Monday, September 24, 2007 Project to earn billions
THE completion of an upscale residential resort project in Cebu is estimated to attract at least P10 billion worth of investments in the next 10 years.
“There is healthy interest among buyers in and outside Cebu,” said Landco Pacific Corp. president and chief executive officer Alfred Xerex-Burgos Jr.
He said 20 percent of the 90 lots in phase one of the Monterrazas de Cebu have been reserved by potential homeowners when Landco started to pre-sell the lots last July.
Burgos said the company began selling the premium lot areas of Peaks 1 and 2 of the entire 200-hectare property of the Villalon family.
“We want to sell from the top going down, starting with the most expensive lots, because we want to establish Landco as a high-end project,” he told a press interview during the project’s groundbreaking ceremony last Friday.
Peaks
Parcels of land at the Monterrazas have sizes ranging from 600 square meters to 800 square meters and are priced at P15,000 per square meter.
Landco started “punching the roads” leading to the two mountain peaks that guarantee a view of Mandaue, Cebu and Talisay cities.
One peak is 320 meters above sea level or a height close to a 105-story skyrise building, Burgos said.
The construction of the subdivision’s clubhouse will follow later this year.
Phase one of the project is expected to be finished in the next two years.
“Eventually, we will develop residences catering to the upper middle class,” said Francis Ceballos, Landco executive vice president and chief operating officer.
He said “it is easier to switch from line investors to the upper middle class.”
Recognizing the need to address the project’s drainage system, Ceballos said the company has invested in the development of 25 “detention” ponds that can contain 1,600 millimeters of water at one time.
Flood control
He said the “detention” ponds will prevent storm water during heavy rainfall to rush down from the property and flood the lowlands.
Last April, Landco started developing Monterrazas de Cebu, which spans four kilometers and covers portions of Barangays Guadalupe, Tisa, Laba-ngon, Buhisan and Sapangdaku, all in Cebu City.
The project is a joint venture of Genvi Development Corp., which is headed by siblings Augusto and Margarita Villalon, and Landco.
The entire mixed-use project will feature houses and lots, townhouses, condominiums, gardens, hike trails and other amenities.
The high-rise condominiums will be built in the low-lying portion of the property so as not to mar the view, said Burgos. (MMM)
