Property firm spending P2 billion for expansion, new projects

MANILA, Philippines —  Property developer Pueblo de Oro Development Corporation (PDO) is setting aside at least P2 billion for expansion and new developments in Cebu.

Fuelled by the economic recovery in Cebu and the country after the COVID-19 pandemic and typhoon Odette, PDO-Visayas vice president and general manager Ronald Allan Uy said the company will strengthen its foothold in the mini township or integrated developments in Cebu.

Uy said despite the competition, the market potential in the province shows encouraging movement.

Part of the funds for this year’s capital expenditure (Capex) will be spent on the development of a four-tower condominium project, the “Pueblo de Oro Storeys,” which is situated within the 27-hectare Townscape Mactan in Barangay  Babag, Lapu-Lapu City.

This new development which is scheduled to start construction by the fourth quarter of this year will provide 450 residential condo units, priced from P2.5 million to P3 million.

The Pueblo de Oro Storeys project is an additional residential brand within the township, which already houses three residential subdivision brands, namely La Aldea del Mar Cebu (1,517 house and lot units), Park Place 1 (480 units) and Park Place 2 (244 units).

Recently, the company unveiled its three-level commercial hub named Pueblo de Oro Townsquare. The retail strip hosts a 24/7 convenience store, fashion boutique, pharmacy, salon and wellness center, restaurant and café, and laundry service.

The commercial hub intends to beef up the economic activities within the township, as well as provide access to basic needs in the neighboring communities.

"This not only saves time and money for the residents but also supports the local businesses and economy,” explained Uy, adding that the company’s robust expansion plan in Cebu is attributed mainly to the sustained inflow of OFW remittances, which is expected to boost the real estate sector, as well as retail business, as the economy is healing from the bruises of the pandemic.

PDO also is simultaneously building a townhouse development in Carcar City called Pueblo de Oro Townhomes Carcar. This is a 10-hectare development that will have nearly a thousand houses and lot units located in Canasujan, Carcar.

The Carcar project will be formally introduced in the first quarter of 2024.

"Developers are bullish on the market but are also prudent in spending. We are all racing to bounce back but we are also moving cautiously,” Uy said.

PDO,  a member of the ICCP Group, a mid-sized conglomerate engaged in two broad lines of businesses—financial services and property development and management, is also building up its presence in other countries where most Filipinos are working and residing.

To date, PDO has sales offices in the United States, Singapore, United Arab Emirates, Canada, Japan, and New Zealand, among other remittance source countries of the Philippines.

Based on Bangko Sentral Ng Pilipinas (BSP) record, personal remittances increased by 3.6 percent to a record high of $36.14 billion in 2022.

Uy believes that remittances will continue to be a major demand driver for affordable to mid-income residential units with prices ranging from P1.6 million to P6 million.

Pueblo de Oro is the real estate arm of ICCP Group, which has stakes in investment banking, venture capital, industrial estate development, township development, and exposition facility complex management.