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Wednesday, September 28, 2005
Upscale subdivision units now available in market
The Commonwealth Estate Inc. (CEI) formally launched last Sunday its newest upscale 30-unit residential development in Banawa, Cebu City.
“Eleven units were sold out already and we hope to sell all units within the year or first quarter next year, the latest,” Joseph Edward Obando, CEI’s assistant sales manager, said in an interview.
CEI developed Acacia Place, which is accessible to the city’s commercial and prime business districts.
It has two-story, three-story and duplex units. The place also includes single -detached townhouses whose sizes range from 90 square meters to 271 square meters.
“Most of our first home buyers (in Acacia Place) are not from Cebu but from other cities. Probably they see a lot of potential in Cebu and would like to take advantage of that by having a property here and invest in whatever business they would be inclined to,” Obando said.
He also told Sun.Star Cebu that the CEI plans to build a condominium in Guadalupe, Cebu City.
But he said Cebuanos may not yet be interested in condominiums because these costs a lot. Besides, he said there are still a lot of properties that can be developed for residential homes, unlike Manila that is highly congested.
In a separate interview, Monina Blanco, Cebu manager of Cuervo Far East Inc. Property Consultants, also said that although the real estate business is “doing good” and picking up in Cebu, building and selling condominium units remain a challenge due to the big investment that it requires.
“But we are inclined to start introducing condo units here in Cebu. Foreigners, who can’t buy houses with titled lots can buy condo units,” Obando said.
CEI has developed projects like Villa del Rio in Mactan, East Aurora Tower in Mabolo, Garden Bloom Acres in Consolacion, Puerto del Sol in Talisay, and Brookfield Subdivision in Mactan, Cebu. (ALC)
(September 28, 2005 issue)
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