.