CEBU, Philippines - A Gaisano-led developer has already invested close to P3 billion to develop Cebu's tallest condominium building.
Taft Property Venture Development Corp. President and COO Christopher G. Narciso announced late Tuesday the firm has already started construction of the 46-storey second building of its Horizons 101 development in Cebu City. The second tower is scheduled to be turned over by middle of 2017.
"At this point in time we already spent close to P3 billion because we started the second tower already," Narciso said.
Taft, the property arm of the Gaisano family's Vicsal Development Corp., has committed to spend some P3.6 billion for the whole project. The company has started early this month the turn-over of units of its 55-storey first tower which has over 800 units already sold out.
Once the first two towers are completed, Narciso revealed the firm will then build mid-rise towers within the Horizons area and these will include a BPO (business process outsourcing) building.
"In three to four years time we are planning to have a BPO component," the official added.
Narciso said the capital investment for the expansion is going to be set by early next year as the company is still completing the final plans.
Narciso expressed his confidence that the Cebu market is still robust and that there remains a huge demand for housing units locally. — Carlo S. Lorenciana (FREEMAN)