Posted on 09:12 PM, November 18, 2010 [ BusinessWorld Online ]
CEBU CITY -- Ayala Land, Inc. will invest around P1 billion on its first upscale condominium development in Cebu.
Ayala Land executives hope to get the license to sell all 109 units of 1016 Residences -- the first condominium project of the Ayala Land Premier brand in Cebu -- by mid-December, and break ground by January next year.
Construction will be completed in 36 to 40 months, said Jose Juan Z. Jugo, Ayala Land Premier senior division manager.
He was confident Cebu is ripe for an upscale condominium development. “We think the Cebu market is very strong. We are very confident about this project,” he said.
The 1016 Residences will be the “first of its kind” in Cebu, Ayala Land Senior Vice-President Emilio Tombocon said. “I don’t think there’s anything that could match the physical attributes of this project,” he added.
The 1016 Residences will rise behind the City Sports Club within the 50-hectare Cebu Business Park, a masterplanned community developed by Ayala Land affiliate Cebu Holdings, Inc.
It will have 27 storeys, 23 of which will contain all 109 units. Out of the total, 11 units will have special features such as a private pool, a private terrace or a garden.
Regular units will cost P11 million to P12 million each. Special units will go for around P40 million. Each unit will be assigned a share in City Sports Club.
“The shape [of the building] is very unique. Each unit is a corner unit with views of either the sea or the mountains,” Mr. Jugo said. The development also complies with global efforts to protect the environment, executives said.
With the entry of Ayala Land Premier in the condominium market here, the firm has widened the choices for condominium living in Cebu while expanding Ayala Land’s geographical footprint in the Visayas and Mindanao, Mr. Tombocon said.
The 1016 Residences was introduced to the market on the heels of the launching of Avida Towers Cebu, an “affordable-market” residential project of Ayala subsidiary Avida Land, Inc.
Alveo Land, Inc., another Ayala Land subsidiary, will also launch its mid-market condominium project here in December.
The Avida project is in Asiatown, a 28-hectare cyberpark developed by Cebu Holdings subsidiary Cebu Property Ventures and Development Corp. a few kilometers from the Cebu Business Park.
The Alveo project will rise a few meters behind 1016 Residences.
The first project under the Ayala Land Premier brand in Cebu is the Amara, a lighthouse community in Liloan town, about 20 kilometers north of Cebu City. -- Marites S. Villamor