Developer breaks ground on Tower Two of project-A A +A
Wednesday, July 23, 2014
Breaking ground on Tower Two of Bamboo Bay Community are (from left) project manager engineer Dailene Jabonero, admin manager Jojie Tajanlangit, Mandaue City Mayor Jonas Cortes, President and CEO Beverly Dayanan, engineer Daryl Vargas and architect Tessie Javier. (Jonolin Luab)
HOMEGROWN real estate developer Contempo Property Holdings Inc. broke ground yesterday on Tower Two of its flagship project Bamboo Bay Community.
Contempo president and chief executive officer Beverly Dayanan said the 12-storey tower will have 230 units, of which 80 percent are studio units of 22 square meters.
Dayanan said Tower Two is selling well and already reached over 50 percent of its sales. She said the buyers are mostly local and overseas Filipino workers.
“We are happy that the market embraced us right away even if we are a new player in the real estate industry. The fast sales take-up is an indication that there is still a huge market that is looking for units to use or invest in,” she said.
Dayanan said most of the buyers of the project are end-users.
She said what sets them apart from other developments in the middle category is that the project is created “beyond the usual” and is inspired by her experiences as a condo dweller for 15 years.
“Every inch in the condo unit matters to a dweller so we make sure that this project will really address the requirement of every dweller, that is comfort, convenience and security,” she said.
Bamboo Bay Community is a one-hectare condominium development on H. Cortes St. in Mandaue City. The complex will have three residential condo towers. The company already topped off Tower One, which is scheduled for turnover next year.
Tower Two is a P200 million development and is expected to be completed by the third quarter of 2016. Tower Two’s one bedroom unit has a size of 36 sq.m while the two-bedroom unit is 44 sq.m.
Condo units prices range from P 1.9 million to P3.9 million.
Dayanan expects Tower Two to be sold out within this year, after which they will launch the third tower of the project, which will have close to 300 units and will be completed in either 2017 or 2018.
“The condo business is largely driven by market demand. Given the current scenario, Bamboo Bay’s project is on track in terms of schedule and development,” she said.
Dayanan also announced that by the end of the year, the company will be launching a horizontal housing project in Lapu-Lapu City. It will sit on a three-hectare property with over 400 townhouse units priced at P1.2 million each.
Recently, the company signed a memorandum of agreement with the Development Bank of the Philippines for a P200-million loan facility for the first tower.
Published in the Sun.Star Cebu newspaper on July 24, 2014.