Coop mulls real estate investments

CEBU, Philippines- The Cebu CFI Community Cooperative announced that it will pour significant investments in the lucrative real estate sector in Cebu by building at least two subdivision projects this year.

In an interview with CFI founder and chairman Ezperanza F. Garcia, she said that the coop will make use of its idle properties within Cebu to boost the organization's coffer, taking advantage of the robust property sector.

According to Garcia, CFI will develop the coop's four-hectare property located in upper part of Cebu along the trans-central highway, and the 1.9 hectare land located in Minglanilla, Cebu.

These two residential subdivisions will be the coop's debut projects signifying its entry to housing segment in real estate sector.

Already, CFI had invested in the development of a 10-story CFI building in 1998 at the Capitol complex. which is now one of the significant contributors to the coop's revenue stream, through its leasing business.

This time, Garcia said the organization will join the bandwagon of local capitalists investing into the real estate sector, emphasizing that more than expanding its revenue stream, these residential projects will also help the growing coop members to avail of house and lot package, of which they are part-owners.

Aside from these properties that are up for residential development this year, Garcia said CFI will also draw up plans to make use of 42 other estates owned by the coop, acquired via foreclosures.

Garcia admitted that there is good investment return in the real estate sector nowadays. Aside from profitable lending and other businesses, members can expect good return of dividends if investments will be spread in other sectors like real estate.

At present, CFI has 85 thousand members, mostly are government employees from Cebu and other parts of the Visayas.

The 45-year-old cooperative, which is the fourth largest cooperative in the country, now has standing capitalization of P7.6 billion.

Recently, CFI opened five satellite branches in Luzon, alongside with its active move to tap the Overseas Filipino Workers (OFWs).  (FREEMAN)