Huge chunk of condo sales in Cebu from local market

CEBU, Philippines - Initially expecting strong interest from the foreign market to boost sales performance of the condominium markets, developers instead noted that the local market is taking a huge chunk of the overall condominium take up in Cebu.

Condominium developers such as AboitizLand Inc., Robinsons Land Corporation, Syntech Properties Inc., Fuente Triangle Realty Development, Filinvest Land Inc. noted strong interest from the local market as buyers of condominium units in Cebu.

Although there are also growing number of foreigners that are buying condominium units here, the bulk of buyers are still Filipinos, who are purchasing condominiums either for personal use or investment purposes.

 Aboitiz Land Inc., president Andoni Aboitiz said in an interview that 80 percent of the buyers of Persimmon’s Condominium (Tower 1) are Cebuanos or Filipinos from other areas in the country.

Only seven percent of the total sales of Persimmon’s first tower is purchased by foreign nationals of expatriates.

 “We were initially targeting the foreign market, or the overseas Filipino workers [OFWs], surprisingly strong interest come from the local market most of them are investors, or wanting to take advantage of the low condominium price offers,” Aboitiz said.

Robinsons Land Corporation, which is currently building a huge condominium property called Amisa in Mactan Island, also noted huge interest from the local market, especially from other provinces who wanted to have good investments in Cebu.

In an interview with Trina B. Cipriano RLC assistant vice president for leisure and retirement, she said that majority of buyers for the pre-selling of its condominiums units for Tower A, are locals from Visayas and Mindanao.

Although, she said that there are also good interest from the foreign nationals, and the Filipino “Balikbayans”, but huge percentage of sales are the local market.

RLC, which is planning to offer a total of 800 condominium units at the seaside Amisa property, is now pre-selling first of its six towers. She said take up is very good, and the local market is boosting their sales performance.

For her part, Syntech Properties Inc., the developer of City Lights Gardens at Nivel Hills, marketing manager Anita Blanco said local buyers have pushed the encouraging sales take for the newly completed Towers 3 and 4.

According to Blanco, there is a good market for condominiums among the Filipinos, although foreigners especially married to Filipinas are good market too.

Fuente Triangle vice president for sales and marketing Jose Ma. H. Gianzon also earlier said that the local market is now embracing strongly into condominium investments.

Fuente Triangle Realty Development is the property development arm of J. King and Sons Inc. and has so the most active condo-tel development company in Cebu, if not in the country.

Filinvest Land Incorporated, which is building several condominium properties in Cebu that, includes; Grand Cenia at the Cebu Business Park, mid-rise condominium project called Oases at Mabolo, and high-end condo-tel property in Mactan—Seascape also noted similar trend, saying local market is now one of the most active condominium markets.