Vol. XXII, No. 18 [ BusinessWorld Online ]
Wednesday, August 20, 2008 | MANILA, PHILIPPINES
ABOITIZLAND, INC. is targeting P2.3 billion in sales from its latest residential project in Cebu City.
Dubbed as Cebu’s first urban village, the P3.7-billion Persimmon will be built on a 1.4-hectare property that will be divided into a commercial neighborhood and four 15-storey residential projects covering 8,000 square meters.
Each tower will house at least 157 units with a floor area of 24 square meters for a studio-type outfit and can be as big as 100 square meters for a three-bedroom loft type unit. The latter will cost P81,000 per square meter.
Pia Mantecon, Aboitizland vice-president for sales, said three-quarters of the first tower, whose construction started in July and is due for turnover in September 2010, have been sold.
"We were pleasantly surprised about how fast the units of the first tower were sold," Ms. Mantecon said in an interview, adding that most of their customers are Cebu locals.
The company also said the second tower would be launched next year, while the third and fourth towers are scheduled to be launched in 2012 and 2013, respectively.
The commercial neighborhood will house shops that offer food, groceries, entertainment, health and wellness, and other similar services.
Persimmon’s commercial area is due for construction this September, while the units will be turned over in September next year.
"We are already in talks with some of the interested tenants of the commercial area," Ms. Mantecon said.
The Cebu-based property group earlier signed a P500-million loan deal with Security Bank Corp. to develop Persimmon and iMez.
iMez is a business process outsourcing center that will have five storeys and 4,000 square meters of office space. — Kristine Jane R. Liu
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