Posted on May 11, 2011 08:15:48 PM [ BusinessWorld Online ]
CEBU CITY -- The Gaisano-owned Taft Property Venture Development Corp. has joined the race to build vertical residential units here after setting aside an initial P1.7 billion for its first condominium project.
Horizons 101, which will be composed of two towers with a total of 101 storeys along Gen. Maxilom Ave., marks the Gaisanos’ first foray into high-rise construction.
A couple of other condominium projects in other prime areas in the city have also been lined up in the next three years, Taft Property President Jack S. Gaisano said after the Horizons 101 launching last week.
The first Horizons 101 tower is to become the tallest building in Cebu at 55 storeys, including a two-level parking area. It will have 868 residential units, priced at a minimum of P1.7 million for a studio and a maximum of P5.79 million for a two-bedroom unit.
Manuel J. Colayco, Jr., chief operating officer, said they will break ground on May 16 and target to deliver the units by the first quarter of 2015.
Construction of the second tower, which will have 46 storeys and 600 residential units, will depend on the sales performance of the first tower.
Mr. Colayco, however, was confident that the market would gobble up the new project because of its strategic location and the huge housing backlog in Cebu. In just two weeks of preselling, he said they have received over 100 reservations.
Mr. Gaisano said they have taken extra effort to ensure the structural integrity of their first high-rise project.
Citing data from the Housing and Urban Development Coordinating Council, Mr. Colayco said Cebu is short by about 170,000 residential units for the mid- to high-end market based on estimated demand against actual construction in the past 10 years. The backlog for socialized housing is much greater at over one million, he added.
“The total capacity of all developments in Cebu now doesn’t even exceed 20,000 units,” Mr. Colayco said.
Aside from Horizons 101 and other planned high-rise projects, Mr. Colayco said Taft Property will also launch in two months another horizontal subdivision project. He did not provide details, except that the project would be in Mactan.
“This is our contribution to help slightly reduce Cebu’s unserved [housing] demand,” he said.
Taft Property, the property development arm of the privately held Vicsal Development Corp. that is known for its chain of Metro Gaisano department stores and supermarkets, has developed four residential subdivisions in Cebu and Mandaue cities since 1997 as well as an information technology park. -- Marites S. Villamor
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