With a firm belief that Cebu’s real estate industry will not be directly affected by the looming global recession, Asian PDC Properties Development Company Inc., shells out P1.5 billion for a residential and commercial project in Inayawan.
Called as La Perla del Sol, the 44-hectare project is a joint venture between Asian PDC and the landowners, the Abangan clan.
Asian PDC Properties Development president and chairman of the board Pedro D. Cabunilas said the proposed project will be composed of residential developments ranging from lot-only to condominium packages. There will be a total of 3,100 available lots and three 35-stories condominiums.
La Perla will also have its own commercial component that will accommodate shopping malls, private preparatory and secondary schools, a clubhouse, family park, and a sports facility which will include a basketball court, an Olympic sized swimming pool and a jogger’s lane.
The company is also eyeing to accommodate tourism-related projects like a retirement village in line with the city’s tourism project.
“We believe that the recession in America will not hardly hit the Philippines especially Cebu and this is attested by the many developers who continue to put up investments here in the province,” said Egmedio Saliente, executive vice president for marketing.
The Asian PDC Properties Development Company Inc., started out as a sole proprietorship with project portfolio that includes low cost subdivision projects such as Corona Grande and Smallville in Talamban, Fleur de Liz Village in Marigondon, and the Cebu South Plains in Minglanilla.
After these projects, which are also joint venture between landowners, the company decided to look for a bigger property to develop and after five months it sealed a deal with the Abangan clan and signed a MOA last November, 2008 which led to the creation of the corporation.
Although considered a neophyte in the industry led by giant developers, Asian PDC Properties Development Company Inc. is optimistic that with their project, they will create a greater impact to the community.
“We are a neophyte in real estate and might even be regarded as a nobody at this point, but we will dare because we aim to pump up the local economy of Cebu and not only develop lots because we want to have an impact to the community through employment generation and paying government taxes that will sustain the local economy,” said Cabunilas.
The 44 hectare estate whose property line sets between the boundary of Cebu City and Talisay City has been acquired by the Abangan clan in 1918 and the title has been reconstructed in 2002 and is now owned by the family’s fourth generation.
Cristituto Fernandez Abangan, the representative of the clan and the vice chairman of the board shared that their family decided that after owning the lot for the past four generations, they thought that it’s about time they develop the estate considering the growing needs of the province.
“We want to take advantage of the opportunity to develop the lot because big companies such as Filinvest and Bigfoot are now investing in SRP which is near the site. We saw that the property has a lot of potential considering its location and the growing demand of the population,” said Abangan.
The entire project is anticipated to take around 10 years to be completed and the company is currently starting the first phase, which is clearing the site from illegal settlers to jumpstart their development process.