AboitizLand to spend P8M for next Persimmon towers

CEBU, Philippines - After reaping positive sales performance from its condominium units at the Persimmon, the 1.4 hectare urban village project located in Mabolo, Aboitiz Land Inc., is now on the planning stage of building another two towers that would cost around P8 million of investment.

“We are on the planning stage now. Soon, we will announce the construction of two more towers of Permission,” said AboitizLand vice president for sales, marketing and customer service Pia Mantecon.

AboitizLand president Andoni Aboitiz said in an earlier interview that the company is spending at least P4 million for every tower. Now, Persimmon” has two twin-towers. All the 157 units at Tower 1 are already sold out, while the other tower with the same number of units is currently 40 percent taken.

Last Friday, AboitizLand formally opened the commercial component called “Persimmon Plus” a support facility which offers a total leasable area of 2,200 square meters.

At present, there are already seven merchants operating at “Persimmon Plus,” these include; Mr. Coffee, Happy Roaster Home Furnishing Store, Urban Indulgence Family Organic Spa and Salon, Softwash Laundromat, Cebu Trip Tours, and Flores fashion shop.

The Permission is the first condominium residential project of AboitizLand and is the first integrated urban village in Cebu.

The company announced earlier that it is spending P2 billion this year, to introduce more residential projects in Cebu, including expansions of its existing developments.

Bigger chunk of the capital expenditure (capex) allocation for this year will be poured on the expansion of “Persimmon.” The company will be spending about P400 million for the construction of each tower.

Aboitiz said the company is on the constant lookout available land, for other projects, especially for condominium developments, as it has seen a strong take up of condominium units in Cebu, since the company offered the Towers 1 &2 units to the market.

Part of the expenditure will also be used to construct the commercial segment of its high-end residential project in Talamban—the Pristina North, including the Town Houses component of the chic subdivision.

AboitizLand’s middle-range subdivision project in the Southern part of the City, Kishanta, will also be expanded next year, as take up sales is also starting to gain some ground, he said.

The company expects to complete all the 628 condominium units at 1.4 hectare Persimmon project located in Mabolo area soon.

“[We noted] good performance of [real estate] sales especially in the condominium market. Some years ago we made judgment call that Cebuanos will embrace condo living,” Aboitiz said adding that today, the condo market is hitting very strongly and the projects a more competitive market in the next few years.

“We are studying some areas and good properties [around Metro Cebu] for our future condominium development projects,” he said.—Ehda M. Dagooc