Norkis Group ventures into residential development
The Cebu-based Norkis Group of Companies has teamed up with Canedo Equity Ventures Inc. to build a residential subdivision and a memorial park, which will entail an investment of about P1.2 billion.
This marks the Norkis Group’s entry into housing development.
The subdivision, which will rise on a 10-hectare property in Bgy. Cogon, Compostela in Cebu will be home to 543 units, mostly single detached houses, the SunStar reported.
Norkis Group is the owner of the land while CEV, through Philippine Paramount Property Ventures Inc.,
will develop the property.
Estimated to cost around P200 million, the 6.7 hectare memorial park will offer 13,000 garden lots.
Norkis first ventured into real estate development with the construction of the P6 billion five-tower Norkis Cyberpark in Mandaue City.
The group, which mainly manufactures motorcycles, diversified into property development due to lackluster demand for motorcycles growth
It was the exclusive distributor of Yamaha in the past 40 years.