Wednesday, July 9, 2008 [ philstar.com ]
Cathay Land Inc., an upscale real estate development firm owned by businessman Jeffrey Ng, remains upbeat on the country’s property sector and is even eyeing a 10 percent sales growth this year amid a difficult economic environment.
Ng, president of Cathay Land, said the company’s sales remain strong despite the slowdown in the economy weighed down by rising gas prices and a weakening peso.
“There has been no slowdown in our sales. We are confident of achieving our sales target which is at least 10 percent higher than the previous year’s sales. We start land development and construction before we even start selling,” he said.
Ng said new developments will continue to rise within its flagship project – the South Forbes Golf City which is sitting on a 500-hectare property in Sta. Rosa Laguna.
Cathay Land has allotted P6.75 billion this year for the construction of 10 new projects with an estimated combined sales value of P12.5 billion.
Residential clusters to be launched at South Forbes include the 15-hectare Thai-inspired Phuket Estates, the 30-hectare Italian villa style Castel Romana, the modern Singaporean-inspired Sentosa Heights and the Hong Kong Chinese style in Victoria Peak. Fairway lots range from 500 to 1,400 square meters and will initially sell at P19,000 square meter.
Also to be constructed are two new condominium cluster projects – the Asian modern Fullerton with office units on the lower levels and the Art Deco Miami Delano.
Cathay Land recently signed an agreement with Edification Properties Holdings Inc. (EPHI) to build a university campus within South Forbes Golf City which will have modern facilities and equipped with fiber optic connectivity to ensure that the future potential applicants and enrollees will be educated and trained on international standards.
_____________________________________________________________________
