Fuente Triangle to build new residential tower

AFTER successfully launching three residential condominium projects, Fuente Triangle Realty Development Corp. is ready to embark on a fourth project on Osmeña Blvd.

Vice president for marketing and sales Ben Turcuato told reporters Tuesday that the Fuente Tower 4 is set to begin construction in two weeks and will be 24 to 26 storeys. Fuente Triangle is a subsidiary of J. King and Sons Co.

Originally, the concept for the fourth tower was to have 95 loft-type units at seven units per floor. However, they decided to offer smaller units at a lower price range as they saw more demand coming from this market.

The Fuente Tower 4, like their other towers on Osmeña Blvd., will also be linked to Tower 2, which holds Club Ultima, and Tower 1, which holds the Crown Regency Hotel, giving condo owners full access to the club and hotel facilities.

Turcuato admitted they had to “change the mindset” of most Cebuanos about acquiring condominiums, saying many still prefer to buy house and lot units. “They think being in a condominium is too luxurious.”

For him, living in a condominium close to the city is economical because there are no hours lost to long travel and that units come with free security, garbage collection, concierge services, gym membership and other conveniences. All these, he said, are included in the P1,500 monthly dues at their third condominium project, the City Loft along Gen. Maxilom Ave.

Payment terms

He said units such as the City Loft run from P2.4 million, paid through financing terms from banks and the Home Development Mutual Fund (Pagibig) .

Pagibig also increased their loanable amount for housing from P3 million to P6 million. Those in the real estate business are glad about this, as it means Pagibig can also offer financing for most comdominium projects.

Turcuato said those earning between P25,000 and P30,000 can easily afford to buy units and live near their workplace.

Each one-bedroom unit of the City Loft has a total area of 28.95 square meters. It comes with a Club Ultima membership, swimming pool and jacuzzi at the rooftop and free seven hotel nights a year at any Crown Regency Hotel or any of its 2,000 partners around the world.

Turcuato said they have sold 34 percent of the City Loft units. They expect to complete construction this year and turn over units to the buyers by first or second quarter of 2014.

As for the Ultima Residences Ramos Tower, there is only one unit left for sale. Unit owners of this 33-floor condominium have the option to join the condotel arrangement operated by City Suites Condotel Management Corp., an affiliate of Crown Regency.