CEBU, Philippines - The flagship development project of Worldwide Central Properties Inc., Sundance Residences, is now 40 percent sold, even before the company could formally launch its project.
Located in Banawa, Cebu City, the first tower of Sundance Residences will offer over 290 residential condominium units. The project has benefited from the upbeat appetite of the Cebu market towards embracing the condominium living.
Worldwide Central Properties Inc., president Kent Ong said that since its pre-selling period that started December of last year, Sundance Residences has attracted local buyers as well as out-of-towners.
Sundance Residences is a P400 million to P500 million project of the company, which only covers the first 12-story tower. The second tower will be built immediately after the company will be able to sell all the units in the first tower.
Capitalizing on its accessibility, and family-centered facilities, Ong is confident that the company will be able to meet its completion target and turn-over of units before the end of 2015.
About 40 percent of all the first tower's units are studio type, priced at an average of P1.8 million, depending on the location.
Ong expressed optimism of Cebu's real estate market, saying the company is laying out plans for more residential projects in the medium term.
Worldwide Steel Corp., its mother company is a pioneer in steel bar manufacturing in Cebu. It has entered into the profitable real estate development market late last year, with the incorporation of Worldwide Central Properties Inc.
Worldwide Steel Corporation has been in the construction industry for over 30 years now.
Sundance Residences is targeted for the second generation family or start-up couples, with unit price ranging from P1.8 million to P2.2 million.
The project is located in a 3,200 square-meter property in Banawa.
Data shows that Cebu has some 7,000 condominium units to be delivered as of this year, this on top of the 4,000 condominium units that are still under construction. (FREEMAN)