SEEING a substantial demand for high-end condominium units in Cebu, Ayala Land Premier (ALP) and Cebu Holdings, Inc. (CHI) will invest an additional P2 billion in another condominium project on top of the new Ayala Center Cebu wing.
ALP and CHI launched their second condominium project in Cebu under the ALP brand called Park Point Residences. It will have 38 storys and 255 condominium units.
ALP head Jose Juan Jugo said their first condominium project called 1016 Residences had a good uptake and is due to be delivered to the owners by 2014.
“Five to ten years ago, ALP believed that Cebu is not yet ready for high density projects like 1016 Residences and Park Point Residences. (But) now we’re seeing Cebu as an economic and cultural powerhouse that’s ready for what we can offer,” Jugo said.
Jugo said about 60 percent or about 153 units are one-bedroom and 90 two-bedroom types while the remaining units will be three-bedroom penthouses that will be sold at P135,000 per square
meter.
“The units could cost from P8 million to P16 million,” said Jugo. The developers are confident there is a market for their condominium units which sit right at the center of Cebu Business Park.
Situated on top of Ayala Center Cebu’s new wing it will feature high-end brands and Rustans department store as the anchor shop.
Jugo said their project is a four-year development that they hope to complete by 2016.
“The new wing in Ayala will open last quarter of 2013 and we will be using the safest construction technique so as not to disrupt the mall operations below,” he said.
Ayala Land, Inc. president Tony Aquino said they’re seeing the same success in Cebu as in other developments in Makati which made them decide to add P7.5 billion in investments within the next 12 months.
He said ALP and CHI have invested a total of P10.5 billion in developing and revitalizing the Cebu Park District based on their ‘live, work and play’ theme within the last three years.
“We will be pouring in an additional P7.5 billion which includes the P2 billion for the Park Point Residences and other projects that we will be doing within the next 12 months,” Aquino said.
The Ayala official said more capital will be poured into Solinea, an Alveo Land development, and an office building in Cebu Business Park which they’re targetting to launch within the year.
“All these defines how confident we are of our products and of the Cebuano market,” Aquino said.