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A Singaporean developer invested about P2.6 billion for two new towers of a four-tower condominium project overlooking Cebu City in barangay Apas.
About P2.6 billion was invested for the two Citylights Gardens towers, said Syntech Properties Inc. (Syntech) sales and marketing manager Anita Blanco.
Towers 3 and 4, which was completed on November 2008, has a total of 216 units of two- and three-bedroom types.
Price range is between P7.5 million and P8.7 million for two-bedroom units and P9.3 million to P10.8 million for three-bedroom units.
Blanco said the two-storey towers only have six units for each floor giving potential owners view of the bay, city or the mountain.
She said each unit also has a private balcony. Its facilities include outdoor fitness corner, golf putting green, roof terrace garden and children's playground with pavilion.
Blanco said Europeans, Americans, Koreans and Japanese top the list of foreign buyers. Filipino buyers, on the other hand, buy for investment and rent out the units.
?Buyers are interested because it's income generating. Monthly amortization can be generated from rental fees,? said Joan Restauro, senior sales officer.
Restauro said rooms are rented for P50,000 to P110,000 a month.
Blanco said the development is also accredited by the Philippine Retirement Authority.
Syntech was incorporated in the Philippines on February 1997 and its owned by Woh Hup Holdings Pte. Ltd. of Singapore. Its core businesses are in building construction and civil engineering, property development and investments. /Reporter Cris Evert B. Lato
