Benedictos eye 6 projects worth P5B in three years
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
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.
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
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.
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.