Local Developer Majestic Legacy Development Corporation (MLDC) is going to introduce at least five residential and commercial projects in Cebu in the next five years.
With the introduction of its flagship project, P200 million worth LOT 8 condominiums located in Mabolo this City, the company is at the same time preparing to launch the first commercial seaside development on Camotes Island.
In an interview with MLDC president and chief executive officer (CEO) Mario Lua, he said that the company has several existing land bank that are up for development in the next few years, but it has to prioritize the completion of LOT 8 Condominium which offers a total of 231 middle to high end units.
MLDC has existing properties in Camotes, Talisay and Mactan. At present though, the company is also scouting for good properties within the province for more residential and commercial development projects.
The eight-hectare sea-side property located in the town of San Francisco, Camotes Island, will be the next big project the company will undertake, providing a way for the Camotes to grab its opportunity as the “new iconic” product of Cebu, earlier proclaimed by the Department of Tourism (DOT-7).
Lua said the company has a special arrangement with the Local Government Unit (LGU) is San Francisco in availing of the Special-Use Agreement on Protected Area (SAPA), in order to officially start the development.
At present, the Island is classified as non-alienable, which means that non-residents of the Island cannot put structures or business, to complement within the Island, as the company plans to open up commercial spaces for investors, such as restaurants, boutiques, accommodation facilities, and also residential-condo units.
According to Lua, there are a lot of opportunities the Island is offering, and that the company is committed to start off the development soon.
Lua, who also owns the Jomalia Shipping Lines, has started offering RoRo (Roll-On/Roll-Off) transport service from Cebu (Danao City) to the Island.
In fact, the company had invested in establishing a modern terminal to accommodate the growing passengers going to the Island.
With potential to become the next “Boracay” in Cebu, Lua said he has a lot of plans for the Island.
“In the past, nobody wants to go there because of transportation inaccessibility. Now, the number of visitors is growing,” Lua said.
Aside from the seaside property, the company also owns mountainside property on the island, of which future development is also being considered.
Camotes Island located northeast of Cebu, was chosen by the DoT in Central Visayas years back, as the “new iconic product” in the region as it boasts of a fresh water lake, white sand beaches, caves, among others.
Meanwhile, MLDC is still focusing attention to its flagship project, the LOT 8, which is scheduled to compete in the fourth quarter of 2012.
In October last year, the company started its pre-selling activities, and that about 50 percent of its units are reserved from both local and foreign buyers.
