Padgett Place 48% sold during pre-selling phase

CEBU, Philippines - The Cebu Green Peaks Development Inc., (CGPDI) officially launched its residential condominium flagship project for the Cebu market, as its pre-selling activities sold over 48 percent of the project.

The new entrant in Cebu’s real estate industry has developed The Padgett Place, a high-end condominium building located in Lahug, offering a total of 165 chic residential condominium units.

The Padgett Place, a 22-story building situated in the neighborhood in Lahug, known as the “old rich district”, offers a total of 165 chic residential condominiums that will be completed by 2013. It has four Garden Villas and 16 Garden Suites.

The successful introduction of its first project, has led to the consideration of more projects to be built in the next few months, said CGPDI president Montano Ty.

The company announced that is it up to build a P640 million condo-tel facility within Metro Cebu with 80-100 condotel rooms.

Ty, together with partner Rafaelito Berino are now diversifying their investment money to the lucrative real estate business in Cebu, although they are still maintaining their respective businesses, which is in manufacturing and infrastructure construction.

According to Ty, the real estate market in Cebu has come to its maturity, as the consumers now preferred the modern-urban living style, not only the younger generation, but also the matured couples whose children are already left their homes, or the “empty-nesters.”

The project was officially introduced to the Cebuano market recently in a formal launching ceremony held at the Cebu Radisson Blu Hotel.

While condominium living is slowly starting to take off in Cebu, transforming the province into a full-fledged urban center, Ty said the Padgett Place will make sure that the soothing environment in the area will not be spoiled by the new development.

The company is seriously retaining the “green” environment in the area, so that future residents will still feel the calmness of the place.

Ty said there is a good potential for real estate business in Cebu, although other big developers are taking advantage of the fertile real estate market here.

In the company’s future projects, CGPDI is going to build affordable residential facilities too. While The Padgett Place, is targeted to middle to high-end clientele.

He said some of the interested clients would like to buy a unit or two as the place brings memories of their younger days, being a “nostalgic” place.

The location of the condominium project was used to be the “playground” of the old rich in Cebu, before modernized subdivisions like Beverly Hills, Maria Luisa, among others was built.

The two-bedroom unit on the other hand, has prices ranging from P6.4 million to P7.5 million while the garden suite is priced at P19 million. The two-story garden villas, are priced at P32 million.

The design of the project is an exclusive luxurious garden-type of development where 50 per cent of the location is allocated to open space. Each floor will only have a maximum of 10 units with prices starting at P3.5 million for its one-bedroom unit. (FREEMAN)