Taft exploring hospitality projects
Cebu-based Taft Property Ventures Development Corp. is exploring opportunities in the hospitality industry.
While there are no concrete plans yet, Eric Tan, the company’s property development group head for Cebu, said putting up a hotel is part of the management’s discussion plans on what new projects to offer in Cebu.
“For sure we will diversify our real estate portfolio,” said Tan. “We are looking at new projects.” According to Tan, they are currently studying what type of project to erect in the property adjacent to Horizons 101.
He said if the management decides to develop it into a hotel, they would be open to a possible partnership with international brands.
Should this plan materialize, Taft Properties would join other homegrown developers that have partnered with foreign hotel brands—Cebu Landmasters, Inc. with Ascott and Radisson Red; AppleOne Properties with Starwood Hotels and Resorts Worldwide; Grand Land with Dusit Thani Group; and Tanchan Corporate Group with Marriott (Courtyard)—while still serving the housing needs of the country.
According to Tan, the Tower 1 of Horizons 101 is already sold out while Tower 2 is 85 percent sold. Some 250 units of this tower will be offered as servicedapartments.
In its latest release, Colliers International Philippines that the county’s leisure sector is enjoying a boost following the completion of the second terminal of Mactan-Cebu International Airport (MCIA).
“We believe that the potential surge in arrivals is enticing local and national hotel developers in Cebu to ramp up construction,” Colliers said, in a statement.
Since their entry into real estate in 1998, the Gaisano family has erected 12 projects, mostly located in Cebu.
The company has also entered into a joint venture partnership with Hongkong Land to build Mandani Bay, a 20-hectare mixed-use development currently under construction in the North Reclamation Area in Mandaue City.
It likewise entered into joint partnership with AyalaLand Inc. for the development of the 14-hectare Seagrove, an integrated resort project in Punta Engaño, Lapu-Lapu City. /