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Wednesday, September 28, 2005
Developers predict market for condos
Property investors are now looking at buying condominium units as the mobile lifestyle of some people, especially young professionals, has increased the demand for this type of homes.
According to Syntech Properties Inc. chairman of the board of directors Eugene Yong, the increasing demand for compact living space makes condominiums a better investment than other property ventures.
Garces Rental and Property Management Corp. and Garces Realty president and general manager Edmund Garces confirmed Yong’s statement, saying its new condominium project will bring in more dollars to the country since the company already have ready buyers coming from different countries.
“Cebu is still a very viable location for these buyers,” he said in a statement earlier.
Garces has combined the resources of his two companies to gain enough capital to finance a high-end resort condominium in Mactan Island, Cebu.
Singapore-based Syntech is the developer of Citylights Gardens Condominium at Nivel Hills, Apas. It recently held the groundbreaking for phase two of Citylights Gardens.
Yong said some 40 percent of the buyers of the 144 condomium units in phase one bought the property for investment purposes. (JBN)
(September 28, 2005 issue)
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