Property firm earmarks P2B for condotel project

CEBU, Philippines – The property arm of Gaisano Grand Group plans to build a P2-billion condotel in Cebu, saying the city needs more branded hotels to make its tourism sector more attractive.

Grand Land Inc president Ryan Bernard Go announced on Tuesday the company would start the project’s construction within the year after it is done with the bidding process for the contractor. The project, which will also have retail and office spaces will be built in North Reclamation Area.

“This is one of the key projects we have this year,” Go said in a briefing yesterday, noting the firm has decided to venture into condotel business because it sees the need for Cebu tourism to have more branded hotels.

Go also announced the company has already started the turn-over of the first tower of its four-tower condo project Grand Residences in the city. “By June or July [this year], we’re starting to turn over our second tower,” he said.

He added the third tower is set to be finished by late 2017 or early 2018 while the fourth tower is to be completed by 2018. It is located in a 3.2-hectare property in Banilad, Cebu City.

The official said GLI has invested roughly P10 billion for the residential development.

GLI also plans to construct socialized houses in Mactan Island, which would serve as the 20% socialized housing requirement of its other real estate projects.

The Housing and Land Use Regulatory Board mandates all developers to allot 20% of a project's total area or cost for the building of a socialized housing.

Go said construction of the socialized housing may start by second half of this year after the firm gets approval from HLURB.

He added GLI is aggregating lands in Cebu for future developments.