Furniture exporter ventures into real estate business

Cebu's charm to attract real estate buyers from all over the world, has prompted F3 Properties, Inc. to invest at least P200 million for an exclusive chic seaside residential subdivision on Mactan Island, dubbed as the San Fermin Place.

F3 Properties, which is a subsidiary company of F3 Holdings, the operator of F3 International Furniture and Tita Guapa chain of convenient stores, has entered into the promising real estate industry amid the global financial slowdown.

In an interview with F3 Properties managing director Peri S. Villarta, she said that it is high time to offer good real estate projects, especially to those who want to invest their money outside of banks and other investment channels.

"Real estate [investments] is going to be there forever. There might be risks in the real property investment, but it is still considered as one of the safest investments," she said.

This is the first time that the company entered into the real estate business, diversifying its focus from furniture exporting. Although, the Cebuano-owned F3 Holdings still maintains furniture manufacturing plant in China.

The San Fermin Place is situated on a 2.2 hectare property in Maribago, Mactan. It offers 14 available lots and 21 townhouses.

"This is going to be an exclusive subdivision. Most buyers are foreigners married to Filipinas," said Villarta.

Recently, F3 Properties signed a memorandum of agreement (MOA) with one of Cebu's largest real estate brokerage Land Asia Realty and Development Corporation, to exclusively market the development.

"Several of us dwell on the information that a number of Philippine properties bought by US based Filipinos has began to fall because of the US credit crunch. But we fail to recognize that there are other global investors out there. And furthermore fail to recognize that Filipinos will now want to revert to the old adage that “Investment in land will never go away as compared to cash in bank," Villarta said.

For her part, Land Asia Realty president Marissa S. Inting said that real estate products in Cebu have continued to be a strong attraction especially among the foreigners, Filipino "Balikbayans".

Inting said San Fermin is becoming to be the "hottest" high-end real estate product in Mactan, because of its sea-side location, and proximity to the number of popular resorts.

San Fermin Place will be officially launched early next year. However, as early as today, the company has already received several reservations from foreigners married to Filipinas.