REAL estate developer King Properties is earmarking P5 billion to fund its planned home office, condominium and house and lot projects in Cebu, Mandaue, Iloilo and Bacolod this year.
King Properties president Jason King said the expansion plan is driven by the perceived market recovery fueled by the vaccination rollout of the government and the declining Covid-19 cases in Cebu’s economy.
“We are still very cautious on what kind of projects to pursue. One thing is we have been getting signs of recovery, and new demand for offices has cropped up lately,” King told SunStar Cebu during the completion of the 22-story condominium tower Meridian by Avenir.
King said amid the slowdown in the economy, there is continued demand for condominium projects.
He cited the company’s upcoming projects in Mandaue City called The Highline Tower by Avenir, a 23-story small office/home office project with Building for Ecologically Responsive Design Excellence accreditation, Modena Minglanilla and other projects coming soon in Mindanao.
“We are in the business of house and lot developments, condominiums, mixed-use, home office and office buildings. We have some commercial properties as well, but we are putting those on hold so we are prioritizing other product brands that we have,” he said.
For its home office properties, King noted they gained a lot of popularity and demand mainly because of their flexibility.
“A lot of people are working from their home, and it’s not so easy to be able to do so based on their location. But when you’re in an ideal building such as Meridian, we have the right infrastructure and backbone in terms of internet, location and the right mix in order for the home office concept to happen,” he said.
Meridian by Avenir is located along Golam Drive, Brgy. Kasambagan, Mabolo. It has sold 275 units with only more than 20 units left. (JOB)