MANILA, Philippines - The Rebisco Group of Companies of biscuit magnate Jacinto Ng Sr. is shoring up its presence in the real estate sector by building more housing projects catering to the middle and low-income markets as well as venturing into tourism related developments.
Jacinto Ng Jr., treasurer of Rebisco Biscuit Corp., said the group is looking to acquire properties in Alabang, Cavite, Rizal, Laguna and Bulacan for development into house and lots to help reduce the huge housing backlog in the country and capitalize on robust remittances from overseas Filipino workers.
“We want to take advantage of the huge pent-up demand for affordable homes. So we’re beefing up our landbank and looking at properties mostly in Metro Manila and key cities outside the metro,†Ng said.
The Ngs, through Earth+Style Group, develops suburban housing communities for the middle-income market and large overseas Filipino workers market.
Another subsidiary, Extraordinary Group has been socially committed to serving the low-end segment of the market, offering one of the most affordable price for a decent single family house and lot in the metropolitan market at around $8,000 and financed for 30 years with partnership with various government-led home financing institutions.
While the Ng family owns a stake in the Sy-led leisure and gaming firm Belle Corp., they are also keen on developing leisure-oriented projects on their own as well as boutique hotels to capitalize on a booming economy and the expected rise in tourist arrivals in the country.
“We’re looking at the usual places like Cebu, Bohol and Palawan,†he said.
Ng said they were approached by a Malaysian group for a possible joint venture involving a hotel project but noted that discussions were largely exploratory.
The Ngs owns Oakwood Premier Joy Nostalgia, a hotel/service apartment property located in Ortigas.
Their main business interest is in the food, snack and confectionary business through flagship firm Republic Biscuit, which started from a tiny rented second-hand factory and with a meager seed capital of $5,000.