Landco Pacific Corporation targets to complete the first phase of the P10 billion integrated residential project, Monterrazas de Cebu, in the next two years after it received an overwhelming response from the Cebuano market.
In an interview with Landco president and chief executive officer (CEO) Alfred Xeres-Burgos Jr., he bared that his company has proven the good real estate appetite of the Cebu market, after the project posted a 30 percent lot reservations, a month after Landco opened its pre-selling campaign for the Phase I project, which is an extremely high-end resident component of the 220-hectare development.
The project’s phase I is offering a total of 90 extra-premium lots, providing an average of 600-square –meter cut. In just one month, 30 percent of the 90 lots available are already reserved, pegged at an average lot price of P10,000 per square meter.
“The market here [Cebu] is very healthy. It’s just unfortunate that we have limited land inventory here,” he said the reason why the company has incorporated the building of high-rise condominium buildings within the property.
Landco Pacific, a known developer in Luzon, responsible for developing several residential resorts in Luzon, such as Punta Fuego in Batangas, is partnering with the Villalon family, a landed and prominent Cebuano clan for the Monterrazas de Cebu project.
Landco has partnered with Augusto and Margarita Villalon who own the Genvi Development Corporation, a Cebu based realty firm.
The Monterrazas de Cebu is one of the largest integrated residential development projects, being built in Cebu in the last few years. It is located in the huge 220-hectare prime hillside estates which covers several barangays in Cebu City Labangon, Sapang Daku, Guadalupe, and Buhisan.
The development, which will build a complete line of real estate products, such as chic home address, townhouses, condominiums, commercial/lifestyle facility is targeted to be completed in the next five to 10 years.
The company recently opened its doors to the public to give Cebuanos the chance to partake of the breathtaking view of the entire city, as its primary development can already bring interested buyers to its View Deck, which is one of the highest points in the development.
“We want to make a testament that we are building a high-end residential development here,” said Burgos.
Composed of eight contiguous hills with a ridge spanning over three kilometers, the development boasts of the best views of the city, with elevation of up to 500 meters above sea-level. – Ehda M. Dagooc