Realizing Cebu’s thriving business environment and the fast-paced changes in consumers’ lifestyles, a commercial developer sees the huge growth potential in focusing on boutique arcade developments.
Jeg Veg Realty’s chief operating officer Arlo G. Sarmiento said in an interview that after the official opening and blessing of their third commercial establishment known as The Gallery they are looking at the bright prospects of venturing into real estate developments within the city.
“There are a lot of lands in Cebu that are still to be developed; we are just waiting for the market to mature. We see more developments as an indicator that the market is maturing,” he said.
But Sarmiento said that their family-owned company is looking at the area of boutique arcade developments to take advantage of the growing and more empowered younger and middle-range market.
“We feel the demand for retail establishments and since we are learning the arcade concept so possibly we will be venturing into more of these types of developments. But it will depend upon the market and the needs of Cebu which keeps on changing. In these changes, entrepreneurs need to adopt,” said Sarmiento.
Jeg Veg Realty was also the developer of another boutique arcade called as One Acacia Place, near Ayala and the town house studio complex called as Blue Garden.
“Our family came from Cebu so our interest is in Cebu. We believe in the city and we believe that real estate is a great industry to enter especially with Cebu’s rapid growth,” he added. -- Rhiea de Pablo