The four-year-old Geo-Estate Development plans to build on small lots and “non-prime” locations, an executive said yesterday.
“Right now, we are still focusing on the three-tower development, The Beacon. We have quickly sold out Tower 1,” Miriam O. Katigbak, president and chief operating officer of Geo-Estate Development, said in an interview yesterday.
The 42-storey Tower 1, which will have 1,059 units, will be turned over to buyers in the middle of the year.
The 46-storey, 1,315-unit Tower 2, which will be completed early next year, is already 90% sold out. Geo-Estate Development plans to launch the third tower this year.
Geo-Estate Development, which was formed in April 2006, is a management company offering services like master-planning, development, and construction supervision. It also has a sales and marketing force that deals with brokers and buyers.
The company is forming a property management company that will manage The Beacon Makati.
“The second project of Geo-Estate Development will probably be opened in the next few months in Cavite,” Ms. Katigbak said.
The house-and-lot project in Cavite will be followed by new projects in Cainta, Rizal and Valenzuela next year, she added.
Moving forward, the company is looking at building more projects on several lots in Luzon. “There are many land owners who do not have big tracks [of land]. Sometimes, they are not big enough for the big developers and sometimes what they have are in locations not prime,” Ms. Katigbak said.
“We can be the ones to help these land owners to get more value out of their properties,” she added.
Overseas Filipino workers’ remittances continue to fuel the property market, particularly the residential sector, she noted.
“Clearly, the market at the moment is residential with the growing population. Residential development is clearly where real estate should be focusing on,” Ms. Katigbak said.
She said northern and southern parts of Luzon have already become more accessible through the North Luzon and South Luzon expressways, allowing potential development in the areas.
In its next projects, the firm is looking at middle to high-end developments.
Ms. Katigbak said the economic segment requires a large scale given low margins.
Last month, the Makati government inspected 35 commercial and residential building projects in the city following an accident in a project of Eton Properties Philippines, Inc. that led to the death of 10 construction workers last January.
Ms. Katigbak said Geo-Estate Development was found compliant with the building code. Geo-Estate Development has 120 workers, of which around 40 are sellers. -- Neil Jerome C. Morales
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