Meridian Realty to relaunch Park Terrace

Recognizing the upbeat market for real estate properties in Cebu, the Meridian Realty Corporation (PTEH) is set to re launch its one-hectare Park Terrace Executive Homes town house complex located in Nasipit, Talamban area in Cebu City.

PTEH, which is an affiliate of Socor group of companies, the owner of Ocean Jet, Philippine Springwater Resources Inc. among other subsidiaries, is resolved to heavily market its premier executive town houses, wherein marketing of the project slowed down after the mid 1997 regional economic crisis.

The company's general manager Arah H. Burgos said the executive townhouse units are offered at affordable rates with an average floor area ranging from 393 square meters to 587 square meters.

Since it was built prior to the economic crunch and shooting up of the dollar rate versus Philippine currency, PTEH was able to peg the cost of the unit a bit lower than the prevailing real estate costs in this category.

Also, PTEH will be investing on a condominium project within the area to capture the "reviving" condominium demand in Cebu.

Anticipating the increasing demand for premium town house units and condominium in the northern part of Metro Cebu, Burgos said PTEH is joining the bandwagon to take advantage of the good real estate market here.

The project is composed of four phases, wherein Phase I is composed of seven commercial units and five townhouses, fully completed and occupied. Phase II, on the other hand, is composed of eight class A townhouse units, also fully completed and ready for occupancy and 25 percent sold out.

She said Phase III development just started last October 2005, to be complemented by 11 upscale townhouse units, targeted to finish in next 18 months.

The Phase 4 of the project, she added will be a mid-rise Condominium to start construction in the middle of next year, it is projected to have an approximate of 350 mixed-size units.

Phase 3 units are priced at P5 million to P6 million, while Phase 2's mansion type townhouse units cost within P8 million to P11 million.

Already, Burgos said the project has attracted mostly foreign buyers or expatriates who are doing business in Cebu, or decided to reside in Cebu.

She said the location of the project is one of its advantages as it is located near the University of San Carlos (Talamban), five-minute drive from Banilad Town Center, and Gaisano Country Mall, "basically accessible to the metropolis area in Cebu," she stressed.

Meridian Realty Corporation was established in 1992 as the realty arm of the Socor Construction Group. The group composed of Socor Construction Corporation, Kimwa Construction and Development Corporation and F.T. Sanchez Construction.

Economists noted that Cebu will be expecting a strong growth demand in residential units, from low cost to high-end properties with the influx of migration from other areas in the country, including foreigners doing business, and enjoying Cebu's leisurely lifestyle, with booming economic performance.