Developer earmarks P6B five-year capex

CEBU, Philippines - Property developer Grand Land Inc. is spending around P6 billion in the next 3-5 years to fund its current identified projects.

Khristina Pestaño, the company's vice president for sales, said yesterday the capital expenditure is mainly to fund its ongoing five-tower condo project the Grand Residences in Cebu City.

"The company remains bullish on the Cebu [property market]," she said at the sidelines of the topping-off of Grand Residences' North Tower A, the third building, on Thursday.

She said the spending budget may still increase as the company is yet to launch other projects this year and moving forward.

"The direction of the management is to launch 3-4 projects every year in the next three years," Pestaño said.

This year, the property development arm of the Gaisano Grand Group is looking to launch condotel projects in Oslob, Southern Cebu and Mactan Island.

"We are also going to launch a housing project in Minglanilla," she said.

The company is developing a serviced apartment project in the fourth tower, the North Tower B, of the 3.2-hectare Grand Residences condo project, which is designed to have five towers.

The developer is also planning to build an office building within the 3.2-hectare property at it looks to make integrate a commercial component in the place for its residents.

The serviced apartment will occupy about 11 floors of the fourth tower and will have 163 units, she noted.

The developer is partnering with Asian hospitality firm Dusit International to manage the property which will bring the dusitD2 brand.

The Cebuano developer first partnered with Dusit for its condo-hotel development in Cebu City, the Grand Tower located across SM City Cebu, set to completed by 2019 and will bring the Dusit Princess brand.

Pestaño said that serviced apartment particularly caters to long-staying tourists in Cebu such as traveling businessmen and expatriates.

She said the serviced apartment market has a very big potential considering the growing number of tourists in Cebu.

The company also has a mixed-use development in Davao City the Amani Grand City Gate which will come with hotels, BPO offices and retail spaces.

The Gaisano Grand Group also operates shopping malls in Visayas and Mindanao. (FREEMAN)