Queensland developer sets more Cebu projects-A A +A
Tuesday, October 15, 2013
PROPERTY developer, Cebu Korona Development Corp. has earmarked P700 million in capital expenditures (capex) for its flagship condominium project Queensland Manor Condominiums.
Four more projects are slated for Cebu, including a retirement village, and one in Davao City are in the pipeline, said Norberto Cambal, sales and marketing manager of Queensland Manor Condominiums in an interview last Monday.
The16-storey condominium which will top off this Saturday has a total of 120 units. It sits on a 7,299 square meter property on F. Rahmann St. in Barangay Zapatera, Cebu City.
Cebu Korona Development Corp. is a subsidiary of the Queensland Group established in 1973. It operates the Queensland Drive-Inn hotel chain in Metro Manila, Cebu, Davao and Cagayan de Oro City.
In Cebu, there are 14 Queensland establishments spread across the city.
Cambal reported brisk sales of its condo units, which is marketed to foreigners. Some 57 units worth P70 million were already sold to Australian, Canadian, European and local buyers.
“What sets our project apart from the others are the huge room units we are offering to the foreign market who wanted to own a piece of property in Cebu,” Cambal said. He said they are banking on Cebu’s robust tourism sector for the growth of their property business here.
The studio unit (40 sq.m) is priced at P3.2 million; one-bedroom unit (70.97 sq.m) at P5.5 million; and two-bedroom unit (127.47 sq.m) at P 11 million.
Queensland Manor also has a 5,000 sq.m free parking area on top of the three-level basement parking for unit owners. Cambal said the huge parking area will cater to customers of the three-storey retail component of the condo. Other amenities include a swimming pool, day care center, club house and fitness gym.
With the high sales uptake of their first condo project, Cambal said the firm is planning to build another condominium-hotel in Punta Engaño, Mactan and in Davao early next year.
The Mactan project sits on a four hectare property and will have four condo towers with a total of 1,200 units. Cambal said they are forecasting more than a P1 billion capex for the development of the second condo project.
Aside from this, the firm is also planning to build a condo-hotel on D. Jakosalem St. and New Imus Road as well as a retirement village in a 47-hectare property in Dumanjug. Cambal, however, declined to comment about the timeline of these projects.
The Davao project, meanwhile, is a 22-storey condo building with 300 units located in Times Beach, Davao City.
Cambal said they opted to build aggressively in Cebu knowing the province’s thriving economy, peace and order and rehabilitation of its international airport.
“We anticipate that after the upgrade of the international airport more foreign tourists will come to Cebu,” he said.
Turnover of Queensland Manor units is set toward the end of 2014.
Published in the Sun.Star Cebu newspaper on October 16, 2013.