The thriving city of Silang, Cavite, with its bustling markets, eateries, and shopping malls, as well as its year-round cool weather, is seen as an idyllic place to live and visit; but it wasn’t always like this. In fact, much of its development is due to the foresight and hard work of Jeffrey Ng, president of Cathay Land, who made a bet on the agricultural town almost 30 years ago.
Ng shares his insights on the community his company has built, the challenges that they faced during the pandemic, and what's in store for the future.
The early beginnings of Cathay Land came about in 1994 with the approval from Ng’s father to diversify their business from steel manufacturing into property development. It was then when they earmarked Silang, Cavite due to its huge underdeveloped parcels of land that was a third cheaper compared to neighboring areas.
“At that time, Silang was not on the map of most developers yet. We felt it would be a good long-term investment,” recalled Ng.
Cathay Land began purchasing land throughout months of negotiations from multiple owners. With their perseverance, everything went according to plan and the developments followed. “We bought around 300 hectares of land in Silang and never looked back, developing one project after the other,” he said.
When asked what gives Cathay Land its edge compared to all other developers, Ng mentions the value proposition they offer their buyers. “Being relatively new in the real estate market 25 years ago, we had to come up with something that others were not offering,” said Ng. For him, it’s all about providing unique experiences and privileges that create good value for their investment.
One of their perks was to provide golf memberships for free to all the lot owners at South Forbes, Cathay Land’s flagship development in Cavite. With the cost of golf memberships often exceeding millions of pesos, lot owners were pleased to be given an exclusive membership for a course within their own community.
On top of that, South Forbes boasts eight different themed villages inspired by destinations such as Bali and Miami. “These are small, boutique communities, creating a sense of exclusivity,” said Ng. There are also churches, schools, commercial centers, supermarkets, and other amenities within walking distance so residents can appreciate the convenience of an integrated community.
With an exclusive golf club, shopping malls, and schools within reach, Cathay Land’s South Forbes development has provided an ideal environment to grow land values. He shared how early investors were able to increase their investment by six to seven times. “We started selling Mediterranean Villas at P6,000 per square meter in 2004, now it’s about P40,000 per square meter."
With land values in Cavite still being a fraction of their cost in Metro Manila, he sees further scope for appreciation with the number of ongoing and future developments in the area, together with the trend of people moving out of crowded urban areas since the pandemic.
For those who are looking to relocate or invest in Silang, one of the key developments that will reshape the city will be Cathay’s latest master planned community, Crestkey Estates. According to Ng, it will be a business district with boutique commercial spaces, private residences, and educational institutions within close proximity. This estate also bears the privilege of securing the prestigious Chiang Kai Shek College to open its first campus outside Metro Manila, after 80 years in Binondo.
Interestingly enough, instead of the usual doom and gloom forecast of most businesses due to the pandemic and economic downturn, the Cavite real estate industry that is catering to plots of lands and single detached homes seems to be bucking this trend. Sales have boomed all across, from rentals to sales in the residential category. This is due to the working population transitioning from office based to home based, leaving high rises in the city in exchange for a quiet and balanced life outside the metro.
With this, Cathay Land is set to further transform the landscape of Silang, Cavite to be an ideal location for modern Filipino families, with Ng at the forefront: “We will keep coming out with new innovative ideas to serve the needs of our homebuyers and investors.”
EDITOR’S NOTE: Joseph graduated from Ateneo de Manila with a degree in management engineering but realized decades later that he would rather have taken architecture. He earned his MBA from Cambridge University and owns a furniture business and a prop-tech company. He was born in Davao, grew up in Manila, and stayed for short periods in Shanghai, Beijing, Canberra, Sydney, and Cambridge. His travels have instilled in him a fascination for cities, houses, and buildings as physical spaces where learning happens, great companies are made, art is created and shared, families nurtured, and societies formed. Writing about property via PROP UP is Joseph’s way of continuing his adventures and sharing the possibilities of the places we shape to live and love.