Bene­dic­tos eye 6 projects worth P5B in three years

Cebu Daily News - - PROPERTY - By Cris Evert Lato-Ruf­folo

Cebu’s prop­erty wave con­tin­ues as more home­grown de­vel­op­ers line up projects and pour more in­vest­ments into the prop­erty sec­tor.

Th­ese real es­tate com­pa­nies in­clude Bene­dict Ven­tures Inc., who un­veiled the Be Res­i­dences on Wed­nes­day (Nov. 7), the first of six projects that will make up the firm’s P5 bil­lion in­vest­ment in the next three years.

The un­veil­ing of the Be Res­i­dences brand on Nov. 7, also marked Bene­dict Ven­tures Inc.’s en­try into the res­i­den­tial de­vel­op­ment mar­ket.

Man­ag­ing Di­rec­tor En­rilen Joy Bene­dic­toTan said they would be bring­ing to­gether their strengths in man­u­fac­tur­ing, leas­ing, and hos­pi­tal­ity ser­vice un­der Be Res­i­dences.

“It (Be Res­i­dences) has al­ways been in our longterm plan. But in or­der to do that, we saw the need to strengthen our ca­pac­i­ties in the hos­pi­tal­ity ser­vice, in in­te­rior out­fits, in man­u­fac­tur­ing. We took time to be truly ver­ti­cally in­te­grated so we can have a brand that we can be re- ally proud of,” she told in an in-

CEBU DAILY NEWS

ter­view.

Bene­dicto-Tan said they would be in­vest­ing a to­tal of P5 bil­lion over the next three years.

Within this pe­riod, they will de­velop five to six projects in Cebu City and other l oca­tions within Cebu prov­ince.

Th­ese projects will in­clude ver­ti­cal (con­do­minium), hor­i­zon­tal (sub­di­vi­sion/house-and­lot types) and mixed-use de­vel­op­ments.

The first project un­der the brand is Be Res­i­dences Lahug, an 18storey struc­ture that will rise on Lawrence Street in Barangay Lahug.

“We are fully com­mit­ted to this project in the same way that we com­mit­ted in our re­sort, ho­tel, our ce­ment man­u­fac­tur­ing busi­ness,” she said.

Bene­dicto-Tan said the pres­ence of Be Res­i­dences is also a trib­ute to lo­cal crafts­man­ship and in­ge­nu­ity.

As the Lahug project breaks ground within the first half of 2019, the com­pany ex­pects to em­ploy 500 to 600 in­di­vid­u­als cov­er­ing prop­erty man­age­ment, de­sign and con­cept, and con­struc­tion.

Lahug

Bene­dicto-Tan said Be Res­i­dences Lahug would be the first of a se­ries of con­do­mini­ums de­signed by the hands-on man­age­ment of the Bene­dicto fam­ily.

“This is a project that we are see­ing through from con­cept (de­vel­op­ment) to ground­break­ing to con­struc­tion. It is a prod­uct that we are proud and I know this is a prod­uct you will be proud to sell,” said Bene­dicto-Tan dur­ing the cer­e­mony par­tic­i­pated by busi­ness part­ners and sales as­so­ciates.

Be Res­i­dences Lahug is lo­cated be­side Cebu I.T. Park.

Bene­dicto-Tan said they chose Lahug as the site of the first Be Res­i­dences project be­cause of its prox­im­ity to the I.T. Park.

“There is a de­mand within the area to have a project be­cause of the ac­tive BPO (busi­ness process out­sourc­ing) in­dus­try ... de­mand from mil­len­ni­als, young pro­fes­sion­als need­ing a space be­cause of its prox­im­ity to work. It is near enough from I.T. Park but within a res­i­den­tial en­clave,” said Bene­dicto-Tan

Growth

Ri­cardo De Vera, lead con­sul­tant and speaker at the ASEAN Cen­ter of Ex­cel­lence, who de­liv­ered an eco­nomic talk to Be Res­i­dences part­ners, said this would dif­fer­en­ti­ate the project from other real es­tate de­vel­op­ments.

“The project is lo­cated side by side the fastest grow­ing busi­ness park in the most pre­ferred des­ti­na­tion,” De Vera said.

De Vera, a pro­fes­sor of the Ate­neo and De La Salle Grad­u­ate Schools, said the project had come at a time when Cebu had been ex­pe­ri­enc­ing sus­tained in­ter­est in res­i­den­tial de­vel­op­ments.

De Vera said res­i­den­tial de­vel­op­ment growth in Cebu would con­tinue in both ver­ti­cal and hor­i­zon­tal project port­fo­lios as land prices in­crease.

He said real es­tate growth in the Philip­pines would run for 10 more years as the Duterte ad­min­is­tra­tion would im­ple­ment its in­fra­struc­ture de­vel­op­ment agenda.

Home styles

Be Res­i­dences Lahug will cover close to 3,000 square me­ters of lot area.

It will have 600 units across four home styles cov­er­ing stu­dio (23 to 36 sq.m.), one-bed­room (36 to 56 sq.m.) and two bed­room units (48 to 74 sq.m.) along with gar­den suites (36 to 62 sq.m.), maisonettes (99 to 103 sq. m) and con­dovi­sion (136 to 144 sq.m.).

Unit prices ranges from P3.1 mil­lion for a stu­dio unit to P25.1 mil­lion for a con­dovi­sion unit.

It is sched­uled to be de­liv­ered on the sec­ond quar­ter of 2022.

Nova No­val, chief op­er­at­ing of­fi­cer of Be Res­i­dences, said they are tar­get­ing var­i­ous mar­ket seg­ments with Be Res­i­dences Lahug.

This in­cludes mil­len­ni­als and young pro­fes­sion­als, fam­i­lies, in­vestors and Filipino mi­grants.

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