Cebu developer breaks ground on new project in Brgy. Lahug-A A +A
Tuesday, September 10, 2013
A LOCAL developer broke ground yesterday on a “community-type” project in Barangay Lahug, Cebu City that is expected to rise in 18 months.
Mivesa Garden Residences, a 1.8-hectare property of Cebu Landmasters Inc., is a mid-cost condominium project in the middle of Veterans and Salinas Drives in Barangay Lahug, Cebu City.
It is a three-phase project with seven mid-rise buildings of six to ten floors.
Cebu Landmasters Inc. president and chief executive offer Joe Soberano III said Mivesa Garden Residences is one of their fastest selling projects, with 95 percent of the units in the first phase sold out in just two months.
Soberano said most of their buyers are overseas Filipino workers. Others are young professionals and expatriates.
The first phase of the residential condominium has three buildings with 479 units, of which 455 are already sold. The second phase has two buildings with 459 units while the third will have two buildings of 500 units.
Soberano said the last two buildings are expected to finish in the next three to four years.
Each unit has a floor area ranging from 20 square meters to 60 square meters, sold at P68,500 to P70,000 per square meter.
Soberano said that unlike other condominium projects, Mivesa Garden Residences offers an atmosphere ideal for neighborhood building where residents are provided the space and amenities fit for a “community lifestyle.”
To make the area less dense, Soberano said Mivesa is setting aside 60 percent of its total land area for open spaces. It also has a meditation garden, pocket parks and five retail shops. He said the retail shop units are still available.
Mivesa is the 12th project of Cebu Landmasters Inc.
In the past two years, Soberano said Cebu Landmasters Inc launched five projects across the province.
He attributed the speedy developments to the high demand of residential areas in the Cebu market, saying the company is there to “fill that demand.”
Published in the Sun.Star Cebu newspaper on September 11, 2013.