Wednesday, June 18, 2008 Citylights 2 to meet target completion amid price hikes
DESPITE rising prices of construction materials, a condominium developer in Cebu City remains confident that it will complete its project by the end of the year.
Anita Go Blanco, sales and marketing manager of Syntech Properties Inc., said its contract with Primary Structures, the main contractor of Citylights Gardens Condominium, allows the project to be completed based on the original agreed cost.
Blanco said the company is also in the position to achieve the target completion without using the loan proceeds it availed from the Development Bank of the Philippines.
The loan, she said, was in compliance to requirements of the Housing and Land Use Regulatory Board (HLURB), to assure buyers that the project will be completed and delivered on time.
The Citylights Towers 3 and 4 are set to be turned-over to buyers in December this year.
Blanco said buyers would be able to move into the condo units after the properties are turned over to them.
At present, 60 percent of the combined total of 216 units in Towers 3 and 4 has already been pre-sold.
Both towers are part of the final phase of Citylights Gardens Condominium.
In a news conference last Friday, Blanco also announced that the company has tapped four banks that can provide financing to its buyers.
These are Banco de Oro (BDO), Bank of the Philippine Islands (BPI), Metrobank and the Philippine National Bank (PNB).
Buyers who are based in the United States and Europe can also avail of PNB’s Own-Filipino Home Loan Program (OPHL).
Blanco said the company is currently in negotiations with two other banks.
Through bank financing scheme, buyers can borrow up to 80 percent of the total contract price of the preferred unit.
Aside from the overseas Filipino workers, the company is also eyeing the retiree market as potential buyers of Citylights units. (DME)
