Gaisano Grand group launches real estate arm-A A +A
By Mia A. Aznar
Tuesday, September 18, 2012
KNOWN for its chain of retail stores, the Gaisano Grand Group of Companies is introducing its real estate arm with the launching of its first medium-rise condominium project, the Grand Residences.
Within 10 years, the developers hope to be able to complete their urban resort community in Barangay Kasambagan, which will comprise six residential towers, clubhouse with multi-purpose halls and function rooms, swimming pool, gardens and other amenities.
For now, they want to begin constructing the first tower by year’s end and complete it by the last quarter of 2014, said project head consultant Jan Eric Menguito.
The first tower will consist of 247 units combining studio, one-bedroom and two-bedroom units. The first tower is expected to cost about P350 million.
Grand Land president Ryan Bernard Go assured that the units are sold “at reasonable prices,” at P77,000 per square meter, but that they offer value with the amenities available.
Go said they began organizing the real estate arm in 2011, adding that residential areas go hand in hand with department store development. He said that with Grand Land communities that they build, there could also be a Gaisano Grand Mall nearby.
As for the Grand Residences, both Go and Menguito said an area set aside for future development could be the next location for another Gaisano Grand Mall but a more upscale version to cater to the mid-market residents of the development.
As for their other residential projects, Go said most of these are also near Gaisano Grand Malls such as their developments in Mactan and future plans in Davao City.
Menguito said that this was a good way for the Gaisano Grand Group to grow because it complemented their existing retail business.
Menguito does not believe there is a real estate bubble in Cebu, saying the prices are still reasonable while interest rates are at a good level at six percent.
They are giving themselves a year to sell all the units. So far, they have sold 35 units since they began selling last month.
Wide open spaces
Menguito noted that with top real estate development companies all flocking to Cebu, they have to be able to compete by providing the best possible product.
Sales and marketing vice president Tina Pestaño-Mendez said the Grand Residences offer what other projects cannot, which is wide open spaces in an urban setting.
The project site sits in Kasambagan, which can be accessed through Gov. M. Cuenco Ave. and Pres. Roxas St.
The developers also assured they will dedicate 65 percent of the project to open space, which is an attractive feature for those with children, said Mendez. The property is 3.2 hectares.
Published in the Sun.Star Cebu newspaper on September 19, 2012.