Innoland to invest P700M for 2 new building projects
After the success of its first mixed-use vertical project called Calyx Center at the Asiatown IT Park, a local real estate developer, Innoland Development Inc., announced its plans to invest P700 million this year to launch two new vertical projects in Cebu City.
Charles Ong, chief operations officer of Innoland Development Inc., said the projects would be commercial and residential projects in strategic areas in the City.
The 26-story Calyx Center is expected to be topped off by the end of the year and the firm expects to deliver the 221 units of the fourth quarter of 2012.
Wilson K. Granados, vice president for sales and marketing, said that Calyx Center is 99 percent sold since they launched the Calyx Center in May 2010.
“Within only 10 months since launching we sold 212 units and now we are at 99 percent sold out of 221 units which is very encouraging. We have also gained major market share within that period holding 36.1 percent of the market for high-end products, 43 percent share for the newly launched highend products, 14.1 percent for all new products and 10.3 percent market share for all products which is quite an achievement considering we are a new player,” Granados said.
The success of the Calyx Center encouraged the firm to build two new projects – Calyx Residences at the Cebu Business and a commercial center at the Asiatown IT Park.
“We’ll be launching in June the Calyx Residences which will be located at the Cebu Business Park and will be neighbors to the Park Tower condominium,” he said.
The Calyx Residences will have 223 units in 27 storys which is purely residential occupying 1,517 square meters.
“We expect to launch in June and then break ground and deliver the property within 36 to 38 months from groundbreaking. Turnover perhaps by early 2014,” Ong said.
Tetta Baad, Innoland consultant for marketing, said that the project would capitalize on innovation and would cater to the young and more active market.
“It will feature five units with their own lanai for those who are afraid of heights and eight penthouse units. Owners will also enjoy a free shuttle service to and from Ayala Center Cebu. And the property will be first to have rooftop swimming pool and sky lounge and garden with a gourmet kitchen that comes with a service staff for private entertainment,” Baad said.
The commercial project will be launched on July and will sit in a 1,789 square meters property still within Asiatown IT Park right across TGU building.
Ong said they had not yet come up with the name of the building, which would cater to the increasing demand for office and commercial spaces in the district.
“This will be a 22-story building that we have envisioned to cater to the BPO (business process outsourcing) market,” Ong said.
With the continued boom in the real estate industry, Innoland Development, Inc. officials also said that they were planning to launch horizontal projects soon and become a brand that would offer a full range of innovative residential products in Cebu.
Baad said they were still trying to study where to build their horizontal developments and they would consider the trends for these types of products.
“Now we see the trend for high-end products more in the northern part while the south is more on the middle end products,” Baad said.
