
Contempo Property Holdings Inc., a prominent property developer, celebrated the topping-off of its Bamboo Bay project located on Hernan Cortes St. in Mandaue City this Tuesday.
Chairperson and CEO, Beverly Dayanan, informed reporters during the ceremony that the company currently has no immediate plans for further expansion in Cebu, citing the saturation of condo projects in the area. “We aim to ease the market for the time being,” she stated. Dayanan highlighted the significant number of pending applications for Cebu projects lodged with the Housing and Land Use Regulatory Board 7 and Office of the Building Official, which influenced their decision to postpone additional condominium ventures. She also noted the intense competition among property developers targeting the mid-market segment.
Instead, Contempo intends to concentrate on regional expansion, although no specific timeline was provided. Emphasizing their commitment to Bamboo Bay, their inaugural project occupying a one-hectare property with three 12-storey towers, Dayanan expressed satisfaction with the performance of the first tower, which completely sold out its 229 units last year. She mentioned that the tower attracted interest from both local and foreign buyers, including individuals displaced by disasters in Bohol and Leyte.
Remarkably, the topping-off of the first tower was completed 25 percent ahead of schedule, according to Dayanan. The second tower, launched in mid-January, has already sold 20 percent of its 226 units.
Looking ahead, Dayanan revealed plans to establish a new company in the third quarter of the year, focusing on mass housing projects in Cebu. She noted the persistent demand for affordable housing in the province, drawing from her previous experience of five years with a mass housing company that successfully sold nearly 3,000 affordable house and lot packages.