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[ Cebu ] Developer sets aside P20M for projects

Wednesday, August 4, 2010 [ sunstar.com.ph ]
By Katlene O. Cacho
A NEW player in the property development industry has set aside P20 million for capital expenditures (capex) for its two projects this year.
Nexus Real Estate Corp. executive vice-president Shanna Te Lopez said the capex will cover the development of two residential projects, The Villagio in South Poblacion, San Fernando and the phase two of Kamalaya in Minglanilla.
The Kamalaya development will start in December this year.
It is a residential project that will house 50 units. The Villagio, which was launched last Saturday, is a 2.3-hectare project that has a total of 187 units.
Biggest so far
Lopez said the company spent P12 million as initial investment for the project.
“This is the biggest development so far,” she said, noting that the company started selling only subdivided lots and building houses in several of Cebu City’s prominent subdivisions in 2001.
She said the Villagio offers the best return on investment in the south since it is the only real estate development serving Naga, San Fernando, Carcar, Sibonga and other towns in the south.
The Villagio is modeled after a contemporary Italian village. It has four housing units namely Bernini, Palladio, Caravaggio and Palazzo Rosita.
Lopez said the development caters to the middle-class market. The prices range from P990,000 to P1.5 million.
Bernini is a two-bedroom single detached unit that has a floor area of 50.3 square meters (sqm.) and 120 sqm. lot area. The unit is designed for retirees and growing families.
Palladio is a two-bedroom duplex unit with a lot area of 60 sqm. and floor area of 44 sqm. This house unit is ideal for start-up families.
Caravaggio, on the other hand, is a row house unit. Each unit has a lot area of 60 sqm and floor area of 44 sqm. It has two bedrooms, one toilet and bath and a carport.
Palazzo Rosita is a two-storey cluster of five units. This expandable unit has a floor area of 120 sqm and a lot area of 90 sqm. Each unit has three bedrooms.
The Villagio also has amenities like a basketball court, mini-gymnasium, playground and chapel.
Nexus Real Estate Corp. marketing manager Vincent Fortez said the the company sold about 10 units, mostly Bernini model units, during the pre-selling period.
Lopez said they are optimistic of faster sales take-up, especially with the development being marketed as a retirement haven and residential area in the south.
Published in the Sun.Star Cebu newspaper on August 5, 2010.
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