CEBU, Philippines - To address the market gap in the housing industry, Contempo Holdings Inc. will launch a flagship project on affordable vertical development intended for the middle-income segment.
Contempo President and Chief Executive Officer Beverly Dayanan said that the company’s latest project will cater to the market who wants to reside in the city but providing more than the usual concept of residential developments.
She added that Contempo will be spending almost a billion pesos for the complex whose target completion is projected within three to five years.
She further revealed that 50 percent of the development will be devoted to amenities which will include a swimming pool, clubhouse, barbecue station, playground, gym, badminton court and a prayer room.
Contempo’s flagship project, she noted, is situated in a one-hectare property along H. Cortes Street in Mandaue City with three residential condominium towers and approximately 800 condo units with prices ranging from P1.5 to P1.8 million.
“Soon we will be launching our flagship project which will accommodate a real community. The key here is to position yourself that no one among your competitors can get closer to you,” Dayanan said.
Meanwhile, Tetta Baad who is the marketing and sales consultant of Contempo said that project is market-driven since it is in response to the demand for affordable residential units for the specific market.
With the consultative study that the company has conducted among perspective condo buyers, she revealed that Contempo will feature what has never been offered in a vertical housing community which will serve as their core competence in the booming industry.
“Developing real estate projects will have a hand in shaping the community which is not within the horizon of most developers. We determined exactly what is missing in the Cebu market,” she said.
She added that affordable monthly amortization and low down payment, accessibility to public transportation for mobility needs and access to destinations like schools and malls are the common factors that the mid-income market takes in consideration when it comes to residential development projects.
She further noted that the company will launch the entire community project within this year and start the construction of its first condominium tower.
“Once it is done, we will begin with another tower. And if the market response is good, there may be another fourth project to come,” Baad said. (FREEMAN)