Mandaue-based property firm eyeing more projects

CEBU, Philippines — Mandaue-based real estate firm Athecor Land announced its active stance to invest more on residential projects, as market for residential units within the urban centers is on the sky-high level.

Athecor Land president Haydee Cortes-King said that what encouraged the company to make use of the family's sizeable landbank within Mandaue City, is the surprising turn-out of sales performance of its newly introduced condominium project called Aizen Flats in Alang-Alang Mandaue City.

King reported that after the company got its License-to-Sell (LTS) from HLURB ( Housing and Land Use Regulatory Board) all the 161 residential units were sold out. What is more surprising, she said is majority (if not all) the buyers are just from the neighborhood.

The prices of the units are pegged from P1.2 million to P1.8 million. These will be turned over to the owners in two years.

King, together with her sister, whose family’s linage is of the influential Cortes clan of Mandaue City, said that because of the surprising development, they decided to build more pocket residential projects, both in horizontal and vertical developments, utilizing the family's unproductive lands within Mandaue City.

Aizen Flats, which officially broke ground Monday, is the seventh residential property project of Athecor Land. Since 2008, the company already built pocket subdivisions like South Covina in Talisay city, 88 |Brookside in San Roque, Talisay, 88 Hillside Residences in Pagsabungan, Mandaue City, and 88 Summer Breeze in Pit-os Talamban.

According to King, the company still has sizeable properties that are potential for more residential projects.

Athecor Land, which is the property arm of Athecor Development Corporation, is also currently negotiating with a giant multinational company for a possible project collaboration, but stopped short of revealing the identity of the group.

Athecor Development Corporation was founded by Dr. Ariston Cortes, Jr. and wife Teofila G. Cortes.