Company breaks ground on Mactan project-A A +A
Sunday, June 29, 2014
TAFT Property Venture Development Corp. (Taft Property) broke ground last Saturday on the first phase of its nine-tower condominium project in Mactan.
Called Soltana Nature Residences (Soltana), the new residential project will have almost 3,000 units. It sits on a 5.6 hectare property on Maximo V. Patalinghug Ave. in Lapu-Lapu City. The nature-inspired development is composed of several seven-storey and 15-storey buildings.
Taft Property is currently selling the first tower, which has a total of 280 units expected to be completed by 2016. It has one and two-bedroom unit types with sizes from 30 square meters (sq.m) to 60 sq.m priced from P2.3 million to P4.5 million.
The Gaisano-led property arm is investing close to P6 billion for the development of the condo project, which will be built in four phases.
Lydwena Eco, head of project development group of Taft Property, described the project as something “different.”
“Unlike the condo projects offered in the city which are basically the same, Soltana is something different because it is an un-crowded residential development and a hybrid of subdivision type with full condo amenities,” Eco said in a press briefing.
She said they are targeting buyers who are looking for the “best of both worlds,” those who want live in a nature-inspired but modern resort type of condo living. About 65 percent of the development is open space.
Soltana said its first tower is 50 percent sold out, mostly to local buyers.
“Condo living is now slowly accepted by the Cebuano market. And as Cebu continues to evolve and progress, giving more opportunities to Filipinos we anticipate a boom in property development as more people move to live and work here,” she said.
The master-planned project will also have a commercial component and features like a nature pond, themed gardens, infinity pool, club house, lap pool, orchard forest, basketball court and commercial park.
Each storey of the tower will only have 20 units. Eco said they will also put in place sky garden in specific levels to give residents the views of Mandaue and Lapu-Lapu cities. Each level will also have open sided corridor and a landscaped atrium at the ground floor.
Eco said Taft Property is poised to grow its portfolio in the country on the back of the booming property industry. She said the company has three to four projects lined up not only in Cebu but also in Manila.
“We are still working on the details of the project but these are both vertical and horizontal developments,” she said.
The company also signed partnerships with other property firms such as the AyalaLand Inc. (ALI) and Hong Kong Land.
The partnership with ALI is a 12-hectare project in Mactan that is envisioned to become an integrated development, with residential, retail and hotel components, while the partnership with Hong Kong Land is a 20-hectare mixed-use project in North Reclamation which will be launched next year.
Taft Property is part of the Vicsal Development Corp. whose businesses include the Metro Gaisano chain of stores in Cebu and Manila, Wealth Bank, AB Capital and Securities and Vicsal Investment.
The company is behind the construction of Horizons 101, the tallest building in Cebu so far.
Published in the Sun.Star Cebu newspaper on June 30, 2014.