Giant residential developer, Sta. Lucia Realty & Development Inc. is going to put more money in building condominium units in Metro Cebu, including a plan to build a high rise condominium at the Cebu Business Park (CBP).
In an interview with Sta. Lucia Realty & Development Inc. president and chief executive officer Exequiel D. Robles, he said that the company is considering partnering with a landowner at the CBP for a condominium project.
Although Sta. Lucia’s interest is offering more subdivisions here, the limited land area in the metropolis has pushed the company to diversify its concentration for residential condominium and condo-tel projects, coupled with the good market for this kind of product here.
“The condo market in Cebu is very good,” said Robles in an interview at the sidelines during the formal launching of its latest residential condominium and condo-tel project located within the 60-hectare Vistamar property in Mactan Island called Soto Grande Hotel and Resort.
The SotoGrande Hotel and Resort offers 77 Triple-A condo-tel accommodation, to be operated by the company. It is a nine-story development, the last three floors are offered to residential condominium buyers, and the total 48 units are already sold out.
The SotoGrande project kicks off the close to one billion pesos expenditure to be incurred by the company to build another three high-rise buildings in Vistamar.
The next building dubbed as La Mirada, will be dedicated to residential condominium market.
According to Robles, the company spent almost P300 million for the development of SotoGrande. The company will spend another P350 million to P400 million for the 15-story La Mirada project.
About the same amount will be spent on the development of two more high rise buildings that will be completed in three years time, Robles said.
Simultaneously, Sta. Lucia will also introduce new subdivision projects by next year, in the areas of Consolacion, Lilo-an, Compostela, Carcar, and Talisay. These are additional residential projects of the company, as it has already built residential developments in most of these areas.
According to Robles, some of these planned projects, in both condominiums and subdivision developments are joint ventures with land owners, others will be purely developed by the company as it is also acquiring land banks in Cebu.
For subdivision projects, Robles said the company is going to build more developments in the countryside areas both in northern and southern parts of Cebu. But condominium projects will be concentrated in the metropolitan areas like Cebu City and Mactan Island.
Last year, the company in partnership with the family of former Senator Rene Espina Sr., launched the upscale 13-hectare Discovery Bay Resort and Residences located at the tip of the northeastern part of Mactan Island. —Ehda M. Dagooc