Developer sets ground works for retirement village project

CEBU, Philippines - Singapore-based property developer Syntech Properties, Inc., has started its documentary and ground works for the development of a 37-hectare Retirement Village in Balamban, Cebu.

This project, which follows the long been completed Syntech's flagship project in Cebu, the City Lights Garden Condominium in Busay, is going to target the "active" retirees primarily for local market, Overseas Filipino Workers as well as foreigners married to Filipinas.

Syntech Properties, which is one of the pioneering developers that introduced the condominium living in Cebu, the company partnered with the Gallego family to build the four-tower, 360 units condominium development started in 1997, is now going to pioneer the development of retirement village facilities in Cebu.

Syntech Properties, led by its director Janice Ngiam--Chong recently paid a courtesy call to Balamban Mayor Ace Binghay, also to initiate closer ties with the local government unit as the host town of their new project.

The company will initially develop the phase-one of the Active Retirement Community and Organic Farm, with 66 house and lot units. The project will run in the next eight years for the completion of the full master-plan.

The development will emphasize on green technology, in its entire development, and will also tap the local farmers to manage its organic farm through an establishment of a cooperative.

In an interview with Syntech Properties senior sales consultant, Anita Blanco, she said that the market has now started to move up and owning a house in a mountain is one of the in-demand "thing" of the growing affluent market,

She said aside from going home to a serene, peaceful place in Balamban, one of the attractive selling points of the property is the experience of traversing in a picturesque transcentral road going to the place, a more or less one-hour-and-a-haft drive from Cebu City.

The development will also put up other facilities that are needed in the legitimate retirement village such as clinic, retail joints, among others.

Syntech already started similar development projects in other countries like Japan and Australia.

Syntech Properties, in partnership with the Gallego family of Cebu, is one of the pioneers in developing condominium facilities in Cebu when it started to construct the two condominium Towers in Nivel Hills in 1997.

The company already invested a total of  P2.6 billion for the four condominium City Lights Gardens Condominium Towers, of which all 360 units have been turned over to owners.

So far, Cebu has yet to provide a "retirement village" facility, despite its fit and attractive environment as "retirees' haven."

In study released by commercial and real estate services firm, CB Richard Ellis Group, Inc, it showed that Cebu is yet to provide a proper infrastructure to capture the growing medical tourists.

This new Syntech Propertied project however, is primarily designed for "active" retirees. (FREEMAN)