CEBU, Philippines – The real-estate arm of the Metrobank group of companies will soon enter the real estate market of Cebu before the end of the year.
Federal Land vice president for sales and marketing division Zenia K. Sy said that the company plans to pursue a high-end development in the province to tap the triple A clients of its sister-company, Metrobank.
"We hope to come back and finalize the location of the development by the end of the year," she told The Freeman on the sidelines of its Investors' Night last Wednesday at the Marco Polo Plaza Hotel.
To date, Marco Polo, formerly Cebu Plaza Hotel, is the only real estate property owned by Federal Land. Cebu Plaza Hotel was closed in March 2003 after it was turned over to Metrobank as payment for the loan of its original owner, the Pathfinder Holding Philippines Inc., whose debt to the bank amounted to over P900 million.
Meanwhile, Sy said Federal Land has felt, through its sales performance, the return of investor confidence to the country's economy after the success of the country's first automated election.
"The wait-and-see attitude of investors is already finished. Our sales performance in the last two months is by far the highest for the year," she said.
Federal Land hosted an Investors' Night in Cebu to introduce the tower 2 of its high-end condominium development in Makati, The Grand Midori Makati.
Sy said the Cebuanos form part of an important market of Federal Land, saying the company was able to sell P100 million worth of sales for tower 1 of the same project.
"This is why we are here because we want the Cebuanos to (have the first crack) of the project," she said.
Grand Midori Makati is a joint project of Federal Land and Orix Corp., an integrated financial services group whose contribution includes international experience and financial expertise.
Located in Makati , the property is a "blend of Filipino ingenuity and Japanese discipline creating a visual symphonic harmony a haven of modernity."
Some of the hotel's amenities include a Kai pond, indoor day-care center,multi-purpose hall, children's swimming pool, fitness center, game and entertainment room and an outdoor children's playground.
Tower 2 offers 344 three-bedroom, two-bedroom and one bedroom-unit. (THE FREEMAN)