An insurance cooperative in the southern Philippines plans to enter the growing property development market of a major city in the country.
Climbs Life and General Insurance Cooperative president Fermin Gonzales told SunStar that they will start this year a real estate venture in Cagayan de Oro City, a regional centre and business hub in the island of Mindanao.
Gonzales said the cooperative had purchased a 1,798-square-meter lot in the city for about £40,000 where it plans to build three eight-floor condominiums worth £2.9mn.
The real estate sector is the “sunshine industry” in Cagayan de Oro, according to Gonzales, who is expecting more construction activities in various parts of the city.
Gonzales said Climbs need to tap at least 20 of its affiliate cooperatives to fund and implement the real estate project.
Offering both life and non-life products, Climbs has 2,300 cooperative and individual members nationwide, SunStar reported. It has nearly 300 members in Cebu, a major island province in central Philippines.
The 44-year-old cooperative’s subsidiaries are engaged in various businesses including banking, printing press, asset management, and mutual fund business.
