AboitizLand to expand Foressa, Amoa projects

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THE real estate arm of the Aboitiz Group is expanding its residential projects in Cebu on the back of strong sales take-up amid the lingering effects of the Covid-19 pandemic on the property market.

AboitizLand’s president and chief executive officer David Rafael announced in a virtual Cebu media briefing that they will be launching new phases for Foressa Mountain Town and Amoa starting this year.

Rafael said they saw a “substantial increase in sales take-up” for both brands even during the pandemic, faster than what they anticipated, prompting them to expand and launch new phases.

Foressa Mountain Town is a 250-hectare mountain resort project in Cansamoroy, Balamban. This multibillion-peso project was launched in April 2017.

“Before the pandemic, the way we market Foressa Mountain Town was we were targeting retirees. It is more of a second home because it is far from Cebu City. But with the work from home set-up, infrastructure developments and preferences of open space and healthy living, the Foressa market is changing. It is now being bought by buyers who are looking at it as primary residences,” said Rafael.

“The sales take-up in Foressa was much faster, and so we are in a situation that our inventories are almost down to zero. We don’t have a choice but to accelerate the expansion. We are developing another 50 hectares of land that will bring about 200 to 250 lots. We should be pre-selling in the fourth quarter of this year,” he added.

Amoa expansion

Launched in October 2015, Amoa, on the other hand, is a 60-hectare residential development located in Barangay Tamiao, Compostela, Cebu.

Rafael said, like Foressa, Amoa’s sales take-up also rose significantly amid the pandemic. From selling 10 units per month pre-pandemic, it is now selling 15 units per month in spite of a price increase.

Because of this, Rafael said they were forced to accelerate the development for the new phase. He said Amoa’s enclave 2 which will offer “choice cuts” will be launched in the middle of 2022. This new enclave will offer mixed house and lot and lot-only units of about 300 to 400.

Surpassing target

Rafael also noted that they are already preparing enclave 3 in anticipation of another round of robust selling.

“For this year, we are looking at surpassing our full-year target by 10 percent, delivering sales volume of P4.2 billion, which is a historical high for the residential business of AboitizLand,” said Rafael.

He attributed the strong performance to three property market trends which he believes would remain favorable to AboitizLand and would continue even after the pandemic.

Rafael said the work-from-home setup which forced people to relocate to areas where there are generous open spaces, non-stop buildup of infrastructure projects, and the rise of digital home-buying services are keeping the strong momentum of the country’s real estate scene. (KOC)

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