June 10, 2011

Cebu Property Venture - a disrespected public company

The company according to PSE website is engaged in real property ownership, marketing, management and development. They are based in Cebu and they owned and develop Asiatown I.T. Park which is the premier destinations of BPO companies looking to do business in Cebu City. It is a joint venture company between province of Cebu and Ayala Land Inc. and became a 75% owned by Cebu Holdings Inc.

Why it is disrespected? Building owners inside Asiatown IT Park are violating agreements made with the company. Parking lots in the buildings are converted into canteens, eateries and office spaces. Greed really is the name of the game for these building owners who violated the covenant just to maximize returns not minding the community as a whole and that they are part of it.

The effect, congested roads since most of the cars can't park inside the building. On any given business day you can see cars lining up the streets since they can't park inside the building anymore. One just wonders why OBO allowed the construction and modification of these structures. Somebody for sure had been paid under the table just to get things done improperly.

My warning with incoming locators and investors is to avoid renting\relocating in these buildings since if they can't follow agreements with a public company they will surely do similar things to you when the time and opportunity comes.

The Buildings:
1. I1 building which converted their second floor parking area to canteen. It is owned by Primary group of companies with Wally Liu as the CEO.
Website: http://www.primaryproperties.com.ph

2. Skyrise 1 Building which converted their ground floor parking lot to office spaces. They also bore a hole in the basement going to the Skyrise 2 building. I'm not even sure if the building is structurally sound anymore. It is owned by Skyrise Realty and Development corp. with Harry Valloria as its President.

Click on the link to view Asiatown IT Park in Cebu: http://www.asiatownitpark.com

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