Cebu Landmasters sees more room for growth in residential condo market
By Ehda M. Dagooc (The Freeman) Updated February 05, 2011 12:00 AM
A 16-story building will soon rise in one of the midtown landmarks in Cebu, within the 1.5 hectare Baseline Complex property, which will provide a total of 170 affordable condominium units.
Local real estate developer Cebu Landmasters, Inc. and property owner Riasjac Corporation have formalized their partnership to build a P350 million medium-rise residential condominium building in the uptown district of Cebu, maximizing the strategic property location of Baseline Complex, owned by the Canizares family.
Cebu Landmasters Inc. president Jose R. Soberano III said this is the 2nd condominium project of the company, following the success of similar project located at the Asiatown IT Park called Asia Premier.
Soberano said despite the entry of more condominium projects in Cebu, there is still a huge market for this kind of development, especially in the midtown area, where everything is near.
Based on the survey conducted by the company, Soberano said the location in the Baseline Complex is considered one of the premium locations for residential condominium projects in the City, as it is near the hospitals, schools, shopping center, and church, among others.
According to Soberano, while most condominium projects are located in the far uptown areas in Cebu, this new development will take advantage of the market that requires proximity to important destinations.
The 170 condominium units that will be built in the next 20 months will offer only studio and one-bedroom feature. These are primarily targeted to professionals, business, and out-of-towners, including foreigners, and OFWs.
The condominium project will kick off the re-development of the entire Baseline Complex, Soberano said expressing his gratitude for the Canizares family for the partnership.
The building will cover a total of 1,500 square-meter of the total 1.5 hectare property
Soberano’s company, the Cebu Landmasters which is known for its series of pocket-subdivision projects in the sub-urban and countryside areas in Cebu, is now entering the fertile condominium development, re-enforcing Cebu’s bid to become the second home destination in Asia.
According to Soberano, even residents from within Cebu province residing for instance in Toledo, Danao, and far flung towns, are needing second-residence in the City, fueling the demand for condominium units here.
Landmaster’s first condominium project, the Asia Premier Residences located at the Asiatown IT Park is already 90 percent sold, barely a year after it was introduced to the market.
This indicates the strong demand for condominium units in Cebu, regardless of the growing number of developers entering into residential condominium developments.
Cebu Landmasters, Inc. is a home-grown real estate development company in Cebu. After its incorporation in 2003, the company brought its passion for real estate to the countryside by developing its first residential subdivision, called San Jose Maria Village, in the own of Balamban, followed by similar projects established in Minglanilla, Toledo, and Talisay City. (FREEMAN)