AT least 1,600 units of residential properties are set to be developed by two local developers in Cebu within the next five years.
Gaisano Grand Group developer arm Grand Land Inc. and Apple One Properties, which is a homegrown company managed by a group of Cebu-based construction companies with sister companies Diamond Suites and Apple Tree Suites Cebu.
In an interview last week, Apple One Properties executive vice president Yvet Andalis said the company will invest P2 billion for a 2.8 hectare property in Banawa, Cebu City.
“The property will have three components – the condominium towers, mansionets and the villas – with a total of 1,311 units in the whole community,” said Andalis.
The property is set to be completed within five years and is expected to start contruction by January next year.
Only two months after launching their flagship resort-themed project Grand Residences in Mabolo, Cebu City, Grand Land Inc. will put it P400 million for three new projects under their City Homes brand in Mactan, Minglanilla and Mandaue City.
In a press conference yesterday held at their office in Banilad, Grand Land Inc. president Ryan Bernard Go said that they are looking at the middle income market segment for these projects which are located at strategic areas near hospitals, schools and malls.
“We will have 105 townhouse units in Mactan, 72 townhouse units in Mandaue City and 112 single detached units in Minglanilla,” said Go.
Both developers expressed optimistic in the Cebu market specifically the middle income market segment which is fast expanding.
“We see this market continuing to grow and we want to give them more options in terms of products,” said Andalis.
This momentum is not only felt by local developers as Megaworld Corporation, a major developer from Manila, is also seeing good uptake of their residential condominium units in their Mactan Newtown Center project.
In an interview Monday night, Megaworld Corp. first vice president for sales and marketing Noli D. Hernandez said they have already sold 70 percent of their first of four tower in One Pacific Residences that is set to produce a total of 540 units.
Hernandez said that the buyers were from both foreign and local investors who wants to own a property in Cebu./Reporter Aileen Garcia-Yap