■ TAFT MARKS 20TH YEAR WITH A VISION: P12B IN NEW PROJECTS IN 2-3 YEARS
Taft Property Ventures Corp. celebrated its 20th anniversary on Friday and assured it was looking to develop more in the coming years
Taft Properties celebrated its 20th anniversary with an announcement that it will build at least six new projects, worth a combined P12 billion, in the Visayas and Luzon in the next two to three years. Eric Tan, property development group head for Cebu, said the projects are driven by a combination of factors: a large unmet demand for housing, the availability of vast raw land outside the city centers, and government’s massive infrastructure development program. Taft celebrated its anniversary in its flagship condominium tower project, Horizons 101.
As it cements its footing in the real estate industry, Taft Property Venture Development Corp. (Taft Properties) announced it will build six new projects in the next two to three years.
These projects will be built in Visayas and Luzon, with an estimated inventory value of P12 billion, said Eric Tan, the company’s property development group head for Cebu.
“These planned projects will be a combination of vertical and horizontal developments,” said Tan at the sidelines of Taft Property’s 20th anniversary celebration in its flagship condominium tower Horizons 101 last Friday.
The strong demand for housing that has not been completely filled by property players, the vast raw land outside the city centers and the government’s massive infrastructure projects are some of the factors that drive the company to expand aggressively, said Tan.
“All of these economic activities are opening opportunities in the real estate business,” he said.
Since their entry into real estate in 1998, the Gaisano family has erected 12 projects, mostly located in Cebu.
In 2011, the company ventured into vertical developments through Horizons 101, which has sold out Tower 1 and has 85 percent of Tower 2 sold.
“We are looking at the next wave cities to advance the growth of the company,” said Tan.
He emphasized that there are still a lot of untapped areas even in the three biggest cities of the province. He said it is only a matter of figuring out which type of project fits the profile of the area.
“Taft Property for sure will be diversifying its real estate portfolio,” said Tan.
Moreover, the company officials announced that they will be offering 60 units of Tower 1 at Horizons 101 for lease. They will also open 250 units of Tower 2 into serviced apartments.
According to Tan, the company will be setting up an in-house management team to run the serviced apartment business.
Colliers International Philippines, in its latest market intelligence report, said the increasing deployment of overseas Filipinos from Cebu and nearby island- provinces is expected to sustain demand for hotels and serviced apartments, especially catering to the staycation market.
Jack Gaisano, Taft Properties chairman and president, maintains a robust outlook of the country’s real estate industry amid the trade war happening in the global market, which could negatively impact industries.
Gaisano pointed out that the country is benefiting from its demographic sweet spot, where the income of young professionals is fueling growth of industries like housing, retail, automotive, travel and tourism.
“With or without a trade war, the Philippines is a winner,” he said.
He explained that the ongoing clash between the US and China is opening opportunities for the country to host more factories that want to avoid the escalating clash of the two economic powerhouses.
One challenge Gaisano raised though is the hike in interest rates, which he also believes will be tempered by the central bank.
All of these economic activities are opening opportunities in the real estate business. TAFT PROPERTIES DEVELOPMENT GROUP HEAD ERIC TAN