There seems to be another "Johnny Come Lately" player in the real estate scenario of Philippines.
R-II Builders, run by the owners of Harbor Center Reghis Romero and Michael Romero, recently signed a P1 billion joint venture project in Taguig City with Taguig Mayor Freddie Tinga, according to the Philippine Inquirer (R-II inks P1-B joint venture with Taguig). It is said that the planned construction of two chubs, namely 8.8 hectares of mixed use development in Ususan called the "Skyline City" and a section of increased average residential buildings facing the Taguig working employees.
Again, this new agreement only shows the enormous potential of the city of Taguig as the force together to consider the landscape of property in the Philippines, probably in th future Taguig will replace Makati as the financial capital following the Philippines (The Fort Bonifacio Global City: the FUTURE Financial Capital of the Philippines). Besides all the great players of ownership of the Philippines, Ayala Land and Greenfield Development, Megaworld, Century Properties, the Rufino Offices and Robinsons Land having projects already in Fort Global City, it seems that even new developers want to participate in the Frey of the boom.
However, the real question here is the will of Romeros to develop this land properly? In terms of financial capacity, and we can certainly say that they are able, as they do own Harbour Center and have truckloads of money to invest (some rumors indicate that they will be entering the Philippine Basketball Association very soon)... But as for the know-how?
We have seen many property developers Philippines fail, go bankrupt and leave their investors in the dust, with the money lost in the buildings unfinished, especially in the last decade of the 1997 Asian financial crisis happened. We Filipinos should have learned their lesson in choosing the right and dependable developers who will complete their projects at the right time? I'm not saying that R-II Builders developers are bad, just not shown yet and only time will tell if they prove to be good developers or not. Careful then! We hope and pray for the citizens of the city of Taguig that actually happen to be reliable, after all, and that the Skyline City proves to be beautiful and livable.
