BAGUIO-based developer Wyndsland Development Corporation is actively pursuing a larger presence in the North Luzon region through expansion of its property portfolio, a company official said.
In an interview last week, Chief Executive Officer Khenrik Tan told reporters that the firm is looking to tap the residential property market in the Northern provinces.
“Our goal is to be the best and quality developer in Region 1 and CAR (Cordillera Administrative Region). The whole North technically,” Tan said.
The firm recently launched its first horizontal residential project called Tuscany Estates, which sits on a 9,566 square meter lot in San Fernando, La Union. The company partnered with La Union-based RCL Realty and Consulting Services Inc.
Although it is eyeing opportunities in the whole Northern region, Tan noted that the firm is focusing initially on the La Union and Baguio areas.
“Actually, we already have acquired some properties in Baguio. But so far, it’s just there. Baguio and La Union,” Tan said.
Aside from property development, the company’s parent firm Wynsland Prime Properties Inc., has several other businesses such as dormitory and commercial leasing, and exclusive distribution of Universal Robina food products in Northern Luzon.
Tan expressed his bullish outlook for the real estate development business, as he noted that the firm’s real estate arm would overtake its other business segments in the coming years.
“Our goal is to overtake our other businesses by 2020,” Tan said.
By that time, the company will have established about three real estate projects in the La Union area, according to Tan.
Tan explained that these three projects would be horizontal developments, as the La Union market is not ready for vertical developments.
“Properties here are still cheap. It’s very economical to purchase properties, than to own a portion of it,” Tan said.
Tan said that the firm’s expansion in the North is driven by the region’s untapped market and less competition.
“We already have roots here in the province, so might as well take advantage,” Tan said.
Also, the property development firm has targeted a different market segment particularly, the premium mid-high market, which no one in the area has catered to so far, according to Tan.
“We’re the first and the only premium developer here for mid-upper class. We’re taking advantage of the opportunity and be the pioneers here in the industry,” Tan said.
Asked why developers have not come into the La Union area yet, he noted that the province is still “getting there” in terms of infrastructure.
“I know these big developers before they come in, they have to check the income, the land area, and if the infrastructure is prepared. As of now, La Union is just getting there,” Tan said.
Similarly, Jones Lang Lasalle Philippines country manager Lindsay Orr earlier attributed the lack of developments in the North to the still developing infrastructure in the region.
“I think for sure there is an intention [for the development of the North], I don’t think the North being neglected.
I think you’ll see a lot of development particularly in the Clark area as Clark Green City evolves and will probably be leading from that coastline. Zambales will also develop. And La Union and Ilocos,” Orr said.
Orr suggested that developers could be awaiting the completion of infrastructure projects.