By Keren Concepcion G. Valmonte
THE real estate arm of SOCResources, Inc., SOC Land Development Corp., plans to launch and begin constructing the second tower of its four-tower condominium project in Muntinlupa CIty.
“We did very well the moment the [quarantine] restrictions were lifted, that is why our second tower is 70% sold,” Edgardo P. Reyes, SOCResources chairman, told BusinessWorld in a Zoom interview.
Construction for the project’s second tower Anuva Residences will begin in the coming months, which was initially delayed because of the pandemic. Pre-selling of the units in the third and fourth towers, “which will carry some additional improvements,” will be offered soon.
Mr. Reyes said Anuva Residences boasts of “real true suburban living,” featuring swimming pools, basketball courts, a clubhouse, and a skylounge on each tower. The development stands on some two hectares of land, 75% of which is said to be left for open space.
“It’s a product that would normally cost you tens of thousands [per square meter] than what we’re selling it for,” Mr. Reyes said.
With the development’s first tower Anala already 90% occupied, the property developer is looking to make the project more attractive to buyers.
“You can see our buyers are not speculators who rent it out. They actually occupy their units, the majority of them, so we have a thriving community and we believe that we need to give them additional amenities to serve their needs,” Mr. Reyes said.
The company is planning to add a small strip mall, and a better entrance to the development to welcome residents to the facilities.
Plans for expansion and construction of SOC Land’s real estate developments, which include house and lot project Althea Residences in Laguna, are said to be internally funded by the company.
In 2020, the company said it lost some buyers due to the effects of the health crisis. However, SOC Land noted that it “recouped everything” it lost over its “good value proposition.”
Expansions for the next year would, however, still depend on what is going to happen in the next six months in light of the pandemic.
“If we handle it well and we come out of it well, that’s fine. We have the capital and the resources necessary to take full advantage of the opportunities,” Mr. Reyes said.
The company previously disclosed that its Laguna-based project, Althea Residences, had begun constructing its second phase. It is expected to be completed in eight months.
SOC Land also plans to add more projects adjacent to its existing developments, to offer more townhouses.
“We are very responsible developers and we aim to be one of the best, if not the biggest,” Mr. Reyes said.
On Wednesday, the last trading day of last week, shares of SOCResources went up by 1.45% or P0.01 to close at P0.70.