New property developer to invest P1B in Cebu project
CEBU CITY, Feb. 9 (PNA) - A new player in the real estate industry will invest some P1 billion for projects in Cebuano.
Charles Vincent Ong, chief operating officer of Innoland Development Corp., said there is a full demand in the Cebu market.
"We have seen that there is a room to grow in the real estate industry for the long term," Ong said.
Ong said the company already has three projects in the pipeline.
One of the projects is expected to be launched before the May 2010 elections.
Ong added the company will focus on developing residential and commercial spaces.
He
declined to disclose details on the company's first project, but said
the company will re-invent real estate products in response to new
market opportunities.
"The
projects in line are going to be different as they would target the
market with sophisticated lifestyle," said Tetta Baad, Innoland
Marketing and Sales consultant.
She added that the new projects to be implemented will also push for green initiatives.
"We will also introduce to Cebu the 'green building'," Baad said.
Innoland
Development Corp. is owned by the Ong family, who also owns TGU Towers
in Asiatown IT Park, Ong Tiak Building on Gen. Maxilom Ave. and
Synergies Building in Barangay Mabolo.
Innoland
was established on Sept. 2, 2005. It is registered with the Securities
and Exchange Commission with an initial authorized capital stock of P20
million. The company is registered as an Ecozone Facilities Enterprise
with the Philippine Economic Zone Authority.
TGU Towers, which was launched Friday, already houses 20 companies.
"These
are mostly companies looking for business expansions. And we expect
that the building will be a full house in the middle of the year," he
added.
TGU Towers is reportedly the biggest commercial building in Cebu in terms of gross floor area.
Ong said the projects the company will develop will surely boost economic activities in Cebu as these would generate jobs.
With their new project, Ong said the company will need an estimated 350 workers in the construction phase. (PNA)
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