Benedicto-led property firm launches first condo venture

CEBU, Philippines — Family-owned Enrison Holdings Inc., the company behind the Be Hotels and Resorts, is set to build its maiden residential condominium project in Cebu City as it sees a continued strong demand in the property market.

Company president Grand Benedicto said in an interview yesterday this is one of the projects lined up in the company’s expansion in the next 3-5 years.

The official said the company has allotted at least P5 billion for the expansion as it looks to launch 5-6 more projects in the next three years.

The 18-storey Be Residences, the firm's first condo project launched yesterday, is planned to start construction next year and will be completed in 2-3 years, Benedicto said.

The project is located in St. Lawrence St., Lahug, Cebu City -- beside the bustling Cebu IT Park.

He believes Cebu’s property market remains strong.

Nova Noval, chief operations officer of Be Residences, also pointed out there remains to be so much potential in Cebu’s property business.

"We're not yet on the saturation point," she said. "There is still a lot of areas potential to be developed."

Noval noted that demand for condo has continued to increase as market preference shifts to vertical developments with the rising land prices in the metro area.

"Land is becoming expensive. Demographics are changing," she said.

Noval cited that Cebu’s property market continues to get buying interest from returning overseas Filipino workers, migrants from neighboring provinces, locals and foreigners as well.

The Cebu-based property developer is involved in various businesses including furniture and cement.   

Its first venture in the hospitality industry is the three-star Be Resorts on Mactan Island, Cebu.

It also operates the five-star Be Grand Resorts Bohol at a sprawling five-hectare beachfront property on Panglao Island.