A REAL estate development firm owned by Filipino and Australian investors has poured in a A$70 million (about P2.6 billion) for land acquisition and construction of real estate projects in Cebu during the past 18 months.
Nashat Satar, director and stockholder of Vestahomes Commercial Inc., said they are taking an aggressive stance by buying more land and building more projects amid the Covid-19 pandemic.
“(We are) very aggressive. This is where it’ll get the Philippines out of recession very fast because the government is focused on building the infrastructure. And that will generate a lot of work,” he said.
Satar said they continue to have an upbeat outlook on the recovery of the real estate industry within 12 months.
He said the rising middle-income class in the country is very attractive to investors, describing it as the “vein of every economy.”
Vestahomes Commercial Inc. is a real estate developer in Cebu City owned by a powerhouse of Filipino and Australian investors with over 20 years of experience that joined together to develop projects that are a collaboration between Filipinos and Australian designs.
The firm has a sister company, Vesta Homes, based in Sydney, Australia. It currently employs 300 workers, one of the largest Australian employers in Cebu, Satar said.
The company has seven separate projects including commercial and residential towers.
“We always try to bring something that no one has created and bring in our experiences in real estate and development. We also want to bring a brand-new concept to the Philippines,” he said.
Vestahomes has an ongoing project, the 310-condo-unit Le Menda Residences in Barangay Busay in Cebu City, which Satar said is 80 percent sold, and the 348-condo-unit Le Menda Residences in Nivel Hills, Barangay Lahug, Cebu City.
The Busay project is slated for turnover in the fourth quarter of 2022, while the Nivel Hills project is scheduled for completion in February 2027.
Satar said they are also planning to erect Vesta Towers in Barangay Hipodromo, Cebu City.
It will have three connecting towers similar to those mixed-use tower designs in Singapore, Kuala Lumpur and Guangzhou, China.
The project will have commercial, residential and hotel spaces targeted to middle to high-income markets. Vesta Towers is just walking distance to Cebu Business Park.
“The difference between us and other developers is our experience of delivering high quality (projects) at very affordable prices,” he said, adding that they offer furnished and fully finished units.
Besides growing in Cebu, the company has two projects in the pipeline, one in Panglao, Bohol and one in Bacolod, Negros Occidental.
Satar also disclosed that they are planning to build a township project in southern Cebu.