Lack of property puts on hold developer’s township project

CEBU, Philippines - The lack of available property within Metro Cebu has impeded the plan of real estate developer Contempo Property Holdings Inc., to pursue a township project.

Contempo president and chief executive officer Beverly Dayanan however said that they are looking at other areas in the province for the plan.

Dayanan said the company aims to expand their reach and a township development is the most feasible project for Cebu at the moment.

Contempo Property is known for its affordable, but quality residential products, through its flagship project Bamboo Bay Resort Community situated within Cebu City, and subdivision brand the Sunberry Homes Inc.

"We might go outside of Cebu if we were to start off our township development plan. We cannot easily find a 25-hectare property here, which is the requirement to build a township," said Dayanan in an interview.

"Cebu is the 'apple of the eye’ of investors these days in real estate," Dayanan said explaining that local developers should be the one to capture the opportunity, before the outsider giants could make their position here.

Township development has become the biggest generator of growth for the major private real estate developers in the country today.

This type of property development features not just office towers. It brings together in the location residential condominiums, lifestyle malls, retail and commercial strips, open parks and even a transport hub.

Contempo Property Holdings, is wrapping up the completion of its close to a billion peso project Bamboo Bay Resort Condominium, following the official groundbreaking ceremony held recently to build the 12-storey third tower, which will provide a total of 268 condominium units.

Combined, the three medium-rise in the almost a hectare Bamboo Bay project, provides a total of 729 units, of which, only few are left for sale, Dayanan said.

In the next five years, Dayanan said her company is lining up more residential type of projects, (both condominium and subdivision), but project concepts will largely depend on the "current flavor of the market" and the location.

"Housing demand is parallel to economic development," she said emphasizing that Contempo will not only maximize the strong real estate buying appetite in Cebu for housing, but also in the commercial side, where integrated development, like township has become one of the desirable ventures for big and small property developers. — Ehda M. Dagooc (FREEMAN)