Despite threats of rising inflation, which is now taking its toll on the condominium market, the Singaporean-developed City Lights Gardens managed to post a 60 percent sales performance of its nearly finished 216 units.
Syntech Properties Inc., targets the completion of the P1.3 billion project by December of this year, to motivate the interest of condo buyers amid the softening market landscape brought about by several negative market factors.
City Lights Gardens sales and marketing manager Anita Go Blanco said that while other buyers are putting their investments on hold until the economic certainty stabilizes, City Lights has partnered with four banks to help fund interested buyers, especially the Overseas Filipino Workers (OFWs).
Currently, City Lights Gardens is working closely with Banco de Oro, Bank of the Philippine Islands (BPI), Metrobank, and Philippine National Bank (PNB). The company is also in talks with two more banks to offer the same service to buyers.
OFWs can avail of the financing products offered by PNB in through its remittance centers abroad called “Own-Pilipino-Home-Loan,” OPHL program.
“Buying a condo unit is not a priority for some, but if some banks are offering attractive loan program, with the low interest, it could stimulate buying decisions,” Blanco said.
City Lights Gardens’ marketing team is also actively tapping the retirees, both foreigners and Filipinos, and is also working with the Philippine Retirement Authority (PRA).
She said more retirees now prefer to invest or to settle in a condominium, as it has already in-placed support services, such as security, janitorial services, among others.
Blanco countered other impressions that investing on a condo is not advisable at this time, saying compared to taxi or apartment investments wherein value depreciation and maintenance eat up the ROI (return-of-investments), condo investments on the other hand, continues to provide promising increase assessed value.
For its phase I project, appreciation of a particular unit is at an average of 15 percent annually, aside from the monthly rental revenue, if the owner opts to have the unit rented.
Despite the soft market, Blanco said City Lights continues to attract buyers from all over the world, especially from US and Europe.
Syntech Properties poured in at least P2.6 billion for the creation of the four towers, situated in a four-hectare property owned by its Cebuano partner located in Nivel Hills.
Owners of the units in the 20-story twin towers will receive turnover notice immediately after the project will be completed come December of this year, Blanco concluded.– Ehda M. Dagooc