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Federal Land spending P3b in Cebu condo towers

by Jenniffer B. Austria
[ manilastandardtoday.com ] September 20, 2011

Federal Land Inc., the property unit of the Metrobank group, is spending P3 billion to build two high-end residential projects in Cebu City under the brand name Marco Polo Residences.

Federal Land president Arthur Ty said in an interview Monday during a signing ceremony between Federal Land and Marco Polo Residences that sales were brisk, with over 80 percent in the first tower sold and 40 percent in the second.

The two towers will be built within the company’s seven-hectare property in Cebu. The project, geared for both investors and end users, offers buyers five-star like amenities, well-appointed units and first-class services. The first tower will offer 171 units with sizes ranging from 40 square meters to 226 square meters.

The second offers 230 units with sizes ranging from 35 square meters to 200 square meters. The second tower will also feature seven villas with sizes ranging from 382 square meters to 643 square meters.

A studio units costs P3.4 million to P3.7 million; one-bedroom unit, P4.1 million to P5 million; two bedrooms, P8 million to P11.3 million; three bedrooms, P15.8 million to P17.5 million; and four bedrooms, P20.1 million to P25.9 million. The luxury villas, meanwhile, costs about $1.15 million each.

Federal Land plans to complete the first tower by 2013 and second by 2014.

The residential towers are near the existing Marco Polo Hotel, affording unit buyers with hotel services, including food and beverage signing privilege, concierge, business center and priority access to swimming pools, gym and wellness zone.

The company expects to generate as much as P3.5 billion in sales from the two towers. Marco Polo Residences will be the first high-end residential tower project of Federal Land in Cebu.

It plans three more towers in the seven-hectare property in Cebu, which will be developed into a mixed-use complex.

Marco Polo operates a hotel each in Cebu and Davao City.
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