maybe its time to create a separate thread for this kay:
Company invests P500M in condominium project
Comment| More | By Katlene O. Cacho
Thursday, November 11, 2010
CEBU’S robust economy and the growth in tourism, business process outsourcing and investments from overseas Filipino workers are reasons the real estate industry of Cebu is growing, a local developer said.
Nexland Estate Ventures Inc. managing director Harley Yunam said real estate developments in the country is robust, citing expansion projects particularly in Cebu.
“As opposed to the past years, the real estate industry of the country is now growing.
For Cebu in particular, we are now seeing big players from Manila coming to do some expansion of their real estate projects here. This just signifies that Cebu has become one of the most favored destinations for real estate developments,” Yunam told Sun.Star Cebu.
Yunam said Cebu’s robust economy prompted Nexland Estate Ventures Inc., a subsidiary of Exeland Inc., to pour in P500 million in investments for the construction of its condominium project in midtown Cebu.
Spianada, which will be launched today, is a Spanish-inspired development located on Sepulveda St. near General Maxilom Ave. It is a 10-storey, four-tower, mid-rise condo development with 64 units each.
Yunam said the project is meant to offer a mid-priced condo and high-end quality units. The units range from P1.4 million to P4 million. The project features three unit types--- a studio unit with a floor area of 22 square meters (sqm); one-bedroom unit with balcony with floor area of 38.50 sqm; and two-bedroom unit with balcony with floor area of 58.50 sqm.
The project’s amenities include a fitness center, a clubhouse and a function room.
Yunam reported that the company has started marketing its first tower, which is targeted to be delivered by December 2012. The completion of the entire condo project is expected by 2015.
Yunam said they hope to sell to returning overseas workers, young professionals and local investors from neighboring provinces.
“Condo development is growing now because it is more affordable than acquiring a house and lot. The bank has also been aggressive in lowering interest rates, making loan applications easier,” he said.
Aside from Spianada, Yunam said the company will also be building a 16-storey condo by the beach in Mactan next year with more than a hundred units.
The company already bought a 3,000 sqm. property in Mactan and it intends to position the project for the middle market.
“We wanted to give the middle class the chance to own a condo by the beach,” Yunam said.