CEBU, Philippines - The property arm of Metro Gaisano Group, Taft Property Venture Development Corporation, continues to take advantage of the promising real estate market, not only in Cebu but in other urban centers in the Philippines, like Metro Manila.
After the development of its first condominium project in Cebu, called “Horizon 101â€, which will provide a total of 895 residential condominium units at the heart of Cebu City area along Mango Avenue, the company, operating under the Vicsal Development Corporation, is building another condominium enclave on Mactan Island, this time to offer a total of 288 garden-resort living condominium units, the “Soltana Nature Residences."
In an interview with Taft Properties vice president for sales and marketing Vince Lawrence Abejo, he said that while the company is actively pouring its investments in Cebu, it has also entered the Metro Manila market, with so far two developments there namely, the Crown Bay in Roxas Boulevard and Citation Residences in Laguna.
Taft Properties’ latest project in Cebu followed after the success of the “Horizon 101†project, where units in the first 55-story tower are 95 percent sold and for the second tower, 50 percent taken.
By the end of 2015, all units at the Tower I will be turned over, while the following year, Tower 2 will have its turn-over schedule.
On the other hand, the six-hectare Soltana Nature Residences, is on its pre-selling stage and Abejo said because of the strong interest from the market, the project’s completion schedule will be fast tracked to make its first turn-over by 2015.
In an earlier interview with Taft Property president and founder Jack S. Gaisano, he said that for Horizon 101 project alone, the company will spend close to P3 billion. This first condominium entry of the Metro Gaisano Group was launched in 2011 and is considered to give another landmark in Cebu as its tallest building.
In a report released by Colliers International, it was revealed that the pre-selling residential condominium market in Cebu performed strongly in 2012, as the number of launches and take-ups further improved.
Collier report further said that the Cebu market is similar to that of Metro Manila, and buyers are also generally drawn to the broader category of smaller-sized units, particularly the studio and one-bedroom types, with sizes ranging from 14 to 58 sq m. These unit types have continuously been a preferable investment for young professionals, students and shorter-term renters from the nearby regions.
The demand for studio and one-bedroom units is estimated to have been about 60 percent to 70 percent of the total number of units launched last year.
Overall, the growth in take-up is attributed to a healthy macroeconomic environment coupled with low interest rates and affordable payment schemes. —/JMD (FREEMAN)