PROPERTY developer Pueblo De Oro Development Corp. has bigger plans for Cebu amid the pinch from the Covid-19 pandemic.
It will resume a more aggressive capital spending next year with a budget of P2 billion to develop its 20-hectare Carcar property into an integrated township development, Ronald Allan Uy, vice president and general manager of Pueblo De Oro Development Corp.-Visayas, said in an interview Friday, Oct. 8, 2021.
Of the P2 billion planned capital expenditure, P500 million will be used to fund the first phase of the development which will cover some five hectares.
“Real estate developers, particularly the residential sector, are actually bullish on the country’s residential needs, especially now that the country has vaccinated more than 25 percent of its target population. We also now have a new pill said to combat Covid-19 that is believed to be more effective, so there is no way for the economy but to bounce back and recover. That is why Pueblo De Oro is on the land acquisition and expansion mode, ready to capture the needs and demands of the market when everything normalizes,” said Uy.
Pueblo De Oro’s residential projects in Cebu are La Aldea Del Mar, Park Place, La Aldea Buena Mactan and La Aldea del Rio.
The company will also pursue further expansions for its 22-hectare Pueblo de Oro Cebu township in Babag II, Lapu-Lapu City.
Uy said it will build 270 duplex units for Park Place 2, utilizing some four hectares. Of the 22 hectares, the township has already used up 18 hectares with a total of 1,600 units composed of townhouse duplex units.
Uy added the company will also be building a mid-rise condominium in a four-hectare property still in Lapu-Lapu City, beside the Pueblo De Oro Cebu township.
“We will start with five buildings with a total of 1,100 studio units. It will be marketed to the affordable and affordable-high markets with prices ranging from P2.3 to 2.6 million,” he said.
Pueblo De Oro is also looking at viable locations in Cebu City for its condominium expansion.
25 years in real estate
Pueblo de Oro has been in the real estate business for more than 25 years. Its projects are spread across the country in Cagayan de Oro, Mactan and Lapu-Lapu, Pampanga, Laguna and Batangas.
Uy said in the next three years the company is earmarking P10 billion to P15 billion to fund various projects and land acquisitions across these sites.
The company started its real estate foray in Cagayan de Oro City with more than 400 hectares of land converted into mixed-use developments, commercial spaces, and residential and office spaces.
Uy said the company is committed to building more integrated townships to support the live, work, play, learn requirements of the present-day communities.
Pueblo de Oro Development Corp. is a member of the Investment & Capital Corp. of the Philippines (ICCP) Group, a mid-sized conglomerate engaged in two broad lines of businesses—financial services and property development and management.
ICCP is a leading boutique investment house operating in the Philippines. It was established 27 years ago with DBS Bank of Singapore, a Swiss group and several prominent business leaders in the Philippines comprising its shareholders. (KOC)