Innoland to spend P700M for condo project at CBP

CEBU, Philippines - Following the successful turnout of its flagship project, the Calyx Center at the Asiatown IT Park, real estate company Innoland Development Corporation will be investing at least P700 million for the establishment of a posh residential condominium at the Cebu Business Park (CBP).

Innoland, one of the first LEED (Leadership in Energy and Environment Design) accredited developers in the Philippines, will provide condominium buyers an option to live in an environment-friendly condo-living, at the center of Cebu’s business district.

Developed by the US Green Building Council, LEED is U.S., it is intended to provide building owners and operators a concise framework for identifying and implementing practical and measurable green building design, construction, operations and maintenance solutions.

To be formally launched next month, Innoland chief operating officer (COO) Charles Ong announced that the second condominium project of the company, will provide a total of 223 condo units, of which eight will be penthouses, and five will have lush garden lanai feature.

To be called “The Calyx Residences” the project is situated at a 1,517 square meters property inside the CBP, two blocks away from Ayala Center Cebu, with studio units cost will be pegged around P2.5 million.

The 27-story “The Calyx Residences” is targetted to complete in next 36 to 38 months after the formal launching, said Ong.

In a press conference held recently, Ong said that the company will leverage on its dedication to provide environment-friendly products in Cebu, where everything from construction to the design of each unit, and building facilities will give extra detail to upholding its commitment to pioneer the creation of a legitimate ‘green” building in Cebu.

Although, the project’s quality is of high value, Ong said the company which understand the psychological buying attitude for Cebuanos, will be pegged at a very reasonable rate, far more competitive in the market.

Innoland formally launched its flagship project, the Calyx Center at the Asia Town IT Park in April last year. Today, the company declared a 99 percent condo sales performance, for its 200 residential and commercial units.

The Calyx Center, a 26-story building at the IT Park, is the first gree hybrid building in Cebu.

While the Calyx Center is attracting the young professional market and technology workers in Cebu, the “Calyx Residences” on the other hand, is targetting condo buyers who wants to live in quite, serene place, but near to shopping malls, entertainment center, and other service establishments.

Innoland is the sister company of the entity that recently developed three buildings, two of which are BPO buildings the Sykes building and the 16-story TG Universal (TGU) Building at the Asiatown IT Park.

The group, which is led by its chief executive officer (CEO) Joy Anthony Ong, expressed its seriousness in venturing into the real estate development for Cebu, and ultimately ventures projects in other regions, after building its name here.

In fact, Innoland consultant Tetta Ba-ad said the company is planning to enter into IPO (Initial Public Offering) in the long run.