HOMEGROWN developer Be Group of Companies commenced Tuesday, Nov. 9, 2021, the construction of its latest venture in Mactan Island—the 19-story Balay by Be Residences located along the stretch of the Punta Engaño road in Lapu-Lapu City.
The project with 452 resort condominiums, composed of studio, one and two-bedroom and yarden (garden) units, is expected to be completed by the fourth quarter of 2023.
These units have been fully sold out, according to Be Group president and chief executive officer Grand Benedicto.
“This project is a very, very successful project. We are surprised at the success of the project. We are coming in here building with almost everything sold. So it’s really very strong,” said Benedicto.
The group started its pre-selling activity for Balai two months before the first wave of Covid-19 induced lockdowns took place in the country. Despite that, it booked impressive sales.
Benedicto attributed the fast sales take-up to the location, design, convenience and pricing of Balai units, allowing the group to provide an affordable option to property buyers who want to own a piece of investment in one of Mactan’s top-tier addresses.
Benedicto described the Punta Engaño stretch as a “billionaires’ row” because it houses global resort brands like the Shangri-la’s Mactan Resort and Spa, Mövenpick Hotel Mactan Island Cebu, Be Resort Mactan, Sheraton Cebu Mactan Resort and Dusit Thani Mactan Cebu Resort.
Balai is the company’s second project in Mactan and the second project under the firm’s residential portfolio.
Even with the Covid-19 menacing the global economy, it was a different turn of events for Balai.
“We didn’t change anything. The project is pandemic-ready. Nothing has changed. We didn’t have to tweak this and that,” said Benedicto, referring to the design elements of the condo tower.
“During the height of the pandemic, it was Balai that was selling so well. We couldn’t feel that there’s a pandemic because we were still able to sell units. We survived and we survived well because of Balai,” said Nova Noval, the group’s chief operating officer.
She noted that 90 percent of the unit buyers of Balai are from the local market.
Real estate stable
The housing market has remained resilient in Cebu because of the large unmet demand for housing. The change in market preferences like buying properties far from the city center has also been amplified.
“The real estate industry is one of those that remained stable, unlike other businesses such as tourism, which has been badly hit,” said Benedicto.
Following the success of Balai, Benedicto said they are considering options to replicate the same project in areas where the family has a landbank.
Balai boasts of amenities like the “Dayon” (welcome), a kiddie and lap pool, sunken lounge, wet deck, indoor and outdoor shower rooms and “Tapok,” (gather), an activity or performance stage, lounge area, semi-covered community space, and a non-active multi-purpose area ideal as a meet-up space or mall events.
It also has work spaces, semi-covered community space, and non-active multi-purpose area for home work and outdoor study dubbed “Obra” (work) and “Duwa” (play), a semi-covered playground, creative nooks, multi-function halls, area for events and outdoor activities.