CEBU CITY—Confident that the demand for residential condominiums will continue to grow, Ayala Land Inc. (ALI) will soon put up a five-tower
establishment on a 2.6-hectare lot at the Cebu Business Park.
Tony Aquino, Ayala Land president and chair of Cebu Holdings Inc. (CHI), cited the dramatic growth in Cebu’s residential condominium sector, noting that the city has been growing faster than other urban centers elsewhere in the country.
Aquino said the low mortgage rates and the presence of many business process outsourcing (BPO) firms also fueled growth in sales of residential condominium units.
Market appetite
CB Richard Ellis Philippines (CBRE), a real estate services and advisory firm, said the expansion in the office market led to growth in demand for residential condos.
“The influx of expatriates working in BPOs … has whetted the market’s appetite for high-rise dwellings and are observed to be moving closer from the fringe areas to Cebu’s business centers,” CBRE said in a statement posted on its website.
ALI’s ongoing residential condominium projects in Cebu are the 1016 Residences and Sedona Parc at Cebu Business Park, and Avida Towers at Cebu IT Park (formerly Asiatown IT Park).
Other upcoming residential projects in Cebu are the Azalea Place, a project of Robinsons Land Corp. located across the University of the Philippines campus in Lahug, Cebu City; the Marco Polo Residences, a P3-billion, two-tower project of Federal Land Inc. within the Marco Polo Plaza Cebu complex; and Horizon 101, a 55-story tower project of Vicsal Development Corp., which owns the Metro chain of department stores and supermarkets.
Key elements
But Aquino expressed optimism over the company’s latest project, the Solinea—a five-tower development located just across Ayala Center Cebu.
He explained that Solinea’s first of five towers offered bright prospects for the company because of certain key elements—its prime location, resort inspired amenities and the presence of retail business at the ground floor of the building.
For this reason, he said, Solinea’s first tower, which will offer a gross leasable area of 1,800 square meters, has been designed to appeal to young urban professionals.
Jennylle Tupaz, head of project development for Alveo Land, said Solinea would provide a resort lifestyle concept, to which Cebuanos have been accustomed.
“Solinea is Alveo’s first multitower development in Cebu that makes it possible for residents to come home to a vacation every day,” Tupaz said on Thursday during Solinea’s public launch.
More projects
The development will feature pocket gardens, open spaces, swimming pools—including a 25-meter lap pool, a leisure pool and a children’s pool—and a central clubhouse.
She said they would first build a 29-story tower, with 591 units to be sold at an average of P106,000 per square meter.
Construction of that tower alone will cost P1.8 billion.
Tupaz said the company projected that Tower 1’s total sales would reach P2.6 billion.
On the other hand, Aquino said Alveo Land’s total investment in the project would be about P10 billion to be spread over three to five years.
Construction of the project will start early next year.
Also, Ayala Land has plans for more projects, including a BPO building and another Avida building at Cebu IT Park, Aquino added.