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Federal Land targets P3.5-B sales from luxe Cebu condo

Posted on September 19, 2011 05:29:30 PM [ BusinessWorld Online ]

REAL ESTATE developer Federal Land, Inc. expects to bag P3.5-billion in sales from units of a luxury condominium in Cebu to be run by the Marco Polo Hotels Group.

The project, dubbed Marco Polo Residences, will rise next to the similarly named hotel perched on the Nivel Hills in the city, Alfred V. Ty, Federal Land vice-president said.

The two towers, slated for completion in 2013 and 2014 respectively, are part of a general master plan that may include mixed-use developments on a seven-hectare site.

Mr. Ty cited a growing demand for high-rise developments in the area as the main driver behind the development.

“Cebu is primed and ready for a residential resort,” he said, describing Marco Polo Residences as a “convenience-driven package” that will boast of services and amenities comparable to a five-star hotel.

Units at Marco Polo Residences, which will be furnished and managed by the namesake Hong Kong-based hospitality firm, also have good value appreciation and high leasing potential, he added.

Tower One is “already substantially sold” at 80% while Tower Two’s sales take-up is already pegged at 40% as of last month, Mr. Ty said of the units which are priced from P3.7 million to P23.7 million according to their Web site.

Marco Polo currently operates two hotels in the Philippines: Marco Polo Davao and Marco Polo Plaza Cebu, which was renovated by Federal Land, the property arm of the Metrobank group, in 2006. -- F.J.G. de la Fuente

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