Real estate firm binds family together

2010-08-09

Son implements father’s ideas for company expansion with the help of mother, sister

Innoland Development Corporation chief operating officer  Charles Vincent Ong and his father, chief executive officer Joy Anthony work together for more commercial and residential building project.

A father’s vision paved the way to success in the real estate business for a family of former up scrap materials traders.

Joy Anthony Chua Ong ran the 60-year-old family enterprise founded by his own father-buying and selling scrap materials-until four years ago, when he foresaw the growth of real estate in Cebu and ventured into the industry.

Joy has since shared the real estate business with his wife and children.

Charles Vincent, Joy’s son, is now the chief operating offices of Innoland Dev. Corp.

"My dad started with leasing out office spaces in our first building in Mango Avenue, Cebu City called Ong Tiak Business Center," said Charles, who joined the family company after completing his degree in mechanical engineering in 2007.

Charles said their next project was the Synergis IT Center in sitio Panagdait, barangay  Mabolo, cebu City that Sykes Cebu occupies.

"The latest addition is the TGU Tower in Asiatown IT Park which we targeted to cater to the growing demand (for space) from outsourcing companies," Charles said.

Charles handled the construction of TGU Tower when he joined the company. The building was competed in 2008. Banks occupy the ground floor of the 15-story building.

In the same year, the Ongs created Innobuild Kontractors Inc. to help their construction needs.

In 2009, the family launched Innoland, a new real estate brand that offers residential projects.

"We launched Innoland Development Corporation in the latter part of 2009 and in May 2010, we launched our first project, Calyx, under the new name," Charles said.

"Innobuild offers fit out services as well as building the structures. Innobuild Kontrators Inc. is the one building Calyx which we hope to finish within 27 months."

Calyx is a 28-story mix use project in Asia Town IT Park. Thirteen floors would be dedicated to condominium units. The rest are for office and commercial use, he said.

"For Calyx, our estimated investment is around P1 billion. Within only a month and a half since launching it in May, we have sold around 97% or 219 of the 225 condominium units."

Industry prospect remain bright with continued growth expected in both horizontal and vertical projects, Charles said.

"The market has matured and we have a good mix of people who need the condominium and those who want to have a house and lot."

According to Charles, they will soon launch projects outside Cebu City.

He pointed out that they had been acquiring pieces of property that they planned to develop into "value-for-money projects."

Charles said they also envision another project inside Asiatown IT Park.

"In every project we make, we try to beat the previous one," he said. "We incorporate innovation and focus on superior real estate products."

Charles said a talented mix of family members in their company also proved useful.

"Each of us has different strengths and skills. We work together perfectly and always come up with the most appropriate decisions for the company, which for us is something that we are also proud of."

Charles' sister Chloe handles the sales and marketing side while his mother Marilou takes care of the finances.

"I handled the implementation while my dad is the visionary who never fails to come up with the brightest ideas."

Charles said that he used the analytical skills that he learned in his mechanical engineering studies in managing the company.

When he joined the company, he was given major task since he underwent an orientation on operating the family’s business while finishing his studies.

"With engineering came the analytical tools that made me adapt to the technical and even the financial aspects of our operations," he said.



Source: Cebu Daily News