Making Cebu his new home: Business mogul taps Cebu's vibrant real estate

CEBU, Philippines - Hong Kong-based businessman better known as the "Diamond King" Carlos Yeung has now made Cebu his primary home catching on the vibrant business opportunities here, especially in the real estate industry.

Yeung, together with Cebuana philanthropist-wife Mariquita Salimbangon-Yeung have made their real estate business through the MSY Holdings Inc. in Cebu a serious venture, sensing the good fortune for business in the Queen City of the South.

Aside from the P7 billion capital expenditures (capex) allocated to grow his property developments venture via different projects, Yeung said he is still looking for more lands to acquire within the province to add up to its land bank portfolio.

"Cebu is booming. There is a big market here for development," he said in an interview, adding that a lot of his contemporary investors in Hong Kong have also expressed interest to put in their money in Cebu.

At present though, his Chinese friends are investing in condominium properties here, following the introduction of Yeung's first venture into the condominium market called "128 Nivel Hills."

Although married to a Cebuana for several decades already, it was only in the recent years that Yeung decided to put big investments in Cebu starting with a development of a memorial park on Mactan Island while he was on vacation in Cebu to stay away from the Severe Acute Respiratory Syndrome (SARS) outbreak that hit Hong Kong in 2002.

From then on, Yeung observed the good real estate growth in Cebu, and several projects were then introduced by the company like the Bayswater Residential subdivision, also in Mactan.

At present, MSY Holdings has made its active participation in the real estate landscape in Cebu investing on different developments like the high-end condominium project in partnership with Cebuana Lhuillier Group of Companies led by Phillippe J. Lhuillier.

The P4.9-billion project held a ceremonial groundbreaking event early this week to officially start off the construction of the two posh and world-class condominium towers which is seen to change the skyline of Cebu and will stand as another important landmark for the city.

"Before Hong Kong was my home, and Cebu my second home. Now, I make Cebu as my first home," said Yeung, as his successful diamond distribution business in Hong Kong is now managed by his son Martin.

Yeung believes that the business is here and Cebu is a good site to start off an investment while positioning to part take the Philippines' expected turn of positive economic leap in the next few years.

MSY Holdings has also held an official topping off of its commercial building project called MSY Towers at the Cebu Business Park this week, taking advantage of the growing demand for commercial space, as well as residential units within the main business district in Cebu.

Yeung's real estate company has also set to start the expansion of its subdivision brand, the Bayswater-Talisay. Simultaneously, the company is set to open up its first resort venture called "Kandaya," situated in a 12-hectare beach property located in Barangay Agujo in Daanbantayan town.

The Diamond King hinted that the company will be introducing more projects in the coming years, although he said his focus now is to complete the projects the company is simultaneously introducing.

From the success of his international diamond trading firms Fairway Diamond Co. Ltd. and Simplexdiam Co. Ltd., both based in Hong Kong, Yeung has seen another gem of opportunity in Cebu, particularly in its real estate sector. /JMD (FREEMAN)