[ Malaya.com.ph ] September 20, 2011
THE Metrobank Group of Companies is getting active in Cebu City’s property sector, unveiling a two-tower residential project on a seven-hectare property that is anchored on the international hotel chain Marco Polo.
The Group’s Federal Land Inc. and Marco Polo yesterday signed an agreement Monday for the venture.
Marco Polo will also provide management expertise in the venture, Alfred Ty, president of Federal Land, said.
Federal Land is spending P3 billion to build the 25-story property project that will boast of 401 units catering to the upscale market. Units range from studio to four-bedroom units. There will be seven villa-type residences.
Ty said the project is eyed for completion by 2013 for the first tower and 2014 for the second tower, although it is very likely that the timetable will be updated given the speed of take-up of the project.
The first tower is nearly fully sold, according to Ty.
Marco Polo Residences will rise in one of the most enviable spots in Cebu, which has a breathtaking view of the city and the channel, said Federal Land in a statement.
"Situated at 800 feet above ground, the panoramic vista of the twinkling Cebu lights at night is clearly visible from its unit windows as well as from the view garden deck of the condominium’s podium area. For the other units, there is also a thrilling mountain view and the sunset to look forward to everyday," it said.
"The Marco Polo Residences offers a strategic location, being right in the center of Metro Cebu. It is (near) places of interest in the area like shopping malls, restaurants, schools and universities, country clubs and golf courses. It is just minutes away from the Asiatown IT Park, the Cebu Business Park, the Mactan International Airport and some kilometers away from Cebu City," it added.
Jose Mari H. Banzon, Federal Land general manager, said the company benefited from the evolving taste of the Cebu property market which in the past preferred a horizontal type of community living.
Banzon also said that the launch of the residential portion has been timed with the establishment of the Marco Polo brand in Cebu City.
The whole property is eyed for a six-tower development that will be made up of residential and
Federal Land focuses on the high-income segment of the property market with its units priced at least P4 million.
The company expects to improve its bottom line of P400 million last year by 30 to 50 percent.
On the average, the company releases into the market 2,000-3,000 units a year.
With the improved property market, Federal Land is looking at reservation sales of P10 billion this year, close to double from last year.
About 10 percent of the company’s sales come from overseas Filipinos.
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