MANILA, Philippines - Taft Property Venture Development Corp., the real estate arm of Gaisano family, plans to expand in the Visayas as it looks to develop more projects catering to the low income market segment.
Christopher Narciso, president and COO of Taft Properties, said the company’s thrust moving forward is to construct housing and affordable condominium projects to help address the country’s housing backlog.
Narciso said the company is making its foray into the affordable segment of the market through its medium-rise Symphony Residences in Guadalupe.
“The reason why we’re expanding in the affordable segment is because that’s where the need is. We really want to help in satisfying the need for Filipino homes. So expect more of those to come,” Narciso said.
“Every year because of population growth, 300,000 is added to the demand. You have the unserved plus you have the new ones,” he added.
Taft Property is expecting sales of P600 million from Symphony Residences which will begin construction this fourth quarter and be completed by the middle of 2017.
With its move to diversify its portfolio to include affordable housing, Narciso said the company is also looking to expand in other areas in Visayas outside its home turf of Cebu while also continuing to boost its operations in markets where it is currently present.