Cathay Land Inc. is one of the major property developers in the country right now. It recently announced that its South Forbes Golf City is going to generate P2 billion in investments, indicating a high degree of confidence on the company.
Jeffrey Ng, Cathay Land president, is confident it is going to be another banner year for the company. The company is going to start at least with five new developments this year, The company’s three projects in 2006—the Tokyo Mansions, Chateaux de Paris and Phuket Mansions—have generated warm response among the buyers.
Ng thinks the continued growth of the upper middle-income to high income segment, strong buying interest among Filipinos based overseas, the confidence of retirees to invest in second homes and estates, and the easy financing schemes offered by banks all point to boom years for the real-estate sector and will contribute to the boom of the industry.
In an interview with BusinessMirror, Ng shares his optimism on the prospects of the company’s projects and why the company is getting a warm reception from the market.
What are the major goals of Cathay Land for the rest of the 2007?
We are eagerly completing the remaining residential developments within the whole 250 hectares of South Forbes Golf City. The four subdivision projects to be launched are the Thai-inspired Phuket Estates, the Asian modern Sentosa Heights with 1,000-sq-m lots all facing the fairway, the Art Deco Miami, and the resort-inspired Nirwana Bali. To be launched as well are two condominium clusters facing golf course—the Golf View Terraces and the Greenview Residences.
With much anticipation is the opening of the 18-hole golf course at year-end. In fact, 11 of the 18 holes will be playable mid-May.
How is Cathay Land riding on the property boom that is happening in the country right now?
We are aggressively expanding our landbank to 500 hectares and more, which is good for at least another five years of development.
What are the financing schemes developed by Cathay Land to help prospective buyers?
Aside from in-house financing, we have established ties with banks that offer housing loans to as long as 30 years amortization at low and affordable rates. For example, an interested buyer for Nirwana Bali can purchase a lot for P150,000 down payment, or 10 percent, and the balance to bank financing for as low as P12,500 monthly amortization spread over 15 years.
How are the condominium projects of Cathay Land faring so far?
Quite well. Exceeded our expectations. The Golf View Terraces is met with much enthusiasm from our buyers because of its unique architecture and location along the perimeter of the golf course, assuring its residents a coveted view of the fairways. The first building, a combination of one-, two-, and three-bedroom units, both flat and with loft, is presently under construction. The second building, with studio and one-bedroom units, will be launched soon.
South Forbes is adjacent to some of the biggest technoparks in the country. Thus, we have been getting good response from expatriates who would like to live in a condo facing a golf fairway.
How is the company’s performance as far as attracting overseas-based Filipinos to invest in its properties is concerned?
The number of overseas-based Filipinos who invested in South Forbes, those looking for a home for their families or for their future retirement, had increased substantially this past year, especially with the reasonable financing schemes offered by the banks. On our side, we conducted our own roadshows in the United States to reach out to the Filipinos abroad. These events have proven equally successful.
Does Cathay Land think the overseas-based Filipinos and the Chinese-Filipinos are the main drivers of growth of the property boom in the country?
Although the improving Philippine economy has enabled the growing middle-income to high-income segment to invest in properties, it is the overseas-based Filipinos who have contributed much to the real-estate boom we are experiencing today. A majority of them are investing in second homes or for retirement. We also acknowledge the efforts of the Philippine Retirement Authority which encourage our fellow Filipinos abroad to invest for their retirement back home.
In the case of South Forbes, the bulk of our investors and buyers are still locally based Filipinos and Chinoys who are attracted to our location as a primary residence since it is close enough to Makati. We have a lot of prestigious schools like Brent International School, St. Scho, La Salle, Don Bosco. Soon, UST and Xavier School will also be opening in the area.
Why do you think Cathay Land can be a good property investment?
We proudly claim South Forbes Golf City to be a self-sustaining “satellite city” that holds a treasure trove of activities for everyone. Whatever you’re looking for, whether business, leisure, sports, shopping, education, nature, it is conveniently within reach. There is a complement of distinctly themed villages to choose from: Spanish Mediterranean, French, Balinese, Japanese, Thai, and much more. With every lot, house and lot, or condominium unit purchase comes along a free membership to the world-class 18-hole South Forbes Golf Club.
The golf course itself is no ordinary golf course. South Forbes is first to use the University of Georgia’s newest and most modern paspalum variety of grass called Sea Isle Supreme. Secondly, we are the first to use this grass wall to wall, from the tees to the fairways, and even the roughs. All other golf courses in the Philippines use a certain type of grass for the green, a different one for the tee, and another for the roughs. This usually results in a contamination problem. This will not happen in our golf course. Players are guaranteed a consistent level of play.
Are there plans in the immediate future for the company to develop IT and business process outsourcing zones?
We have included in our master plan of South Forbes Golf City a zone specifically intended to support this industry. It will be a 25-hectare development called the Cyberpark.
How is Cathay Land positioning in the market to be able to get a strategic position?
What we offer to Filipinos here and abroad is a unique product. Aside from its strategic location in booming Metro Sta. Rosa, we’re building a whole golf city with various educational, lifestyle, work, and play options for the whole family. Together with our various themed subdivisions, our vision of “The Whole World in One City” concept is fulfilled. This is our competitive edge over all the other projects in the country today. As a bonus, there is that free golf membership, at absolutely no activation fee, to the South Forbes Golf Club. Its affiliation with the exclusive golf club of the IMG Sports Club gives South Forbes members unmatched perks: discounts and playing privileges in 42 top golf courses in Asia, Europe and North America. We will be putting up a leisure cluster to include a hotel, convention center, spa, and the sports and leisure club. With the current thrust for medical tourism, South Forbes has been preparing itself to accommodate the need for coordinated medical and leisure facilities.
Having golf courses in your property projects, how does the company ensure that it is adhering to the concepts of sustainable development?
South Forbes Golf City, as the name suggests, is centered on the golf course that serves as the anchor to the whole development. This, inevitably, has an impact on environmental sustainability. We can confidently say that the planning and construction of the course was carried out to prevent environmental degradation. Much of the existing trees were retained and integrated into the design. With the golf course situated up in the hills, care was taken into preserving the slopes with the use of coconets to line the slope and the planting of vetiber grass whose roots dig deep to prevent soil erosion. There was minimal earth movement, which is why, to our advantage, the course has an amazing terrain so unique and natural compared to others in the area. And the special variety of grass we’re using, the Sea Isle Supreme paspalum, adjusts to any type of water, even saltwater; thus, maintenance of the golf course does not interfere with the fresh groundwater requirements of the residents.
What are the company’s programs to promote environmentalism in its property development projects?
The value of environmentalism has inspired the master planning of South Forbes Golf City, which is deeply rooted in the principles of New Urbanism. Widely practiced in the best master-planned communities in America and Europe, these principles work to reestablishing human-scale, walkable communities as an answer to the threat of continuous outward expansion of development and the ever-increasing need for more transportation capacity. This way, a more pedestrian lifestyle is encouraged, thus, ensuring a better quality of life—integrated and safe. Secondly, integral to each residential development are pocket parks and other open spaces, like our Chateaux de Paris that features five French-themed gardens. Of course, our golf course covers 50 hectares of the whole development. It is definitely an exhilarating experience to walk the manicured fairways of the course. The golf carts we will be using are electric, which eliminates air and noise pollution all together.
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