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MEXICO - Real Estate & Construction

Federico Cerdas

CEO, Global Business & Skyhaus

Bio

Federico Cerdas is co-founder of Global Businesses Inc. (2002), CRDS Holdings (2016), and Cobra Development Fund (2018). Additionally, he created two brands to represent his group in the sector: Skyhaus focused on homes for sale; and Viveh focused on rental housing. He graduated as a mechanical electrical engineer from Tecnológico de Monterrey and has a master’s degree in business management from IPADE. He participates regularly in the most important forums of his sector in cities such as New York, San Francisco, Miami, London, and Mexico City, among others.

"Our primary focus is on Mexico City, despite the recent market challenges it has faced."
Skyhaus is targeting the middle-class market to address the unmet demand for housing in Mexico City, with the goal of going public in the next five years.
Can you share your insights into the main trends in the Mexican residential real estate market?

There are two prominent trends in the real estate market. To begin with, first-time home buyers prioritize affordability over size, emphasizing proximity to amenities. Second, growing families seek larger, well-located properties, with flexibility on price, focusing on well-designed homes near schools, supermarkets, and various amenities within a 1km radius. These trends highlight the diverse preferences of our customer base.

Could you provide some insights into the projects you are currently developing?

Our primary focus is on Mexico City, despite the recent market challenges it has faced. Notwithstanding the downturn, we recognize that the demand for housing remains unmet. Anticipating a resurgence in demand as interest rates decline, we believe people will once again turn to investing in homes for long-term capital gains. Mexico City not only demonstrates significant demand, but also faces a shortage of quality housing, a gap our products aim to address. Our market segmentation targets the middle class, encompassing lower and higher-income segments within this category.

Have you considered entering the luxury real estate market?

Now is not an opportune time, particularly in Mexico City and certain regions of Mexico, where the potential clientele for luxury housing is limited. Crafting luxury homes requires specialized designs to meet demanding customer expectations. And given the lower demand and our business model centered on volume, we are steering away from the luxury market. Our primary focus lies in providing the best products to the middle-class market, which aligns with our volume-reliant business model. Our goal is to go public, understanding that satisfying the middle-market demand will generate the necessary volume to attract stock market interest. While market conditions may shift, our strategy remains unchanged. We are committed to providing affordable housing for the middle class, aiming for substantial results within the next five years as we maintain a steadfast focus on this market.

How is the progress of your IPO and how close are you to its launch?

Each time I take a look, the distance to our goal seems to grow. What initially appears straightforward becomes more complex when delving into the requirements for entering the stock market seriously. Although our target may be attainable in the next five years, the reality is that the process may extend into the late 2020s, possibly reaching our IPO by 2027 or 2028. Despite the challenges, the prospect is exciting. While certain factors are already aligned, others require concerted effort. We believe a three to five-year timeframe is realistic and achievable.

What are your priorities for 2024?

We are committed to continually enhancing our operational processes and refining our methods to excel in our field. Our strategy revolves around ongoing improvements in operational efficiency and enhancing the customer buying experience. This approach will persist over the coming years. Additionally, our focus on developing our team aims to foster growth and establish a seasoned workforce as we work toward achieving our IPO goal. I am keen on securing funding or partnership with entities from Qatar, Oman, Saudi Arabia, or the UAE. Investors from the Middle East can capitalize on nearshoring trends, housing needs and Mexico’s position in the world market, translating their interest into substantial growth and financial gains for their family offices or funds.

What differentiates you from other developers in similar segments in Mexico?

We operate as a vertically integrated company, a distinctive feature that sets us apart from most developers. Unlike others who outsource various tasks, we handle permits, construction and sales in-house. This integration grants us complete control, ensuring 100% responsibility for the results. This unique approach has captured the interest of investors exploring opportunities in Mexico. Our sales team possesses an in-depth understanding of our products, fostering a direct connection with customers. We prioritize a seasoned team to execute our strategy, allowing us to transmit our desired company culture to investors.

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