Developer aims for middle

By Katlene O. Cacho

CEBU’S list of residential developers keeps on growing, with the addition of Contempo Property Holdings Inc., a new developer that wants to focus on affordable vertical projects.

Beverly Dayanan, Contempo’s president and chief executive officer, said in a press conference Thursday that Contempo will address the “market gap” in the housing industry, specifically for the middle-income market segment.

Dayanan, who is also the president of ProHomes Development Inc., believes the new company would be able to provide “more than the usual concept of residential projects” here.

Contempo has an authorized capital stock of P100 million and was registered with the Securities and Exchange Commission last February.

Range: P1.5M to P1.8M

The company’s flagship project sits on a one-hectare property along H. Cortes St. in Mandaue City. It will have three residential condo towers with close to 800 condo units, whose completion is targeted within four to five years.

“We will be spending close to P1 billion for the development of this complex,” she said.

Dayanan declined to further disclose details of the project but said 50 percent of the development is dedicated to amenities.

She also said the condo units are priced within the range of P1.5 million to P1.8 million.

Tetta Baad, Contempo’s marketing and sales consultant, said the projects will be market-driven.

“We did a consultative study to pinpoint the best features that the Cebu market likes,” she said.

According to Baad, the top three factors that the middle-income market looks for in a condominium product are its affordability, accessibility to public transportation, and accessibility to destinations like schools and malls.

“The location is already given, but this middle-income market looks for a product whose price is within their reach, has affordable monthly amortization and low down payment amount,” she explained.

The company is set to launch the entire project this year, including its first condominium tower.

The National Economic Development Authority (Neda) 7 said construction and real estate activities in the region will continue to flourish this year, driven by the strong demand in the BPO and tourism industries as well as surge of overseas remittances.

Neda 7 said the strong interest shown in residential units, especially condominium units in urban areas, is also a result of the aggressive promotion of Cebu as a second home.

Published in the Sun.Star Cebu newspaper on June 16, 2012.