Developer pursues plans with caution

Cebu-based property developer Innoland Development Corporation pursues expansion plans amid the pandemic, albeit cautious on spending what types of projects it will build going forward.

In a recent briefing, Innoland chief operating officer (COO) Charles Vincent Ong said that the company continues to build projects located in an existing masterplanned communities, as a complementary aspect of development.

He said while the vaccine is still expected to be deployed in the Philippines probably by third quarter of this year, the company is a bit careful in pursuing big ticket projects.

Innoland is interested to build projects in an integrated development, where in everything is there like retail, offices and residential facilities.

Ong added that while the business confidence as of this time is a bit low, government should put more stimulus to stir interest among capitalists, such as expanding financial assistance via inexpensive credit terms, among others.

Other concerns of pursuing investments as of this time, is the difficulties of getting necessary permits on time “as some in-charge do not report regularly to work.”

“Better they [LGUs] find contingency plans to provide un-interrupted service,” he said explaining that the erratic working schedule of people working for government agencies, make business continuity more difficult.

Innoland made its aggressive entry into real estate development industry in Cebu in 2010 with the introduction of the 26-story “The Calyx Center” as its flagship project.

Now it has several high-rise commercial and residential buildings in Cebu and Metro Manila.