Jo Realty to invest P150M in 2-storey condotel project

Fresh from the success of its two-storey commercial complex, The Forum , Jo Realty Corporation is seriously considering building a high-rise condotel in a 1,000 square meter area property along Banilad Street.

Jo Realty Corporation president Mike Jo said that the company is going to spend about P150 million for the construction of the two towers adjacent to The Forum to take advantage of the growing demand for hotel rooms and condominium units in Cebu.

The company owned the 4,800 square meter property beside the Grand Convention Center in Banilad, where the family used to reside. Now the family decided to use some of the idle lot for commercial use.

Jo Realty is the developer of Ultra Vistarama and Seven Arts theaters in downtown Cebu. Jo said the company's foray into condotel development will depend on the availability of financing.

This is the first time in 30 years that the company pursued a real estate development project, but this after noting a fertile and profitable business especially in commercial complex and other tourism related ventures.

Industry observers noted that the demand for condominium units and executive pads along the uptown, especially in the areas near Cebu Business Park is picking up.

According to Jo, establishing condotel facilities in Cebu could help the acute problem of accommodation shortage and encourage long staying guests to take advantage of the tourism destinations not only in Cebu but also those in neighboring provinces.

Jo Realty invested about P30 million for the construction of The Forum which houses lifestyle and leisure and commercial businesses.

He said the company expects to get its Return of Investments (ROI) in a span of five years.

As for the condotel project, which will need a larger amount of investment, Jo said that ROI of this kind of venture these days will be reaped in a shorter time span.

"As soon as we can get the financing, we will immediately start the project," Jo said .