Cebu Landmasters tops off Midori Residences

CEBU, Philippines - Cebu Landmasters, Inc. (CLI), a home-grown real estate developer, recently conducted its ceremonial topping off on its first twin-tower mid-rise condominium project last Tuesday.

Midori Residences is a contemporary zen-inspired condominium project that sits on a 5,500-square meter property along A.S. Fortuna in Mandaue City.

This is considered to be the third vertical development of the company following the success of the first two projects, the Asia Premier Residences at Cebu IT Park and Baseline Residences within the Baseline complex along Juana Osmeña Street.

CLI chief operating officer Jose Franco Soberano cited that the topping off signified the structural completion of both towers at the same time, creating an impression to the homeowners that the project will be delivered on time.

He said that the project posted a positive sales take-up with 88-percent of the total number of units sold within a year. To date, there are 45 units left unsold.

He added that most of the unit buyers of Midori Residences are those coming from the middle-income to high-end markets who want to have an elevated lifestyle. They include managers from banks and business process outsourcing companies, yuppies, doctors, foreigners, and overseas Filipino workers.

He shared that buyers, nowadays, have evolved to become wise real estate investors taking into account the track record and brand of the developer, execution of the project, planning and architecture, prime location, competitive pricing, and quality of living.

“Buyers are smarter now. It is our job, as developers, to do well in our projects,” Soberano said.

Midori Residences is composed of two towers that will house a total of 396 units that range from 22 to 88 square meters and are priced from P1.5 to P3 million. Each tower has 12 floors with 16 units per storey.

Its amenities include a clubhouse, multi-functional paved lawn, swimming pool, wading pool, playground, perimeter fence, and tree-lined pathways among others.

CLI president and chief executive officer Jose Soberano said that the development of the Midori Residences is affected with the domino effect in AS Fortuna area from the positive commercial developments of malls and other establishments.

The company is investing P500 million for the entire project.

CLI officially launched Midori Residences last September 2012. It is targeted to be completed and turned over to the buyers by the second quarter of 2014.

The local developer will be celebrating its 10th year anniversary in the real estate industry on September 26.  /JMD (FREEMAN)