High-end boutique condo project to start selling in weeks: developers-A A +A
Sunday, June 29, 2014
A HIGH-END boutique condominium project in upland Cebu City will be made available to buyers in two to three weeks, its developers announced last Friday.
Diamond Hiland Inc. of MSY Holdings Inc and PJ Lhuillier Inc. are investing P5 billion for 128 Nivel Hills, which will sit in an 8,472-square meter land in the old Casino Filipino area in Lahug.
The project was launched in January. It will be made available to buyers after the company gets its license to sell from the Housing and Land Use Regulatory Board, said DHI sales director for Visayas and Mindanao Rosario Antoinette R. Rama in an interview on Friday.
The whole development will be composed of three towers, which will house a total of 557 condominium units. The towers include the East Tower with 34 floors, the West Tower with 42 floors and the Garden apartments with eight floors.
DHI general manager Nestor Omar T. Arce-Ignacio said the company will be one of the pioneering local developers to establish a residential project for the high-end market in Cebu, the segment being mainly served today by Manila-based property firms.
“The high-end market in Cebu remains to be unserved and untapped,” Ignacio said, pointing out that majority of the projects today are targeted to the mid-market.
The site, he said, is 250 meters above sea level and “demands high-end development.”
He said that although the company has not started selling yet, local and Manila-based businessmen have already expressed their interest to get 128 Nivel Hills units. The completion of the first tower is scheduled in two years.
With more infrastructure projects up for Cebu like the expansion of the Mactan Cebu International Airport, PJLI president and chief executive officer Geraldine Marie G. Teves said more projects such as there’s are needed to cater to the increasing number of non-Cebuanos seeing Cebu as their second home.
“We’re confident and bullish about Cebu…with the growth Cebu is experiencing, we choose to have it (DHI’s flagship project) here,” said Ignacio.
PJLI of Ambassador Philippe Lhuillier is involved in commercial development projects.
It is also the parent company of the non-bank financial service provider Cebuana Lhuillier Pawnshop.
MSY Holdings is the Salimbangon-Yeung’s property development arm. It is popular for its Bayswater residential project in Mactan. It has also ventured into developing Kandaya, a villa resort in Daan Bantayan.
128 Nivel Hills will also have a select retail area which can also accommodate non-occupants.
Prices of units range from P9.5 million to P90 million.
Although having acknowledged the presence of national players who have set up premium condominium projects in Cebu, Ignacio said DHI will not go into “massive development” as they are focused on setting up “boutique developments” in Cebu.
128 Nivel Hills is designed by Australian architectural firm Crone in partnership with interior designer Manny Samson.
Published in the Sun.Star Cebu newspaper on June 30, 2014.