Last March 2016, Johndorf Ventures Corp. (JVC), a Cebu-based developer, has announced that it will be launching another real estate project in Cagayan de Oro City. The project, which is named Montierra Subdivision, will open 600 new homes for middle-class families in the city. In a recent gathering, JVC has already introduced their upcoming project to more or less 300 agents and brokers, right after getting their license to sell from the HLURB or Housing and Land Use Regulatory Board.
According to Michele Chiu-Bacungan, JVC Sales and Marketing Manager, the Montierra project will be officially launched in April with a special event at the site in Balulang. However, prior the official launch, Johndorf will be holding a pre-selling activity at Mallberry Suites in Limketkai Center. For this project, JVC has allocated a total of PHP 6 Million. Once finished, Montierra will be a master-planned residential community featuring two-storey Asian townhouses located near Cagayan de Oro’s commercial hub.
Johndorf Ventures Corp. isn’t the only real estate developer that will be launching projects in Cagayan de Oro this year. As a matter of fact, Italpinas Development Corporation (IDC) – the country’s premier developer of sustainable homes – is also set to launch Primavera City during the second quarter of 2016. Primavera City is IDC’s follow-up project to their successful and multi-awarded Primavera Residences, which has been praised internationally for its luxurious design and eco-friendly architecture.
The new project will be built at Pueblo de Oro Business Park, one of Cagayan de Oro’s commercial districts. For this project alone, Italpinas has allocated a total of PHP 653 Million. IDC is considered as a major player in the city’s real estate sector; the company specializes in green building design and sustainable development. Apart from Italpinas and Johndorf, real estate developers such as Ayala Land, Inc., Filinvest Land, Vista Land and Lifescapes, Inc., and Avida Land Corp. have existing projects in the city.
Cagayan de Oro – A Real Estate Hotspot in Mindanao
Last 2015, during his public message for the city’s 65th Charter Day Celebration, Mayor Oscar Moreno has made an announcement regarding the city’s progress. According to him, the city of Cagayan de Oro is expecting a total revenue of PHP 4.8 Billion this 2016, which is 85% bigger than the city’s 2015 annual revenue of PHP 2.6 Billion. Because of the many investments and business activities in the city, Cagayan de Oro has been hailed as one of the three cities outside Metro Manila to have reached an annual income of PHP 2 Billion, with Davao and Cebu being the two other cities.
When asked about the city’s fast economic progress, City Treasurer Glenn C. Banez has pointed out the city’s real estate sector as its driving force. It has been quite noticeable that over the past few years, real estate developers have been investing and launching projects in the city and because of this, the sector has contributed a lot to CDO’s rapid progress.
It is not surprising that a lot of real estate developers are investing in the City of Golden Friendship. Cagayan de Oro City has long been attracting investors and businesses, especially because of its strategic location. Considered as the Gateway to Northern Mindanao, the city of Cagayan de Oro is now one of the country’s highly urbanized areas and most progressive cities. It has even been named by the National Competitive Council as the Most Competitive City in 2014. The city has also been a mainstay in the list of the most peaceful and most beautiful cities in the Philippines.
According to a particular real estate blog, the reason why Cagayan de Oro is now a real estate hotspot is the city’s positive and quick financial growth. As what the National Economic Development Authority (NEDA) has said, the Cagayan de Oro City is a flourishing commercial and business hub; it can even be considered as the largest international and domestic seaport in Mindanao, especially now that the Port of Cagayan de Oro has been rehabilitated.
But if there’s one thing that really attracts real estate developers to invest in the city, that would be the booming BPO sector of Cagayan de Oro. Currently, the city has two IT buildings and five IT parks. And as what the former Director-General of NEDA said, there’s a great chance that Cagayan de Oro will become Mindanao’s next financial and business center.
With the city’s rapid growth and development, it is only to be expected that in the years to come, more real estate developers will launch projects and provide world-class affordable homes to both Kagay-anons and the people relocating to the city.