More condo units in Cebu market

AT LEAST 621 new condomonium units will be added to Cebu’s continuously expanding real estate market this year with the launching of the second of five towers of Avida Towers Riala project at the Cebu IT Park.

The first tower, which was launched last May was already 83 percent sold out after only eight months, said executives of Avida Land, Inc., in an interview.

“We are encouraged with another fast take up of our units under the second Avida project that we have here in Cebu which is Avida Towers Riala,” said ALI marketing manager Maria Teresa A. Tatco.

According to Tatco, they are very happy about the appetite of the market in Cebu which they first saw in their first project– Avida Towers Cebu, a two-tower condominium project launched in 2010.

“We see the same ’appetite’ from the market. We have a balanced set of buyers with about half buying units as investments and those who really intend to live in the units. We also have a balance of local and foreign buyers,” said Avida Towers Riala project officer Carlo Aldoba.

second tower

The officers said that they expect delivery of the first tower in first quarter of 2016 and will soon start construction of the second tower which will offer a total of 621 units including 432 studio units, 135 one-bedroom units and 54 two-bedroom units.

“The second tower is basically a mirror of the first tower with exactly the same number of units and the same 27-story tower,” said Aldoba.

He said that they were also considering having a third to fifth tower in the 2.1 hectare development area.

For their construction activities this year, Del Rosario said that they are looking at spending P1.2 billion in investments which is included in the P4 billion to P5 billion capital expenditure that will be poured in by Ayala Land, Inc. and Cebu Holdings, Inc. for their brands currently in Cebu including Avida, Alveo Land Corp. and Ayala Land Premier.

Both firms have already poured in at least P14 billion in investments for Cebu in the last three years which according to ALI president Tony Aquino was a concrete testament of how they put importance to the Cebuano market.

Early this month, ALI and CHI also launched the P1.6 billion ACC Corporate Center which is attached to the Ayala Center Mall adding at least 31,113 square meters of leasable space for outsourcing companies.