Liloan remains a top pick for real estate developers

CEBU, Philippines – Lopzcom Realty Corporation continues to bank on the viability and the growing popularity of Liloan as an area for residential development through opening a new mid-range subdivision project called as Residences at North Road.

With an initial offering of 20 duplex units, Residences at North Road aims to capture the middle-end segment of the real estate market which is composed of overseas Filipino workers and their families, start-up families, young executives and professionals who are in the look out for sound tangible investments, said Lopzcom Realty Corp. vice president Gari Tiongco in an interview.

Tiongco said, “we are a small developer in a big field so we built the houses first so that the consumers will have confidence in our development and will be enticed to invest in our units. This will erase doubts on whether we can deliver the project especially at the height of the financial crisis.”

He said that at this point, they have noted this certain trend in the market because most buyers now prefer to purchase properties that they can see to also guarantee their investments.

“Buyers will now opt to buy something that is already built so they can see that their investment is ready for the taking and tangible because most consumers are now scared that developers cannot deliver their promises. This in turn is a challenge for us developers because we have to invest and pour more capital outlay to really make a sale,” said Tiongco.

He said that for Residences at North Road, they offer ready to occupy units with furnishings so that buyers can already move in after the purchase.

“Consumers are now more conscious in buying properties that they can already use so that they can make sure that their money is invested properly,” he added.

Residences at North Road lie in a less than one hectare property in Liloan and the prices of its monolithically built duplex units range from two million pesos to as high as P2.3 million with lot cut of 70 to 140 square meters.

Tiongco said that after building the duplex units, they will soon construct 10 to 15 single detach units as well as the subdivision’s amenities such as a park and playground and a common swimming pool.

Lopzcom Realty Corp. is a family business and its first project in the real estate development industry was a high-end subdivision in Davao and a low-cost housing in Consolacion called as Windfields. —Rhia de Pablo