Mactan Island Memorial Garden developer, MCF Property Ventures Corp. recently inaugurated its first housing development project called Bayswater located at Barangay Agua in Marigondon, Lapu-Lapu City aimed at addressing the housing backlog in Cebu.
In an interview with MCF Property Ventures Corp. CEO Cesar Salimbangon, he pointed out that the construction works for the 8.8 hectare lot will be undergone through phases and is targeted to be completed in about three years. The whole project will be comprised of 64% or 1, 200 saleable housing units catering to different market segment and 36% open spaces.
Salimbangon said that the development for the project’s Phase 1 is already on-going and will be completed in six months time.
The Phase 1 is composed of about 396 units, 295 of which are socialized houses catered mostly for the mass market and 101 2-storey town houses. While Phase 2 on the other hand will cater for the “B” market and these are row type houses that range from about P350, 000 per unit whereas, Phase 3 which will be the last development phase is projected to cater to the high-end market.
“There is a very big backlog of housing particularly here in Cebu and according to previous studies that were done; it was reported that about 12, 000 housing units are needed for low-income families in Cebu alone,” Salimbangon discussed.
But he further added that, “in Bayswater, we aim to prioritize families or buyers from the low-income level like those who are working nearby in MEPZ and other commercial establishments.”
Having very strong position in the memorial development sector in Cebu, being one of its forerunners, Bayswater will be the first venture of MCF Property Ventures Corp. into housing development. But equipped with their impressive track record and rich experience, the company is optimistic that they will be able to provide top notch housing project to Cebuanos with their great advocacy of helping the underprivileged sectors in society.
“Our major concern with this development is really to address the housing problem in this country and to provide the cheapest but world-class quality socialize housing to the less privileged sector of the community because it is really them who needs it the most, “stressed Salimbangon.
Bayswaters’ rough investment estimate that includes its vertical structure amounts to about P600 million, Salimbangon revealed.
MCF Property Ventures Corp. is a family-owned real estate developer that was established in 2003.
“Providing an experience of high-end living standard with the most cosmopolitan ambiance at the lowest possible cost is what we will do at Bayswater,” encouraged MCF Property Ventures Corp. COO Martin Phillip S. Yeung.
Having started their marketing campaigns just this month, Bayswater’s Phase 1 is already sold out at the moment and the developer is already starting to sell the project’s Phase 2. The turn-over of the housing units for Phase 1 will be on July 2008 while Phase 2’s is scheduled on December.