CEBU, Philippines – After it took over the Korean-developed condominium project at the Cebu Business Park, which was formerly known as the Tower Palace, Primary Homes Corporation targets to complete the development by next year.
Primary Homes sales manager Ramero Espina said that the company targets to turn-over some of the condominium units to owners by December of this year, and that model units will be unveiled this coming September.
The company will be re-launching the condominium project with the new name “Avalon” soon, while they speed up the construction of the project owing to the renewed interest from buyers.
“Before we took over, the sales performance was under 20 percent. Now we are running over 20 percent of the sales,” Ramero said.
Avalon has a total of 200 residential condominium units, which was originally developed by a Korean group called Fastem Housing and Development (FHD).
By next year, all the 200 condominium units will be available for sale and for occupancy by the unit owners, he said.
In 2006, FHD announced the establishment of the 200-unit condominium project at the CBP, which was supposedly scheduled to be completed by 2008.
FHD has allocated about P1.4 billion for the creation of the Tower Palace Residential Condominium, but the group reportedly stopped the development.
Primary Homes, a Cebu-based company with strong reputation in building residential projects, had took over the project few months back, and buyers, who were able to buy units under the FHD management, will be able to get their units by next year.
FHD started in the Philippines in 1980, and handled various construction projects in numerous cities and sites in Asia.
The Fastem Group of companies include; Fastem Construction, Fastem Wall System, Fastem Trading, and FHD.
The construction of Avalon will add to Cebu City’s portfolio of high-end residential condominium to complement Cebu’s bid becoming the second-home destination in the world.
Primary Homes condominium projects around the City include the La Guardia 2 Plots, near the Cebu Asiatown IT Park.
Primary Homes parent company Primary Structures Corporation (PSC) also operates the Primary Properties Corporation (PPC), the well known name in commercial building leasing, one of the major building owners at the Asiatown IT Park here. (THE FREEMAN)