Insular Group penetrates Cebu's real estate sector

CEBU, Philippines - The Insular group has entered into the real estate market in Cebu, starting with the opening of its first community center, the “Insular Square,” located north highway, barangay Basak, Mandaue City.

The company that owns the Insular Rattan furniture exporter MobileHaus has created its real estate development arm called A. Lim Development Corporation, which recently opened the P120 million community center facility in the area.

“This three-kilometer stretch along north highway has no commercial facility. In order to decongest the traffic forcing people to go all the way to the nearest commercial centers for grocery, entertainment, and shopping, we decided to invest in this project,” said A. Lim Development Corporation director Michael Lim in an interview.

While Metro Cebu has become a highly urbanized area, Lim said the establishment of community centers, like Insular Square is needed.

The commercial strip will give the nearby residents the convenience for shopping, and entertainment, food joints, as well basic services.

Because its highly created for the larger neighboring community in the north, Lim said the company has purposely created a bigger Atrium area that residents will be able to hold their special occasion celebrations or party, including school activities.

Since its opening few months back, Insular Square recorded an average of three thousand customer traffic a day, an indication that community center facilities are now being embraced by the Cebuano market.

The center is being positioned as an “alternative lifestyle hub” mainly for market residing in the northern part of Metro Cebu.

The center is located within three-hectare company owned estate, where the Insular Rattan factory is also located. Insular Square covered the 9,000 square-meter of the entire property with a total floor area of 1.3 hectare.

At present, the center registered an 80 percent occupancy rate, having SM’s SaveMore Supermarket as its anchor-store. Tenants like YellowCab, Rose Pharmacy, Mooon Cafe, Savoura Restaurant, Shop Box, Hotrocks Fitness Gym, Hotrocks Spa/Salon, Bo’s Coffee, are just few of the tenants that are now opened at the Square.

According to Lim, the company is planning to start with a bigger real estate development plan after Insular Square, this include the near opening of its P40 million Design Center located along A.S. Fortuna, in Mandaue City.

The Design Center facility will host several posh brands in construction and home furnishing requirements that will complement the booming residential and commercial real estate market in Cebu.

Likewise, Lim announced the company’s entry into residential development, through building 10 mid-rise economic condominium products to be located adjacent to the Insular Square.

These economic residential condominium products will be priced between P800 thousand to P1.2 million per unit, said Eppie Acusar, the company’s leasing consultant. (FREEMAN)