Wednesday, February 14, 2007 Developer to launch upscale residential project in Mactan
TO MAINTAIN its niche as developer of high-end condominiums, the real estate arm of Coral Point Development Corp. (CPDC) will introduce to the local market this June the first phase of its latest residential project.
Mactan Southgate Holdings, a sister company of CPDC, will launch Coral Point Gardens Executive Residences located in Punta Engańo in Lapu-Lapu City.
The four-building executive residences and service apartments sit on an 8,000-square meter property, which is part of the four-hectare Coral Point Village Resort Complex (CPVRC).
“It also serves as a retirement condo unit,” said CPDC president Efrain Pelaez Jr.
Pelaez told Sun.Star Cebu that the new development will target the “retirees, OFWs (overseas Filipino workers), foreigners with Filipino spouses, and executives from the export processing zones.”
The project’s first phase includes the construction of the first two buildings that will house 24 studio-type and six penthouse units.
Each studio-type unit has a floor area of 57.50 square meters (sq. m.) while the penthouse unit has a floor area of about 115 to 150 sq. m. each. Prices for the studio-type unit is between P3 and P5 million while the penthouse is pegged at P8 million. Construction
Coral Point Properties Inc. executive assistant Lydia Reoma said that even before the official launching of the executive residences, 13 units have already been booked.
The construction of the last two buildings, which part of the phase two of the project, is slated to begin next year. It will house 25 studio-typed rooms and three penthouses.
A swimming pool, located at the center, is set as a “main attraction” for the executive residence.
A 235-meter beach is located within Coral Point Beach and Yacht Club property, CPDC’s first residential condominium pro-ject completed in 1993. Residents can buy shares of the property to the beach and the club’s other facilities, Pelaez said.
Pelaez said the executive residence alone involves an investment of about P200 to P250 million.
Meanwhile, Pelaez said the executive residence is only the third phase of the long-term development plan of CPVRC.
He said the company is currently constructing eight villas located within the beach and yacht club property, while the existing 60-unit residential condominiums have already been sold out. The villas have a floor area of 180 sq. m. to 250 sq. m.
Pelaez said the company is also planning to construct “twin tower” hotels in the next two years, which will be a joint venture with a world-class operator.
The 14- to 16-storey hotel to be located at the beach and yacht club will be positioned as a “luxury” unit, Pelaez said, adding that the selling price of the future properties will have to be determined yet.
He also said the company is eyeing to construct a gym, a spa facility and a restaurant to complement all its property developments.
“These projects will help solve the shortage of rooms in Mactan,” Pelaez said. (MMM)
