AMID the dynamic real estate scene in Cebu, housing developer Nexus Real Estate Corp. has formed two subsidiaries to cater to contrasting market segments.
Manuel Roleda, the company consultant, presented to the press on Saturday Nexus Prime and Telo, which were incorporated early this year to serve the high-end and middle to low-end market, respectively.
“Early this year, we formed the subsidiaries. We do not want to mix the identity of both (high end and mid to low-end projects)…If we did not establish the split, they would not consider us a serious player,” Roleda said.
Since 2006, Nexus has been focused on developing pocket subdivisions for the middle and low-income segments. Over the years, it has completed seven residential projects scattered around Cebu. It was only last year when the company introduced Amandari, its biggest and premium project to date.
For Nexus Prime, the first project is Antara, a rebrand of the Amandari project, a mixed-use development in Talisay City. Upon completion, the developer will be the first to have built a condominium in the southern part of Metro Cebu, according to Nexus chief executive officer Shanna Louise Lopez.
According to Roleda, they decided to reposition Amandari, which was first marketed as a residential development, to Antara, where it is promoted as a mixed-use project, adopting the tagline, “residential, recreational, possibilities.”
The project sits on a 2.9-hectare property that will house five towers for both residential and commercial purposes.
The multi-billion peso project also aspires to become a lifestyle and leisure hub in the city, with plans to build health and wellness facilities, a commercial strip, and an adventure park.
Meanwhile, the Telo subsidiary will focus on the mid to low-market segments, with Telo Minglanilla, a pocket-size development.
For Antara, Roleda said 90 percent of the 158 condominium units in the first tower has been sold. The five-tower development is expected for completion in five to eight years. While it positions itself as a premium development, unit prices are more affordable than the rest of its peers, the official said. A 24-square-meter unit at Antara is priced at P1.7 million.
Lopez said Nexus will continue to release more projects to the market, and even plans to expand to Luzon in the next years.
The company also dismisses any property bubble in Cebu. “If you build, sell, and leave, then you’ll be afraid of the housing bubble,” said Lopez.
Developers who do differentiate their projects from the rest, she said, should not worry of an asset bubble occurring.