Commercial building developer ventures into residential dev’t

CEBU, Philippines - Commercial building developer — Skyrise Realty & Development Company is set to venture into residential development with an initial plan to build a pocket subdivision project in the southern part of Cebu.

Skyrise Realty & Development Company president Harry John Viloria said that while the commercial building take up in Cebu has sustained an upswing track, the company has also seen a good opportunity in residential development.

Although, the plan is still on the drawing board, Viloria said the subdivision project of the company that will be located in Minglanilla, Cebu, will give the middle-range residential market another affordable, yet quality option of housing needs.

The town-house concept will be introduced by the company within this year, simultaneous with its investments poured into commercial medium and high rise buildings in the metropolis’ business districts.

Skyrise Realty & Development Company is the developer of four commercial buildings at the Cebu IT Park, known as Skyrise buildings. It has built medium rise buildings at the cyberpark since its entry in the real estate business in 2010.

Recently, the company completed a 12-storey commercial building at the Cebu Business Park, called Skyrise Alpha that will host several BPO (Business Process Outsourcing) companies, including a large multinational financial institution.

In the next few months, the company will build its second commercial building adjacent to Skyrise Alpha, to be called Skyrise Beta building.

Viloria, whose family also owns the chain of Oro China Jewelry shop and the Golden Peak Hotel expressed confidence of the long term growth of Cebu’s real estate market despite the entry of giant developers here.   (FREEMAN)