Friday, April 25, 2008 Condo attracts buyers before start of work
EVEN before it has started construction of its latest condominium project, a real estate firm has sold 20 percent of the undertaking’s 132 units.
Joseph Edward Obando, sales manager of Commonwealth Estates Inc. (CEI), said that most of the buyers of Woodcrest Residences are foreigners married to Filipinos, expatriates and businessmen.
He said CEI also wants to attract young professionals.
CEI held an investors forum yesterday at the City Sports Club, participated by real estate brokers.
Woodcrest Residences will house 132 units of studios, two-bedroom dwellings and lofts. It will also include a fitness gym, swimming pool, children’s wading pool, as well as a clubhouse with function rooms.
Condo units are priced between P1.7 million and P9 million; the premium lofts are the most expensive. Once completed, all units are ready to be occupied with tiled floors, and toilet and bath, as well as painted walls.
Work on the project will begin in June this year and is expected to be completed in 2010.
The clubhouse, though, is set to be completed next month, along with the beginning of the condo’s open viewing.
Woodcrest Residences, which will rise in Barangay Guadalupe, will provide residents easy access to essential infrastructure like hospitals, churches, schools, supermarkets and malls.
CEI assistant sales manager Ramero Espina earlier said there is a growing market for condominiums with the increasing number of foreigners living in Cebu, and overseas Filipino workers and their families.
Employees and executives of business process outsourcing companies, as well as transients and second-home buyers, also contribute to the growing demand for condos, he added.
While there is still land available in Cebu, these sectors prefer condos which are close to business and recreation centers, and for the assurance of safety that condominium complexes provide, he said in a press briefing last Thursday. (Strawberry Yap, St. Theresa’s College Intern)
