Cebu’s economic boom boosts demand for high-end condo units

CEBU CITY—Ayala Land Premier (ALP) is banking on Cebu’s growing demand for exclusive high-end residences to boost sales.

It recently launched its third luxury condominium project in Cebu, The Alcoves, inside the Cebu Business Park.

“ALP developments are guided by key points that we always emphasize in every property we develop—unmatched location, masterfully crafted design, distinctive living experience and value appreciation,” said ALP managing director Mike Jugo during a briefing.

The Alcoves is expected to follow the success of ALP’s two tower communities—the 1016 Residences, which was launched in 2010, and the Park Point Residences launched in 2012.

“With 1016 Residences flourishing as an established community, and Park Point Residences’ ongoing unit turnovers—residents and buyers have expressed extreme satisfaction and delight over the quality and living experience of their new homes and the appreciation of their investment,” said Jugo.

The 1016 Residences, with only 109 units, is connected to the exclusive City Sports Club Cebu, the city’s premier urban lifestyle club.

Park Point Residences, on the other hand, is an exclusive community of only 255 residences, connected directly to Ayala Center Cebu.

The entry of Alcoves will bring in a total of 844 luxury condominium units from the three luxury projects inside Cebu Business Park.

But Jugo said there remained demand for high-end condominium units in Cebu since the island has become an economic and cultural powerhouse.

He pointed out that the completion of the new airport terminal by 2018 would triple the tourist traffic in Cebu.

With more people coming to see Cebu, Jugo said the interest to invest was bound to increase.

Jugo said the group would focus its investments on Cebu Business Park in the next two years in line with the thrust of Ayala Land and Cebu Holdings Inc. to invest around P800 million in the redevelopment of the business park.

The Alcoves is integral to Cebu Business Park’s redevelopment.

Jugo said units at The Alcoves were priced at between P12 million and P60 million.

As of the latest count, about 40 percent of the units in The Alcoves had been sold.

Jugo said 25 percent to 30 percent of the buyers were non-Filipinos looking for investments in Cebu.

He said the group expects to sell out all units at The Alcoves in the next two years.

“Cebu has become an international cosmopolitan destination and demand for projects like what we are offering is expected to rise,” he said.