Following the upbeat disposal of its most expensive lots at the peak portion of the 220-hectare development, Landco Pacific is set to open North ridge enclave project with lot prices ranging from P8,500 to P10,000 per square-meter, located in the lower part of the property.
The Monterrazas de Cebu is one of the largest integrated residential development projects, being built in Cebu in recent years. It is located in the huge 220-hectare prime hillside estates which covers several barangays in Cebu City namely; 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 complete in the next five to 10 years.
For this project, Landco has partnered with Augusto and Margarita Villalon who own the Genvi Development Corporation, a Cebu based realty firm.
In an interview with Michael R. Reyes, vice president and head for Monterrazas De Cebu project, he said that the company will initially offer 100 lots in a 300 square-meter to 500 square-meter cut in the North ridge development.
The company will complete the over-all North ridge development in the next couple of years, depending on the lot take up, including establishments of commercial complex, sports and wellness facilities, and educational institution.
According to Reyes, despite the declining of value of the US dollar to the peso, real estate buyers’ market is still very active in Cebu.
One of the drivers of the real estate is the growing OFW market, who put real estate investments in their top priority lists.
Reyes said the dollar earning market now, although their buying power is affected by the weakening dollar value, and the US recession, still showing active interest to real estate products and demands for worth of their investments.
He admit though that what is happening slight affect the strong interest of real estate buyers, however, he said it can be minimized especially if a developer is offering high value for their investments.
For his part, he said developers are not too worry of the projection that the effect of the deteriorating US economy is worst than the 1997 regional economic crisis, saying the Philippines has stronger economic fundamentals now, and the country is strong enough to be much affected by the US recession.
He said market for real estate is still active, this is an indication that interest is not heavily affected by speculations, but confidence is still there. —Ehda M. Dagooc
In fact, he said the project’s most expensive lots located at the peak of the mountains selling actively.
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.