Group of entrepreneurs venture into real estate

CEBU,Philippines- A group of Cebuano entrepreneurs, most of whom are engaged in the construction business, have pooled their resources together to build a 17-story mixed use medium-rise building at the Cebu Business Park, to be called “Apple One Tower.”

This is the first project of the Apple One Properties Inc., to jumpstart the company’s plan to take advantage of the country’s fertile real estate industry may it be in residential or commercial development.

The Apple One Tower located adjacent to the Cebu City Marriott Hotel, will provide a total of 46 units of commercial spaces that are geared towards attracting the Business Process Outsourcing (BPO) companies, while providing a limited 18 units of residential condominium facilities.

In an interview with Apple One Properties vice president for operations Yvet V. Andalis, she said that the building will be completed in the next 18 months, while the company is currently negotiating for companies to transfer immediately after the completion.

Its condominium units, which are also positioned for high-end clients, are also getting strong interest specifically from expatriates and BPO executives that are based in Cebu.

Despite the entry of seasoned and well established names in real estate developments announcing their multi-million-peso condominium projects within the 52-hectare CBP, Andalis said Apple One Tower will have its advantage because it will focus on office and commercial leasing business.

“We only have limited residential units,” Andalis said adding that the company is not competing with any developer within the PEZA-accredited business park. Instead the project is complementing to provide wide-choices for customers to get commercial space and residential units within the area.

“Everybody is expanding. We need to provide them with spaces,” she said.

The P500 million Apple One Tower is largely banking on the robust BPO sector in Cebu, following its proclamation being the 8th emerged destination as BPO destination in the world.

This early, Andalis said the company is already negotiating with several BPO companies, like animation studios, and other outsourcing firms.

In the ground floor of the building, the company will dedicate the commercial spaces to financial institutions like banks, and insurance companies.

Following the formal launching of the project held recently, the company has started its pre-selling activities for its residential condominium units, that are priced from P4 million to as high as P8 million, depending of the floor-area size and number of bedrooms.

According to Andalis, the company led by Cebu-based Ven Ray Construction, which also part-owner of several several real estate properties in Cebu including Diamond Suites, Apple Tree Suites, BoardWalk City Residences at the North Reclamation Area, among others, is also planning to invest on more projects soon, in Metro Manila and in Cebu.