Exporter invests P2-B on first housing project
Cebuano exporter Justin Uy through his real estate development firm, Everjust Realty Development Corporation, ventures into vertical residential projects.
The company unveiled Tuesday the creation of its residential development arm JIPROP Development Corp. to initially build the P2 billion J Tower Residences, which will be a10-storey residential tower to be situated within the JCenter area in Mandaue City.
Uy, who sits as the chairman of JIPROP expressed confidence of Cebu's fertile market for residential condominium units.
"Gone are the days when success is measured by the sizes of our homes," Uy said reasoning further that the young breed of consumers today have different perspective, and luxury and success means living in an integrated neighborhood where everything is within reach.
Everjust Realty is also the developer of JCentre, Toyoko Inn, and the owner of JPark Resort in Mactan Island.
This P2 billion project, which will become an iconic structure in Mandaue City will become the tallest building ever built in the city, said Mandaue City Mayor Luigi Quisumbing.
According to Uy, the J Tower Residences is the first of a series of high-rise or vertical residential developments the company will build in the next few years.
The J Tower Residences will have a total of 1,271 units that will be completed in three years.
Among other locations Uy is looking at for residential projects are other properties in Mandaue and Mactan Island.
"Not all Filipinos have houses," Uy said explaining that despite other developers building more residential condominiums, the market for housing will never run dry.