While other residential projects are banking on foreign-funded sales, Amara is getting 67 percent of its total sales from local buyers.
Amara is the luxurious seaside residential development of Ayala-affiliate Cebu Holdings Inc. (CHI) and its partner, Coastal Highpoint Ventures Development Inc. (CHVI). The 46-hectare property is located in Barangay Catarman in the northern town of Liloan.
The good sales performance of Amara has encouraged CHI to open Amara North, a 4.9 hectares expansion which will offer additional prime lots.
In a press briefing, Tetta Baad, head of the Real Estate Development Group for CHI, said that some consumers are now looking for good investment channels for their money, as some financial institutions, and giant investment firms are experiencing turbulent times.
Because of these jitters, the real estate industry in Cebu, is “somehow” gaining an advantage, while “moneyed” individuals are looking for good “real estate” investments that could provide good returns for their money.
“Real estate [investments] provides wealthy people a more secured place for their money, as real estate is one of the safest investment instruments,” said CHI president and chief executive officer (CEO) Francis O. Monera.
In fact, Baad revealed that 36 percent of Amara buyers are paying in “spot cash”, this means that “people have money.”
Based on CHI study, only 33 percent of the Amara lot sales are generated from foreign funds. These are usually Filipino immigrants and professionals who are deciding to invest on good properties back home.
In the last three years, Baad said Amara enjoys 61 percent market share in the prime and high-end residential developments in Cebu.
There are Cebuano businessmen, who own multiple businesses, who are investing their money on reliable real estate development products, like Amara, Baad said.
“This new phase, Amara North, is especially designed for sea lovers and water sports enthusiasts with the best choice for luxurious seaside living,” Baad said.
“In all the previous phases of Amara, the first lots to be sold were the bluff lots. It seemed we never had enough to meet the market demand. With Amara North, we hope to finally have enough,” added Baad.
Amara North will have 16 premium bluff lots, eight of them fronting the Camotes Sea.
“Residents will have a spectacular infinity view, especially at sunrise when the sea and sky merge. It doesn’t get more amazing than this,” she said. --- Ehda M. Dagooc