Firm opens outlet, eyes market share of property boom

Seeing a growing demand for hardware, construction and home improvement products in Cebu, a local hardware company decided to open a fourth outlet to cater to the market.

The investment in the Consolacion area was perfect timing for the company considering the ongoing boom in the real estate industry in Cebu.

“We are seeing the demand grow especially in the middle-income market which is the segment that the developers are also targeting. The demand is fueled by the increased number of developers now investing in residential projects from San Fernando in the South to Lilion in the north,” said James Com Cebu Home and Builders Centre chief operations officer, during a press conference last Tuesday.

During the Real Estate Economic Forum in February this year, Boler Binamira Jr., Filinvest Land Inc. assistant vice president for area sales, said the improving fiscal and and economic conditions, rapid increase of dollar remittances and sustained growth of the information technology (IT) services are among the reasons why national players like FLI, Ayala Land, and SM Development Corp. were investing in the real estate industry in the country including in Cebu.

According to Binamira, 30 percent of the total overseas remittances goes to the real estate industry or approximately P600 billion in investments per year, which is why developers are aggressive in setting up residential projects especially that in Cebu alone a backlog of 200,000 housing units was reported.

“The continued construction activities in Cebu will help fuel more demands for materials which we provide in our shops,” said Co.

The new shop according to Co is also a pilot design that makes shopping easier especially for the Do-It-Yourself segment which has also showed growth over the last two years.

According to Co, the new shop is about 4,000 square meters in footprint and offers at least 90 percent of the products that they have in their main branch in A.S. Fortuna which should be enough to cater to the northern markets in Cebu from Mandaue City to Liloan. /Reporter Aileen Garcia-Yap