Thursday, November 23, 2006 Developer secures deal with creditor
AFTER suspending work in 1997, a real estate subdivision in Lapu-Lapu City is once again entertaining potential house-and-lot buyers.
“There was a compromise agreement with the Bank of Commerce (BOC) and they have put in a substantial amount to rehabilitate the project,” said architect Silvestre Tudtud, SVC Tudtud Construction and Development Corp. (SVC-TCDC) president.
Tudtud said Villa Illuminada Townhomes, a 4.3-hectare real estate subdivision of SVC-TCDC, “froze” operations due to the Asian economic crisis in 1997.
But SVC-TCDC recently settled its previous loans with BOC, although the bank will retain 60 percent of the company’s shares.
Construction
Tudtud said 160 lots are now available for sale as construction is set to begin this month. He is hoping all the lots would be sold out in the next two years.
Villa Illuminada, which is named after Tudtud’s late mother, is located in Pajac, Lapu-Lapu City. It is a high-end residential property with a 172 house-and-lot units with areas ranging from 105 to 300 square meters each.
With overseas Filipino workers and their families as target market, the price per townhouse unit is between P4 million and P12 million. All units will be fully furnished.
The subdivision features amenities like underground power cable and drainage system, swimming pool, clubhouse, tennis court, 24-hour security, Wireless Fidelity coverage and a mini-mart.
Tudtud said the P150-million property is located near a hospital, market, churches, airport, schools and beaches.
Meanwhile, the rehabilitation of the subdivision is drawing bright prospects from SVC-TCDC’s major broker.
“We are glad that everything is settled with the bank and that we are back in operation,” said Sweet-land Realty manager Mae Sta. Teresa.
Seeing a boom in the real estate industry, Sta. Teresa said Sweetland Development Corp. will soon venture into low-cost housing in Lawaan, Talisay City early next year.
Sweetland Development Corp. plans to develop a 7,000-square meter property in Lawaan for low-cost housing. Each unit has an estimated price of P700,000 to P1 million.
Tudtud also said SVC-TCDC also has another high-end residential subdivision in Talisay City in the pipeline. (MMM)
