Meridian realty sees market shifting to condo preference

The Meridian Realty Corporation (MRC), the developer of Park Terrace Executive Homes located in Talamban this city, is going to build an eight-story Park Terrace Condominium within the 1.2- hectare by the end of this year.

MRC, which is led by Dennis Y. Lua, was established in 1992, as a spin-off realty company of the Socor Construction Corporation, it is currently selling the remaining executive home or high-end townhouse units under the phase 2, and 3 components of the project.

In an interview with Joel D. Pangalay, the company's sales and marketing manager, the eight-story condominium will have around 60 units to offer. Construction will start towards the end of this year.

Because of the area's close to nature ambiance and overlooking terrain, most of its buyers were foreigners married to Filipinas. Achieving a positive response from the market, only eights units are now left for sale.

Both phase 2 and 3 have a total of 19 executive home units, which prices ranged from P7.6 million to as high as P13.9 million, depending on the floor area, and the unit.

Pangalay said the real estate market, especially for executive town houses in Cebu is vibrant. He added that buyers are taking advantage of buying a property as soon as they can because of the fast value appreciation of real property estates.

The company also made arrangements with some banks for a 20-year payable financing, with monthly amortization going as low as P48,000.

He said MRC decided to build a high-rise condominium instead of townhouses, because of the limited land area in the hilltop along Nasipit, Talamban road. Besides, he said condominium demand for Cebu is bouncing back.

Although, the company is also continuously selling its remaining eight units of executive homes, three units in phase 2 and 5 units in phase 3, it is poised to pre-sell its condo units probably within the months of October or November this year.

Meridian, a sister company of Philippine Springwater Resources Inc. (Nature Spring), and Oceanjet, started developing the 1.2 -hectare property in 1995, which became the site of the Nasipit Commercial Plaza, and now the Park Terrace Executive Homes.

With Cebu's fertile prospects for real estate, the company is poised to enter into more development projects and become one of the leading real estate companies in Cebu.