Firm to start building P400M Cebu project

A REAL estate company is set to start building the first tower of its first condominium project in Cebu City in the second quarter this year.

Kent Ong, Worldwide Centeral Properties Inc. president, said with most of the 290 condominium units of their Sundance Residences in barangay Banawa, Cebu City already sold, he was expecting the construction of the first tower to start this quarter and units would be expected to be delivered by the end of 2015.

“For the first tower alone, the investment is from P400 million to P500 million,” said Ong.

The first tower will have 16 residential floors, a ground and a roof deck for the clients’ amenities.

Forty percent are studio units, 34 percent are one-bedroom units and 26 percent are two-bedroom units with price ranging from P1.8 million to P6 million.

Ong said that the second tower would be built once the unit sales would reach at least 80 percent take-up, which he expected to be sooner because of the high demand of condominium units in Cebu.

“Most of our buyers are locals. Some have rented homes in the area already and wants to own a property there so they buy units in our property,” said Ong.

Second home

Some also live in other cities in Cebu and wants to have a second home within the city since their children are attending classes in the city according to Sharon Ann Ong, WCPI vice president for sales and marketing.

Ong said that Cebu is now indeed a ‘second-home’ destination for many Filipinos both living in Cebu and those in other provinces who wants to live in Cebu.

He said that this is because Cebu has a lot to offer to them in terms of opportunities in business, education, jobs and the tourism attraction of Cebu which makes people want to live here./Reporter Aileen Garcia-Yap