Aboitiz to launch 2nd residential condominium tower

MANILA, Philippines - Encouraged by investors’ warm reception to its projects, Aboitiz Land Inc., the real estate arm of the Aboitiz Group, will launch the second tower of a planned four 15-story residential condominium project in Mabolo, Cebu.

Aboitiz Equity Ventures Inc. chief operating officer Erramon Aboitiz said the first tower of The Persimon, a residential and commercial complex and Aboitiz Land’s first venture into the condominium building market, is now 80-percent sold on robust demand for condominium projects with the turnover of the units slated in September 2010.

The third and fourth towers are targeted to be launched in 2012 an 2013, respectively.

Aboitiz said plans are now underway for the estabishment of a mini-mall to cater to the needs of the residents. The commercial center will feature restaurants, bars, gym and other amenities.

Each tower will house at least 157 units with a floor area of 24 square meters for a studio-type outfit and can be as big as 100 square meters for a three-bedroom loft type unit.

Aboitiz Land is known for developing high-end to mid-range subdivision projects like North Town Homes, Pristina North and the Kishanta Residences.

The condominium market in Cebu has picked up steam after having been in the doldrums since the Asian currency crisis erupted in 1997. The recovery has been fueled by strong demand for office space by business process outsourcing companies.

Aboitiz Land earlier secured a P500-million loan from Security Bank to fund the development of The Persimon and IMez, a five-story BPO center within the Mactan Economic Zone 2. IMez will offer a total gross leasable area of 5,000 square meters.