Developer banks on in-city projects

CEBU, Philippines - In the booming real estate industry, a developer continues to capitalize on property developments within the city to address the customers’ need to the proximity of their residences to their workplaces.

Viranclava Development Corporation Sales Manager Eduardo Saballa said in an interview that with the increasing demands from real estate investors, Cebu City has not experienced any real estate bubble yet but may be congested in the next five years.

With such vision, he added that the company commits itself to launch more projects focusing on investments for residential houses and condominium units in the city to ride along with the growing business climate in Cebu.

He cited that majority of the market share of the company is accounted by locals composed of working professionals, employees from Business Process Outsourcing companies and residents from provincial areas temporarily staying in the city who need some place to live near the vicinity of their work areas.

Other investors include Overseas Filipino Workers and foreigners who are mostly Australian and Russian.

Viranclava Corporation Development is a company owned by the Romofff family of designers and engaged in residential projects and commercial space leasing.

Its latest project is the Riviera French-style living residences located along Pope John Paul II Street, Mabolo, Cebu City.

It is a mid-rise condominium development featuring a total of 309 units ranging from 22 square meters to 28.6 square meters that are priced at 1.7 million to 2.4 million.

Officially launched in the first quarter of 2011, Riviera started its construction last month and will be completed in the last quarter of 2014.

Its amenities include an indoor gym, infinity pool, lobby, sky lounge, rooftop gardens and outdoor area.

To date, 33% of the units are sold and is targeted to be sold out by January 2013, Saballa said.

He also revealed that another condominium project in the city is set to be launched next year. Other existing projects of Viranclava are Palaciego Uno along Escario Street and Krizia buildings 1 and 2 along Gorordo Avenue. (FREEMAN)