Tuesday, March 04, 2008 Developer launches residential subdivision
UPSCALE residential developer Landco Pacific Corp. will introduce this April its new cluster development, dubbed the North Ridge, inside its flagship real estate project in the metropolis, the Monterrazas de Cebu.
The North Ridge, which spans 30 hectares—just a little below the mountain peak development—is estimated to accommodate 100 lots each with a cut of 350 square meters.
The community enclave will include house and lots, townhouses and mid-rise condominiums, said Michael Reyes, Landco vice president and head of the Visayas and Mindanao group.
“We are still finalizing the final product, like how many units we initially plan to sell, how much it costs, etcetera. Cebu is not the typical Manila market where anything you put sells. Here, buyers are very cautious of their investment,” Reyes said in an interview.
Monterrazas de Cebu, which began selling phase one or the premium lot areas of Peaks 1 and 2 in July last year, has buyers profiled as end-users rather than those purchasing the property for investment purposes, he said.
Although Reyes declined to divulge sales figures, he said the upscale project continues to “stir” the Cebu market since the company continues to get inquiries from possible buyers.
Reserved
In a separate interview with Landco president and chief executive officer Alfred Xerex-Burgos Jr. last September, he said 20 percent of the 90 lots in phase one have been reserved for potential homeowners.
Because of the growing interest of the market, Reyes said the company is determined to fast-track developments for Monterrazas de Cebu, targeting some of the houses and condominium structures built in the next two to three years.
Village centers or commercial centers that will complement the housing project are targeted to be constructed within five years, he added.
Landco has began “punching the roads” leading to the two mountain peaks that guarantee a view of Mandaue, Cebu and Talisay cities.
Monterrazas de Cebu is a joint venture of Landco and Genvi Development Corp., which is headed by siblings Augusto and Margarita Villalon.
The 200-hectare property of the Villalon family spans four kilometers and covers portions of Barangays Guadalupe, Tisa, Labangon Buhisan and Sapangdakul in Cebu City.
The entire mixed-use enclave will feature a line of upscale real estate products—such as houses and lots, townhouses, condominiums, health institutions and a village commercial center to complete the lifestyle needs of its residents. (MMM)
