Residential condos more in demand than house and lots

With Cebu’s emerging fast-paced lifestyle, an increase in demand for urban dwelling has been noted by an executive of a new residential condo in Guadalupe.

Woodcrest Residences is a mid-rise residential condominium project by Cebu’s major real estate developer, Commonwealth Estate. With 132 units, it offers residents the features and amenities that provide convenience for a fast-paced lifestyle balanced by a therapeutic environment.

“Condominiums are more in demand right now than house and lots because it has a broader market. House and lots are limited to Filipino buyers alone, whereas for condominiums, the rule of ownership can be 60 percent Filipino and 40 percent foreign,” explained Joseph Edward L. Obando, Sales Manager of Woodcrest Residences in an interview with reporters during the company’s investor’s night at the City Sports Club.

Obando added that even still on pre-selling period, Woodcrest has already been able to sell 20 percent from across different types of condominium units offered and the demographics of their clientele are composed usually of foreign spouses, expats and local businessmen.

He said that with several new condominium developments within the city, Commonwealth Estate tries to strike out the fact that they offer a residential development that will best serve the needs of the market to raise a family and enjoy a more laid back lifestyle in a more subdued community.

“Most condominium projects are condotels, commercial and residential. Ours is residential and it is very much different from the rest because it’s purely for dwelling wherein buyers can rest well and can raise a family,” he said.

He added that condotels still have a small market because Cebuanos usually have the so-called “iya-iya, ako-ako” (yours is yours, mine is mine) mentality.  And condotel owners are given limited time to enjoy their units.

Woodcrest Residences offers fully finished and painted units with tiles, walls, ceiling, closets, kitchen and counter tops and cabinets included with prices starting from less than two million pesos. But developers said that homeowners need not pay any membership pay but only association or condo dues which initially start at P47 to P50 per square meters.

Obando said that the construction is currently under its first phase and they are still finishing the clubhouse which will house their marketing office.

Other than Woodcrest Residences, Commonwealth Estate is also behind other condominium projects such as East Aurora and Singzon Flats also in Guadalupe, which is now being positioned as the next elite address in the city. Woodcrest was located in the area in aims to decongest the traffic in the town’s northern areas such as Talamban.