CONDO DEMAND REMAINS HIGH IN CEBU
A new developer signified its faith in the continued development of Cebu's real estate industry with a target P640 million investment for two to three projects within the next few years.
Montano Ty, president of the newly formed Cebu Green Peaks Development Inc. which partners with Duros Development Corp.. said they remain confident in the demand for vertical residential and mixed use projects in Cebu.
“There is still a huge demand to satisfy and the presence of all developers also building their own condominium and condotel developments is still not enough,” Montano told CEBU DAILY NEWS.
The firm recently launched The Padget Place, a 22-storey condominium in Molave Street, a few meters from the University of the Philippines-Cebu (UP-Cebu) in barangay Lahug, Cebu City.
Ty said the property will have 168 units with a floor area from 45 square meters to 200 square meters each unit.
“The prices of each unit will depend on the floor area. We are selling them at P85,000 per square meter,” he said.
Construction started last month and will be completed and turned over to the owners by the end of 2013.
Ty said out of 168 units, half are already sold out mostly to local buyers .
“Most of our businessmen here are investing aside from those who are from other provinces who also want to own properties in Cebu. Most buyers are retired and active businessmen,” he said.
Ty said they are also looking at tapping foreign tourists wishing to invest in real properties in Cebu.
“That’s why we are also looking at developing a condotel in one of our properties located within the city. We also want to cater to those staying in the city for a shorter period of time and want to invest in a property which they can also rent out when they’re not here,” he said.
Ty said they have several projects in Cebu to be developed after The Padget Place.
“We have at least 10 parcels of land now with an average size of 60,000 to 80,000 square meters each,” he said.
Ty said a plan to build a property for an outsourcing firm is also being processed.
“In Cebu, everything is right for the real estate industry. It’s up to you how you will tap each market segment,” he said.
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