A Cebu residential development and a memorial park project worth P1.4 billion is expected to bring more economic progress to Compostela town, a third class municipality 31.6 kilometers from Cebu City.
This developed after a Minglanilla-based conglomerate, Cañedo Equity Ventures Inc. (CEV), and the Mandaue-based Norkis Group of Companies (Norkis) have partnered to develop the 10.6-hectare lot in Barangay Cogon, Compostela town, into a residential community.
Both projects are expected to be launched next year and will be completed in phases. Phases one and two of the project are scheduled to be completed in 2019 while the third phase will be done in 2020.
Abelardo Cañedo Jr., president of Paramount Business Center of Philippine Paramount Property Ventures Inc. (PPPVI) said they had chosen Compostela as the place to invest P1.2 billion worth of projects in partnership with Norkis.
“We see Compostela as another potential place,” Cañedo said.
PPPVI and Celestial Meadows Developers Corp. (CMDC), Cebu real estate companies of CEV, will be the land developers of two big projects that will be constructed to the Norkis properties in Compostela.
“PPPVI capex (capital expenditure) is pegged at P1 billion for the residential land development and the house construction — (a) total of 543 housing units mostly single detached homes,” Cañedo said.
CMDC will construct the memorial park having 13,000 garden lots, which is estimated to cost to P200 million.
“Compostela used to be a small and quiet town. Then the Cañedos came with all their ideas and development projects. All these that can make noise,” Norkis chairman Norberto Quisumbing Jr. said in a statement.
Rey Maribao, vice president on Strategic Corporate Planning and Business Development of CEV, said Compostela is the ideal place for PPPVI to expand.
“An indication is the planned developments of the third class municipality to become a high growth area in Metro Cebu coupled by the high population growth of 2.27 percent per annum,” Maribao said.
Emmanuel Victor Estrella, senior vice president of PPPVI, said this was the first time of CEV to set its projects in the north, since the company also has projects in Minglanilla town in southern Cebu.
“We see the market is growing there,” Estrella said referring to Compostela. He said he believed the project would help promote and give value to Compostela.
The company planned to expand outside Cebu in 2019, Estrella said.
“We are concentrated in the south of Cebu City. We are increasing our presence in the north of Cebu City, and in 2018 we will enter Cebu City.” he said.
Abelardo Cañedo said that aside from the Compostela projects, they also have the Segovia South Villas in Valladolid, Carcar City in southern Cebu which is to be completed in 2019.
The firm also has The Links, a horizontal project in Barangay Marigondon, on Mactan Island.
Jessa Mae O. Sotto | Cebu Daily News | October 2, 2017