Philippine estate group plans more housing projects in Cebu

Philippine Estate Corporation, the Gatchalian Group's real estate arm, plans to invest more on developing more residential subdivision projects in Cebu.

Currently, the company is developing the 40-hectare Pacific Grand Villas in Mactan Island, now on its Phase 4, said Philippine Estate Corporation (PHES) president and chief executive officer Elvira A. Ting in an interview.

Aside from the Pacific Grand Villas subdivision development, which is targeted for the middle-range market, the company has also introduced a small-packet residential package for young professionals called Pacific Town Homes that offers about 60 houses within the 40-hectare property.

Aside from its project expansions in Luzon, the company is now looking closely at the Visayas specifically Cebu and Iloilo for more real estate development projects, Ting said.

In the next few years, another four residential projects for Cebu is already in the pipeline. This time, the development will be more on attracting the upper middle-income market, she said.

PEC executive vice president and chief operating officer (COO) Kenneth T. Gatchalian also said that the company is still seeking for other potential properties within their preferred sites in Cebu, to increase the upcoming project packages.

Both Ting and Gatchalian refused to say however, which part of Cebu is the company's preferred site for investment, either in the north-side or southern part.

Since 1997, when the company opened its first investment, the Pacific Grand Villas, and later the Pacific Town Homes, Ting said PEC had already invested about P500 million in these project developments.

This publicly listed company recognized the strong economic growth in both Cebu and Iloilo in the Visayas. In Iloilo, PEC has 100-hectare property that is now being developed as integrated mixed-use property called Jaro Grand Estate, the company has already invested about P300 million so far for the development of the entire property.

The company earlier announced that it is buying more properties as it aims to secure new market segments by pursuing projects such as leisure homes, retirement villages, and commercial district segments. PHES said they would allot P200 million for its land banking activities.

PHES identified Bulacan, Pampanga, and Subic-Clark-Tarlac areas as their expansion sites.

Gatchalian added that PHES also considers developing a vacation home facility in Mactan Island, but declined to give more details on this plan.