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CEBU CITY, Philippines - Condominium living in Cebu is expected to intensify before 2010 with the rise of different buildings in the area, which cater to upper-middle and high-end markets.
“With high cost of properties, we need to develop condo units. Subdivisions are more expensive,” said Jeffrey Badilles, Filinvest Land Inc. (FLI) Visayas Area sales head.
Although condominiums is new in Cebu, Badilles said FLI is bullish with the market, noting that area is home to hardworking entrepreneurs, productive business process outsourcing companies, and expatriates and company executives.
FLI will start developing early next year a one-hectare residential complex called the One Oasis Mabolo, which will be located near the Centre for International Education in Sitio (district) Panagdait.
Badilles said the One Oasis features three five-floor buildings. Each floor will have 25 studio and one-bedroom units.
A studio room will cost P1.4 million with a floor area of 22 square meters. One-bedroom units and two-bedrooms units cost between P2.2 million and P2.5 million with a floor area of 35 to 38 square meters, respectively.
Close to P1 billion will be invested in the project.
Badilles said the condominium was planned with the goal of building a residential community within the city.
Meanwhile, FLI is also building another structure which combines condominium living and hotel accommodations.
The P2 billion investment called Grand Cenia Condotel and Residences located at Archbishop Reyes Avenues, will house 432 condotel units.
Around 60 percent or 259 units have been initially reserved.
Louie Carandang, FLI business development officer for city projects, said Grand Cenia's first to third floors will be the site of Business Process Outsourcing operations.
The seventh to 18th floors will be the condotel units, while the 19th to 25th floors will be the residential units.
Buyers can purchase condotel units from P3 million to P3.5 million and can have these units rented if they are not in Cebu.
Residential units cost between P4 million and P7 million.
Because the development is located in a prime property, just across Cebu Business Park, Carandang said unit prices are higher than regular condominium developments.
He, however, noted that buyers have the option to get an investment product or a residence.
“They can either buy a unit and have it rented, or simply make the unit as their residence. That means they can earn from having the unit rented if they do not want to use it,” he said.
