MANILA, Philippines - Cebuano-owned property developer, Landtraders World Properties Corp. (LWPC), is setting aside at least P2.1 billion to build up more inventories of economic condominium units in Cebu.
LWPC, one of the largest builders of economic condominium products in Cebu, is lining up three more projects in the next three years that will provide close to 2,000 residential units, taking advantage of the good market appetite for condo living in Cebu.
“We are strengthening our advantage in the economic condominium line. The competition is tougher now with the active entry of giant developers in Cebu,” said LWPC chief executive officer Michelle M. Yu, on the sidelines of the company’s ceremonial ground breaking of its 5th project called Parthenon Residences,an 801-unit residential condominium project located at the North Reclamation Area in Cebu.
The 22-story Parthenon Residences is the latest offering by LWPC.
It is strategically located in the middle of two large shopping malls in Cebu (SM City and Robinsons Galleria) at the North Reclamation Area.
Yu’s family, which has been in the surplus and import business, diversified to the flourishing real estate sector in Cebu four years ago.
In the last four years, the company built 1,101 condo units, 95 percent of which are residential, with projects spread across prime locations in the North Reclamation Area, (near SM City Cebu Mall), Andres Abellana in Guadalupe, and A.S. Fortuna Street in Mandaue City.
Being the pioneer in providing economic condominium in Cebu, Yu is confident the company would leverage on this particular strength. Besides, she said, LWPC could give low prices (compared to industry rate), because most if not all, of its projects utilize family-owned properties.
Concrete project plans and locations of the upcoming projects would be announced soon, as the company is still in negotiations with some property owners.
LWPC’s economic condominium units with an average cut of 22 square meters to 25 sqm per unit is pegged from P1 million to P1.6 million.
Yu said locals dominate the buyers’ profile of the company’s five projects, 60 percent of them are end-users, the rest are investors and foreigner buyers.