CEV partners with Norkis in P1.4B worth of projects

Cebu conglomerate Cañedo Equity Ventures (CEV) has partnered with motorcycle maker Norkis Group to develop key projects worth P1.4 billion.

Big development projects are in the pipeline as two Cebu companies forged ties to develop a residential project and a memorial park project in Compostela town, Cebu.

CEV's real estate development arm Philippine Paramount Property Ventures lnc. (PPPVI) will develop the housing project.

The two firms sealed their partnership on Monday.

CEV said the partnership is key to its strategy to address the housing backlog catering to the rising middle class from OFW remittances and BPO workers.

"Compostela used to be a small and quiet town. Then the Cañedos came with all their ideas and development projects. All these that can make noise," said Norkis Chairman Norberto Quisumbing.

Motorcycle manufacturer and distributor Norkis is seen to benefit from its horizontal, vertical and mixed-use development projects with CEV.

First project on the pipeline is a residential project in the northern Compostela town, which will be launched by the last quarter of the 2017.

PPPVI cites Compostela as the best place to expand.

"An indication is the planned developments of the third class municipality to become a high growth area in Metro Cebu coupled by the high population growth of 2.27 percent per annum," said Rey Maribao, vice president for business development of CEV.

Norkis will also soon partner with CEV's memorial parks development company, Celestial Meadows and Developers Corp (CMDC).

PPPVI and CMDC will be the land developers of the said two projects that are to be constructed in the Norkis' properties in Compostela.

With this, Quisumbing is optimistic people can see a more progressive Compostela in the future.

CEV Chair Filomena Cañedo, for her part, said her company looks to work with Norkis for projects in Compostela and other parts of Cebu.

CEV is a Minglanilla, Cebubased company and has interests in real estate, parks and memorial, construction, food, training and education.