Celebrity Place reservations up as property demand improves

After a temporary weakening brought about by America’s invasion of Iraq and most recently the panic over SARS, the local property sector started showing signs and recovering. High-end property Celebrity Place walk-up condo in Diliman, Quezon City has been experiencing rapid increases in reservations from potential buyers in recent weeks.

Celebrity Place’s developer, One Asia Development Corp., broke the ground last May 17 for the first walk-up condominium project, which consists of eight clusters for a total of 140 units integrated within the P1.2 billion townhouse development.

One Asia president and chief executive officer Victor H. Manarang said Celebrity Place offers studio type, two-bedroom or three bedroom units with a gross floor area of 31 sqm. to 104 sqm with all units having individual parking slots.

Garden areas ranging from 35 sqm to 40 sqm are also alloted for the one, two and three-bedroom units. The price of a studio unit is P2 million.

Property buyers for Celebrity Place are automatically entitled to a free membership at the Celebrity Sports Club, a modern incity sports and recreation center, and all its facilities.

Manarang said the combined effects of the US-Iraq war and SARS caused people to hold on to their reserve funds for emergencies. "The upscale market is very sensitive to such psychological factors which is why marketing efforts of property developers also had to be scaled down."

One Asia managed to sell 42 condo units of Celebrity Place before the groundbreaking. The pace of marketing would drastically increase with development now in full swing, Manarang said.