CEBU, Philippines – Due to the limitation of available lots for residential development in Cebu, a real estate developer is studying the possibility of venturing into the construction of medium-rise residential building.
Alexander Ace Sotto, senior construction manager for Visayas and Mindanao of 8990 Housing Development, said that the company is still conducting a feasibility study on the concept.
“(If this will push through,) definitely it will be within (metro) Cebu only. Cebu City or Mandaue City,” he told The Freeman in an interview.
Sotto said that Cebu-grown 8990, developer of economic-housing Deca Homes, has observed that Cebu is running out of properties for residential development, saying that there might be available lots in the market but are “very expensive.”
This is one of the reasons why 8990 is not able to develop a resort-residence, like the 130-hectare Deca Resort Residences in Davao. The project, which now has 3, 000 house and lot units ready for occupancy, has a seven-hectare man-made resort open for use to the public.
Sotto said 8990 invested some P30 million to P50 million for the resort-residences, including the purchase of the lot. The property has a wake board park and has since become one of the tourist destinations in Davao.
“We might develop one like this in Cebu , if there is a property this big and one that we can afford,” he said.
Aside from the residence-resort, 8990 has two other projects in the city, the 30-hectare Deca Homes Esperanza and the Deca Home Kabantian.
Sotto said that 8990 is now operating nationwide with a sister-company managing its projects in Luzon. Its presence nationwide is the reason why the company constructed its own-building, located in the Cebu Business Park, across Ayala Center Cebu, to systematize its operations.
The three-story 8990 building houses the customer service center, credit and collection in the first floor; the administration and accounting in the second floor; and the sales and marketing force in the third floor.
Sotto said 8990 purposely allocated office spaces for independent real-estate agents, who are exclusively selling Deca homes. The unit managers are renting the space from 8990 at a minimal rent.
8990 started to make its presence felt in the country’s residential development industry since 2005 with the objective of “building quality and affordable housing units” to the Filipinos, he said. (FREEMAN)