Freeman Cebu Business

AboitizLand allots P2.3 billion for more housing projects

Ehda M. Dagooc - The Freeman

CEBU, Philippines —  Taking advantage of the growing demand for horizontal residential properties, AboitizLand Inc., is allocating P2.3 billion this year to build more projects.

 “We remain bullish about the property sector as residential property trends point towards a stronger and continuing preference for our horizontal developments in emerging cities out of the metro. The infrastructure boom improving connectivity towards these next-wave locations is also seen to further propel growth in our property values,” said AboitizLand president and chief executive officer (CEO) David Rafael.

In Cebu, the company will expand the 250-hectare Foressa Mountain Town, a residential mountain resort project in Cansamoroy, Balamban launched in 2017.

According to Rafael, AboitizLand is spending P700 million for the site development of Foressa Mountain Town’s new phase called “Light Phase B.”

The new phase features limited inventories of large lot cuts with an average size of 830 square meters priced at P13,600 per square meter.

Designed to allow owners experience true estate living, the Foressa Mountain, Light Phase B, offers expansive residential lot areas of up to 2,040 square meters, with front row access to majestic views of the mountains while enjoying optimum relaxation, privacy and security.

The company said it is perfect for a select slice of real estate investors or those in the market for second homes nested in nature while experiencing premium urban amenities.

The luxury mountain estate boasts of amenities such as the Foressa Lodge, a pavilion that features an infinity pool, function rooms and a lounge. It also has hike and bike trails that lets one explore the scenic views of the mountain town. Each trail is connected to town centers, with different activity stops for more fun and exciting nature adventure experience.

It also features a Destination Cafe and Town Center, which will be built along Cebu Transcentral Highway, a neighborhood center that will house commercial establishments that will serve both Foressa’s future community as well as the public. The estate also has pocket gardens.

 “Before the pandemic, the way we market Foressa Mountain Town was we were targeting retirees. It is more of a second home because it is far from Cebu City. But with the work-from-home set-up, infrastructure developments and preferences of open space and healthy living, the Foressa market is changing. It is now being bought by buyers who are looking at it as primary residences,” said Rafael.

Two years of pandemic lockdowns, more and more individuals have recognized the benefits of time out in nature and outdoor activities to escape from the stress and hustle and bustle of the big city.

 “AboitizLand has achieved record breaking sales in 2020 and 2021, buoyed by the dramatic shift in market preference for bigger living spaces and even bigger open spaces driving property value appreciation up at 86 percent for Foressa alone,” Rafael said.

Foressa Mountain Town is part of the booming 540-hectare West Cebu Estate, an Aboitiz-owned integrated economic center that hosts 11 locators, from medium to heavy industries, including some of the largest shipbuilding firms in the world.

AboitizLand will also launch a new phase for The Villages at Lipa, Batangas offering bigger cuts of residential lots in the third quarter this year, among other planned activities.

Meanwhile, during the Visayas and Mindanao Property Market Briefing held recently, Colliers Philippines head for research Joey Roi Bondoc, said the growth for real estate industry in Cebu and some other areas in Visayas and Mindanao, is largely anchored by the surprising shift of consumers’ interest to splurge on house and lot or lot-only buying spree post pandemic.

Cebu in particular, property shoppers are looking at elegantly designed horizontal developments, particular in the mountain sides in Cebu, and leisure sites like Mactan Island, among others, noted Karla Domingo, Colliers Philippines, director for consultancy services. 

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