AppleOne to spend P8B on 5 new projects
Robust tourism and improved purchasing power among Filipinos, are prompting property developer AppleOne Properties Inc. to expand its portfolio by developing more mixed-use projects next year.
The company sets to spend an estimate of P8 billion for at least five mixeduse developments that will see two branded hotels rise on Mactan Island and in Cebu City, as announced by AppleOne president Ray Go Manigsaca.
At a press conference, Manigsaca said the company is bullish of the property development industry, coupled with the hypergrowth of tourism. However, what remains to be a challenge is the availability of properties within and even outside of Cebu.
Following its successful partnership with Starwood Hotels & Resorts (now Marriott International Inc.) through the P4-billion The Sheraton Cebu Mactan Resort, Manigsaca said the company is now negotiating with two branded hotel chains to manage the two hotels the company is building starting 2019.
The planned mixeduse project in Mactan will be situated on a 7,500-square meter property.
According to Manigsaca, the company is more bullish on Cebu market, although some other neighboring provinces have also been showing good potential.
Ray Patrick Manigsaca, assistant vice president for business development, said the company is catching up with the market pulse or the current demand.
“We aim to boost the company’s real estate portfolio,” said Ray Patrick, the eldest of Manigsaca family, who is now joining the business.
Ray Patrick believes that commercial development is another growing business segment in real estate.
AppleOne started its commercial-retail leasing diversification with its partnership with CityMall Danao, a joint venture with entrepreneur Edgar “Injap” Sia II of the DoubleDragon Properties.