A major retail company in Çebu is venturing into real estate industry with a multi-million-peso mixed-use property development called One Pavillion.
Work has already started and is targeted to be completed by 2014, said Nilo Miranda II, vice president for operations of Gold Peach Properties, a subsidiary of the Gaisano Capital Group that owns Gaisano South Mall chains in Cebu and other parts of the Visayas and Mindanao.
One Pavillion is a 26-story project occupying a 5,600 square meter lot at R. Duterte Street in Banawa, Cebu City.
The mixed-used project will have commercial space and residential units, Miranda said.
The first and second floor will have a supermarket and shopping mall while the third to sixth floors will be used for parking lots.
The residential condos will start from the seventh to the 26th floor. There will be about 500 units, Miranda said.
The condominium will offer single bedrooms, two bedroom-units, the penthouse units and villas with gardens.
“Our prices are now at P90,000 per square meter. The one-bedroom unit would cost about P3 million,” said Miranda.
As of last Friday after two months of marketing the condominium, Miranda said 65 percent of the units were already sold.
He said this only showed that condominium projects continued to be in demand in Cebu.
“Our integrated concept is something that most of our buyers liked about our product,” he said.
The company aims to open the commercial segment by mid-2012. Turnover of units will start in the last quarter of 2014.
“We are also set to launch another property with the same concept in Mactan which will be bigger. This will be located near our existing mall along M.L. Quezon street,” Miranda said.
He said that Gold Peach Properties continues to look for other areas to invest and introduce their concept.
“We are confident with our product proposition and we are still seeing a huge demand from the market. We are looking at areas like Iloilo in Panay,” he said.