Security Bank helps property developer generate higher sales

MANILA, Philippines — Security Bank Corp. has helped Wee Community Developers Inc. (WeeComm) book higher sales of P9.5 billion this year from P31.6 million in 2008 when it completed the seven-story residential condominium in San Juan City.

Cesar Wee Jr., founder and CEO at WeeComm, said Security Bank was the first bank that took a risk in the startup company as it provided funding for the company’s first real estate venture.

“Security Bank has been there since day one. They saw some potential in me, in my company, in what I was doing. Basically, they believed in me,” Wee said.

In 2008, Security Bank provided a loan facility for the completion of First Baron Residences that led to the developer’s Baron series known for its high-end finishes, mid-rise structures and low-density occupancy.

This was followed by The Baron’s Place in 2010, The Baron 3 Gardens in 2012 and Centro Residences in 2013.

By 2015, WeeComm diversified to high-rise condominiums with the Centro and Baron Towers and subdivision development with the Emerald Estate in Iloilo and Diamond Heights in Davao.

WeeComm has so far built over 11,000 residential units across 27 completed and upcoming properties in Luzon, Visayas and Mindanao.

Recent and ongoing projects supported by Security Bank are Harbour Park Residences in Mandaluyong, Baron Luxe in San Juan, Emerald Estate (Phase 2) and Southprime Flats in Iloilo.

From the San Juan area, WeeComm now develops nationwide, particularly in Davao, Iloilo, Cagayan de Oro, Mandaluyong, Quezon City, Cainta, and soon Bacolod and Cebu.

“Fortunately, there was one bank that took a risk in my startup company and that was Security Bank. They didn’t just see me as a young kid that just wanted to develop property or borrow money,” Wee said.

To help manage its financial operations and transactions, WeeComm utilizes various Security Bank cash management system products such as Digibanker, Check Write Facility and PDC Warehousing.