Friday, March 23, 2007 Aboitiz Group upbeat on prospects for upscale communities in Cebu
AS THE real estate development arm of the Aboitiz Group continues to work on another project in Cebu City, company officials said the market for upscale residential development remains a good one.
AboitizLand vice president for sales, marketing and customer service Pia Mantecon announced that 192 available lots in Pristina North – an upscale residential subdivision project – were sold early this month.
She said during a press briefing last Wednesday at the project site in Barangay Bacayan in Cebu City that the average price of lots at Pristina North is P10,000 per square meter.
AboitizLand is confident the project will sell well because of the company’s good track record and the benefits of living in a subdivision developed by the company.
Other than these, she said, Pristina North will also have various features that include underground utility cables, swimming pool, club house, village center with commercial shops and 24-hour security.
Part of the 31.7-hectare project is located in Barangay Canduman, Mandaue City. Eighty percent of the development is residential while the remaining area will be used for entertainment and commercial facilities.
Considering the traffic congestion in the Talamban and Banilad areas during peak hours, AboitizLand decided to open three access points to the project and one of these is in Canduman, Mandaue City.
Jojo Rafaeles of AboitizLand said the company will launch the houses and lots in Pristina North later this year.
As the project is considered a fully master-planned community, Mantecon said that residents will have to conform with a “covenant” that provides, among others, regulations on architectural design, value of improvements and activities within the subdivision.
“Definitely, we won’t be seeing sari-sari stores inside the subdivision,” she said, adding that the village center will already house commercial shops to address the needs of residents.
The minimum value of improvements on lots bought by individual homeowners is about P4 million, Rafaeles said. (LAP)
