Grand Land breaks ground for 2 35-storey towers in Banilad-A A +A
Friday, May 9, 2014
ANOTHER 1,500 condominium units will be added to Cebu City’s residential properties as the residential arm of the Gaisano Grand Group starts working on two more towers in its flagship project, Grand Residences.
Grand Land Inc. broke ground last Thursday for the North Towers of Grand Residences on Gov. M. Cuenco St. in Banilad. The North Towers is composed of two 35-storey buildings, the third and fourth towers inside that development.
GLI vice president for sales and marketing Khristina Pestaño said in a press conference that they have already sold some 40 percent of the units since they officially launched the North Towers in January this year.
Out of the first two towers, composed of 494 units in total, 97 percent has been sold.
GLI president Ryan Bernard Go said that aside from the continuing development of its multi-billion-peso flagship project, they have more projects to launch.
Among them are the City Homes Premiere, a corporate tower, and a condotel.
Go said the City Homes Premiere will be situated in a 2.2-hectare property in Mandaue City. It is an upgraded version of its City Home projects, still in Mandaue, and two others in Minglanilla and Mactan.
Go disclosed in earlier interviews that the company has set aside P400 million for the three City Homes projects.
By the fourth quarter of this year, GLI will launch a corporate tower with a condotel component across the North Wing of SM City Cebu in Cebu City’s North Reclamation Area.
Go disclosed to reporters on the sidelines that GLI will also expand in Davao by the first quarter of 2015. He said a low-rise condominium project in the area is in the pipeline. GLI has a 30-hectare property in Davao, Go added.
In compliance with Republic Act 7279 or the Urban Development and Housing Act of 1992, Go added that GLI will finalize the planning of their social housing project in a one-hectare property in Mactan by this year.
Published in the Sun.Star Cebu newspaper on May 10, 2014.