Primary Homes to turn over Avalon units before yearend

CEBU, Philippines - The 200-unit residential condominium developed by Primary Homes Inc. at the Cebu Business Park (CB) named as the Avalon is up for unit turnover before the year ends, as it is already 60 percent sold.

Now working on the completion of its 18th floor, Avalon, the 19-story residential condominium project acquired by Primary Homes from a Korean developer Fastem Housing and Development (FHD), is scheduled to be fully completed by the first quarter of 2012, said Primary Homes president Stephen Charles Liu.

From a unit price of P6 million to as high as P25 million, Liu is confident of the fast sales turnaround of its total units, because of its strategic location, which is a few steps away from the Ayala Center Cebu.

Because of its prime location, the company reported that 80 percent of its buyers are local residents, while the rest are shared with foreign and buyers from out of town.

In 2006, FHD announced the establishment of the 200-unit condominium project at the CBP, which was supposedly scheduled to complete 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 introduction of Avalon, will add to the Cebu City’s portfolio of high-end residential condominium to complement Cebu’s bid becoming the second-home destination in the world.

Primary Homes had also been building condominium projects around the City, including the La Guardia 2 Plots, near the Cebu Asia Town IT Park.

Primary Home’s parent company Primary Structures Corporation (PSC), the region's largest general contractor and builder, also operates the Primary Properties Corporation (PPC), the well known name in commercial building leasing, one of the major building owners at the Asia Town IT Park here.

Avalon, the high-end residential address is set to make a statement among the circle of elites as it provides utter respite for a fast-paced lifestyle and features first-class amenities to suit those meticulous in taste.

The name Avalon is derived from the mythical legend of King Arthur. It was a retirement island reserved for the royals.

The chic residential condominium will be operated and managed by Primary Home’s sister company, the Primary Properties Corporation, the property management arm of the Primary Group of Companies.— (FREEMAN)