Food exporter ventures into real estate business

CEBU, Philippines - The fertile real estate sector in Cebu has prompted exporter Justin Uy of Profood International Corporation to embark on a multi-billion-peso integrated mixed-used development in Mandaue City, initially to open up a shopping and entertainment mall called “J Centre”.

In a press conference held Wednesday, Uy said that the development of the three-hectare property along A.S. Fortuna, is just to jumpstart the bigger plan of the newly established EverJust Realty Development Corporation, to take advantage of the booming real estate market in Cebu.

The “J Centre” mall will take three stories of the envisioned 20-floor high-rise structure that will include a hotel facility, a convention center, and a state-of-the-art theater, and later an Apartelle.

 According to Uy, this development is a five-year plan and the mall component will be opened first this year.

To be opened on September this year, J Center will have SM’s Savemore as its anchor store, and will have a total of 200 boutique stores and restaurants.

Although it is positioned as “high-end” shopping and leisure destination, Uy said a good mixed of shops that offer affordable products and services that attract the huge middle-class market, said the company’s public relations and marketing consultant Karla Kintanar-Fernandez.

Uy mentioned SM Holdings, as his inspiration in entering into the potential real estate and leasing business, saying “we see big malls like SM as a partner for progress and not as a competitor.”

SM Holdings, and Uy’s company has been into partnership deals, not just with the upcoming opening Save More as anchor store of “J Center”, but also SM has existing partnership with Uy in its Consolacion SM facility.

The “J Centre” is a mixed-use development consisting of mall, hotel, served apartments and call centers that provide world-class service, among others.

At present, the company is negotiating with an international hotel chain for the establishment of a 300 to over 500 rooms, depends on the result of the feasibility study.

Harry Pow, the contractor of the project, said that the building can go up to over 20 stories, if the company decide to open up an over 500 room hotel facility.

Feasibility study for the hotel, as to how many rooms will be built, is still on-going, as well as the closure of a negotiation for a possible hotel operator partner.

The creation of Uy’s real estate development arm—the EverJust Realty and Development Corporation, would pursue the capitalist’s bigger dream to develop his available land-bank in Cebu.

He said part of the long term plan, is to enter in the development of a hospital that will cater the medical tourism market.

Uy said the good pool of medical professionals in the country, and the over-supply of nurses should be maximized, thus helping the “brain-gain” bid of the Philippines.

Aside from medical tourism facility, Uy also mentioned to enter into an establishment of Resort in the near future.

Uy is one of the most successful Cebuano processed food exporters in the country through the Profood International, which exports the dried mango, and other processed food products to other countries. (FREEMAN)