Innoland to turn over 225 Calyx Center units by Sept

CEBU, Philippines - After selling all of the units of its first condominium project, Innoland Development Corporation is now ready to turn over 225 units of the Calyx Center, located at the Cebu IT Park by September this year.

The company recently held the ceremonial topping off of the 26-story building, while construction is currently ongoing for its two other commercial and residential buildings, located at the Cebu IT Park and at the Cebu Business District.

Innoland chief operating officer (COO) Charles Ong said Cebu offers a promising real estate business in the next few years, the reason why the company is aggressively pouring investments in developing more projects within the metropolis.

Innoland is one of the most aggressive building and real estate developers in Cebu, with developments initially focused on building condominium towers, and BPO buildings, in the premier locations such as the Asiatown IT Park, and the Cebu Business District.

Early last year, the company announced its new condominium project that will be constructed at the CBD, which will incur the company another P700 million in investments.

Ong said part of the company’s plan is to spread its development projects in the northern part of Cebu, owing the dynamic real estate sector in Cebu.

The company prides itself as one of the first LEED (Leadership in Energy and Environment Design) accredited developers in the Philippines, re-enforcing its commitment to build only environment-friendly buildings and residential projects.

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.

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

The company is also currently constructing a P400 million 22-story BPO building at the Cebu IT Park, its second BPO building located in the area, next to TGU BPO building.

The second BPO building called “The Link” has now attracted interested BPO tenants, Ong said, an indication that Cebu’s real estate development is on for a high-road at least in the medium term, if not in the long term.

Economists said that the low interest rate environment has made it more attractive for people to buy real estate properties, while banks have also expanding their loan offerings especially to residential property buyers.—(FREEMAN)