Metro Gaisano property arm targets P12B inventory value
Gaisano-led Taft Property Venture Development Corporation has announced to build projects that will fetch at least P12 billion in inventory value in the next three years.
Visayas and Luzon regions are the focus locations of the Cebu-based property development company for expansion in the short term, announced Taft Property head for business development Eric Tan.The company, which will be celebrating its 20th anniversary this year, recently entered the Luzon market via condominium and residential developments. It continues to make Luzon as its growth area, in addition to its active development moves in the Visayas.
Taft Property plans to build six more projects in three years, these are estimated to worth P12 billion in inventory value.
Of the 12 projects built by the company over the years, three of which are located in Manila and Luzon areas. The rest are mostly located with the Metro Cebu.
According to Tan, the company is bent on diversifying its project portfolio, from largely residential, to commercial, office and hospitality.
Tan added the government’s active stance in pursuing the build, build, build program also fuels in the company’s strong confidence in the property market in the country.
“We are looking at the next wave cities to advance the growth of the company,” Tan said adding that there are still areas in the country, especially in Luzon and Visayas that are untapped.
While the confidence is there, the company is also doing its assignment in identifying, which type project that fits in a particular area.
Taft Property’s biggest project so far is the creation of the high rise enclave of towers along Mango Avenue, called Horizons 101, built in 2011.
Tan reported that Horizons 101 first tower units have already been sold out, and Tower 2 is already 85 percent sold.
In 2015, Taft Property, together with its partner Hong Kong Land launched the 20-hectare township project called "Mandani Bay" at the Mandaue, North Reclamation Area.
It also has several condominium pocket developments within the metropolis, such as the Symfoni Residential condominium at Guadalupe, and several vertical developments in Mactan Island.
Taft Properties, shares the strength and stability of Metro Gaisano retail chain, its sister company, both of which form part of Vicsal Development Corporation. —