Developer transforms inoperative properties to complex subdivisions

CEBU, Philippines -  In the midst of the real estate boom, a property developer capitalizes on rebranding and reconstructing inoperative subdivisions into complex housing properties in the Visayas region. 

JC Armamento Development Inc. (JCAD) started its reconstruction business through purchasing non-operational subdivisions that are foreclosed or about to be foreclosed by banks or financial institutions.

Although it is a “long-shot” investment for the company, JCAD Chief Executive Officer and President Arniel Joshua Armamento said that it is a worthwhile venture since they could save time and cost for the documentation process of the properties. 

“Once we buy the property, we can start the construction and sell it after. It’s faster since we have the permits already. We save about one third of the processing time  since the documentation is cut short. We are also able to help solve the problem of the homeowner and the financial institution,” he told The FREEMAN. 

He noted that with a lot of properties in the region and in Cebu in particular, JCAD has the advantage in the industry since not all property developers are venturing into the same business as them.  

“Visayas is a vibrant region. There are a lot of things to be done. We have the advantage. Property developers should focus more on quality and not on profit. Give our kababayans the quality of houses they deserve,” he continued. 

Acknowledging the modest gains and upward trend in the housing sector, he cited that  overseas Filipino workers, with their constant flow of money, account 90% of the company’s market share. 

“There’s always a bubble in every economy but if  the OFWs are your major market, there’s no bubble since they keep on sending money,” he said. 

JCAD’s first complex subdivision project is the Bethlehem Garden Homes  in Tagbilaran, Bohol.

Other projects in the pipe include Galilee Strip and Galilee Community in San Carlos City, Negros Occidental and Jordan Hills in Maasin City, Southern Leyte.

JCAD has  two ongoing projects in Cebu. These are Easterville Subdivision in Lapu-Lapu City to be delivered in the next 18 months and Sicily in Sogod, Cebu that is projected to be sold in the next 3 to 5 years. 

To date, JCAD has one in-house broker and 60 agents.

To better serve its customers, JCAD recently moved its main office from North Road Plaza, Labogon to 2nd floor, Alfresco 1, Unit 36, Parkmall, North Reclamation Area.

“We want to be more efficient in delivering quality products, and better communicate to our clients through the visibility of our brand in our new office,” he said.

The company maintains  satellite offices in Tagbilaran and  Bien Unido in Bohol, Maasin City in  Leyte, San Carlos  and Bacolod City in Negros.

JCAD started as a local contractor  with the country’s major developers as clients. Prior to the establishment of the company, Armamento was  chairman of Expat Group of Companies in Dubai where he learned the ropes of  publishing, entertainment, trading, real estate brokerage and construction business.

“JCAD Inc. is more than a company — it is a belief.  A belief that defies ordinary thinking... when conventional wisdom says no, we say yes and make it happen,” Armamento concluded. (FREEMAN)