AFTER industrial parks, the Aboitiz group is investing in another multi-billion-peso project, a residential one in the town of Balamban.
Andoni Aboitiz, AboitizLand chief executive officer (CEO), said the company is initially investing P300 million to P400 million for the first of four phases of Foressa, consisting of 114 lot cuts in a 51.5-hectare land.
The lot cuts range from 300 square meters (sq.m) to 700 sq.m. The first phase, which sells lots only, is due for completion by 2020.
The next phases are eyed to be a mixed-use development, with AboitizLand envisioning to incorporate hotels, schools, and some commercial spaces in the area.
The property is accessible through the Transcentral Highway, a 90-minute drive. It is seven kilometers away from Balamban proper and 45 kilometers away from Cebu City.
Despite the distance, Aboitiz said he is confident about the Foressa project, positioning it as a second home or vacation residence for families. “
The next step for Balamban is residential…We don’t want to compete with the beach concept. We feel that Cebuanos are ready for a mountain resort (where) lands are still reasonable,” said Aboitiz in a press conference on Thursday.
In Cebu, AboitizLand has developed 23 communities in more than 612 hectares of land, residential, commercial and industrial combined.
Last year, the company expanded to Luzon, with plans to develop a total of 83.2 hectares of land in different areas, specifically in San Juan and Lipa, Batangas in South Luzon, and Nueva Ecija and Tarlac in North Luzon.
By JEANDIE O. GALOLO | April 28, 2017 | Sun Star Cebu