Taft Property to invest P3B for its first high-rise project

CEBU, Philippines - Metro Gaisano Group’s real estate arm, Taft Property Venture Development Corporation, is going to spend close to P3 billion, for the establishment of two buildings in Cebu, which will be the tallest in Cebu’s skyline.

Taft Property, a subsidiary of Vicsal Development Corporation is going to add an approximate of 1,500 affordable, but chic condominium units in Cebu. Called the “Horizons 101,” the first tower is a 55-story building, with total condominium units of about 868.

During the formal launching of the company’s biggest project so far, Taft Property president and founder Jack S. Gaisano said that the first building alone will incur the company about P1.7 billion in expenses, the second tower on the other hand, which is a 46-story building may require the company to spend about P1.2 billion.

Located along Mango Avenue this City, the Horizons 101, is the first high-rise condominium project of Taft Property, whose projects are mostly into horizontal development or subdivisions.

Taft Property chief operating officer (COO) Manuel J. Colayco Jr. said the company is just responding to Cebu’s dire need for residential products, based on the latest record from Housing and Urban Development and Coordinating Council (HUDCC) which revealed that there is a total 170 thousand un-served market that needs affordable housing facilities.

Cebu, which is becoming a metropolitan and urban center in the Southern Philippines, is now embracing the condominium living lifestyle, specifically because land area is limited.

Of the 170 thousand un-served residential market, 60 percent of which can only afford to buy houses or condominiums that prices range from P1.2 million to P3 million.

Horizons 101 condo units are priced at the range of P1.7 million to P5 million, with modern and world-class facilities and luxurious features.

Ground breaking of the multi-billion-peso project, is set this coming May 16, and the company vowed to deliver and complete the 55-story building in the first quarter of 2015.

According to Gaisano, depending on the take up of the first tower, the second building may be built right after.

Since its pre-selling activity which started few days back, the project already generated over a hundred reservations. “This was before the formal launching, and massive marketing campaigns,” said Colayco.

Since its birth in 1997, Taft Property has had a string of successful housing developments under its belt, including Palmas Verdes, Nichols Park, Palm Heights Subdivision, and Hacienda Salinas. (FREEMAN)