Developer earmarks P3B five-year capex for Cebu

CEBU, Philippines - Duros Land Properties, Inc., announced to spend at least P3 billion for real estate development projects in Cebu in the next five years.

According to the company's chairman Rafaelito Barino, this capex excludes the ongoing projects of the company, such as the P4 billion retirement facility located in a five-hectare property spread in Liloan, Cebu.

In an interview yesterday during the official launching of 23 Minore Park, a two-hectare integrated facility located on the former grounds of St. John XXIII Seminary in Mabolo, Barino said the company is bullish on countryside development, as its planned commercial projects include a resort in Daanbantayan, a golf course in Liloan, and expansion of its housing projects in Liloan.

The Minore Park, a P25 million project will host a consumer goods store, a sprawling garden park, and a 200-room business hotel.

The company already built the IEC (International Eucharistic Congress) Pavilion, the main event venue of the 51st IEC held in Cebu early this year.

Simultaneously, Duros is building a P4 billion retirement facility in a five-hectare property in Liloan, the first tower with 165 residential units will soon be awarded to Japanese retiree occupants, Barino said.

Duros Land Properties, Inc, which is also the developer of the newly completed residential condominium in Lahug, the Padgett Place, will be offering a total of 1,500 residential condominium units at this retirement facility project called The Woodland Park Residences.

The P3 billion additional investments will be spent for the construction of the upcoming projects including the Mountain Resort — Golf Course and Leisure Estate, in a 120-hectare property also located in Barangay San Roque, Liloan, and a 30-hectare property in Daanbantayan, with 1,300 meters stretch of beachfront.

Duros Land Properties Inc., is a subsidiary of the Duros Group of Companies headquartered in Liloan, Cebu, a group of family-owned companies of diversified businesses to include trade, supply and services for the construction, power, and food industries.

Its real estate arm has several land bank reserves in different location in Cebu province that will also be soon developed. It owns 60-hectare property, and 150-hectare land in Western towns of Balamban, and Toledo, respectively.  (FREEMAN)