Promising cities for building condos

MARQUEE Residences is an upscale mid-rise residential development from Alveo Land.

Ever wondered what cities in the country are promising locations for condominium developments? Inquirer Property did a quick survey of top developers and found out that Cebu, Angeles, Davao and Cagayan de Oro topped the list, which also included other promising areas such as Marikina and Muntinlupa.

Bobby Dy, Ayala Land Inc. senior vice president and head of residential business group, said that “Cebu, for us, is a growing market.”

“As an important city in the South with the various ingredients of tourism, industry and increasing affluence, we have seen Ayala Land Premier, Alveo and Avida entering the market with a good deal of success. Likewise, areas like Angeles, Davao and Cagayan de Oro are promising centers of growth—these are areas where we see a growing acceptance for condo living, and as such we will be bringing Alveo and Avida products to these markets in the coming months.”

Alejandro S. Mañalac, board vice chair of National Real Estate Association, said Marikina “would be nice and it has actually started hosting several projects.” Mañalac, who recently joined Century Properties Inc. as senior vice president, said “Muntinlupa also has a good potential, especially with the rehabilitation of the Philippine National Railway. However, developments there should only be low- to medium-rise, no frills condos.”

Untapped market in Cebu

Jose Mari H. Banzon, executive vice president and general manager of Federal Land, also said “developers are beginning to discover the strong, largely untapped market in Cebu.”

Rouel Abel Raz, vice president for sales and marketing of Robinsons Communities, explained that “cities where land is getting scarce and prices of residential subdivisions are getting pricey will start to accept condo living as a great alternative.”

Two weeks ago, Ayala Land subsidiary Alveo Land launched its first mid-rise condominium in Angeles City, Pampanga called the Marquee Residences.

The P1.7-billion mid-rise condominium project features 6,605 sq m of land area at the cost of P87,000/sq m. ALI sees the north part of Central Luzon as a key area for growth in the country. It has been recognized for its burgeoning commerce, leisure and recreational elements. Angeles has been touted as a rising regional hub. ALI calls it the “growth corridor of the north.”

Two months ago, Ayala Land announced its partnership with Davao-based Anflo Group of Companies on the P5-billion project Abreeza that includes a 26-story residential condominium. It would be located on JP Laurel Avenue in Davao City.

Ayala Land has introduced condominium projects to Cebu, such as Alveo and Avida; upscale condominium development 1016 Residences; and countryside living with Amara, among others. In January, Ayala Land affiliate Cebu Holdings Inc. announced it will be spending about P3 billion for the expansion of the Ayala Center Cebu mall with Antonino Aquino, ALI president and CHI chair, saying that the next phase of Ayala Center Cebu’s expansion reflected the interest of Ayala in the development of Cebu.