DESPITE the global economic downturn, there is still high demand for “value-for-money” real estate property in the country because many consider it as a tangible and secure investment for their families.
Landowner and optometrist Jose Enrique de las Peñas expressed this observation during an exhibit of family-owned lots at the Maria Luisa Estate Park Phase 9 at the Marco Polo Plaza Hotel last Thursday.
Only six out of 40 lots were left since the de los Reyes and the de las Peñas families, who are the landowners of the Phase 9 lots in Banilad, Cebu City, started selling them in the last week of October.
The buyers—majority of them close family friends and associates of the landowners—are young and successful Cebuano entrepreneurs in their late 30s.
“They are aggressive and passionate about investment and about starting a family. They are smart buyers because they know they are getting a good deal. I am happy that all who bought (so far) are Cebuanos because of the united and relaxing community they will create in phase nine,” De Las Penas said.
He added that Cebuanos always look for quality products at reasonable prices.
Majority of the lots at the 16-hectare Maria Luisa Estate Park Phase 9 are from 400 to 800 square meters while the others are from 335 to 1,115 square meters.
The landowners gave an introductory price of P5,000 to P6,000 per square meter. The landowners increased the prices of lots left during the exhibit by P1,000 per square meter.
Aside from the prestige of living in Maria Luisa Estate Park, Phase 9 lots are affordable, said De las Peñas.
He said that this “ready-made” development, with its hillside and city-view lots, offers access to both Banilad and Busay. It is close to the Maria Luisa entrance in Busay, which is several hundred meters from the Marco Polo Plaza Hotel.
Phase 9 developer De los Reyes Real Estate Development Corp. assured new buyers of facilities like clubhouse, water, power, and communication lines, and security system.
Four banks—the Bank of the Philippine Islands, Chinatrust, Export and Industry Bank and Union-bank—offer financing programs for would-be buyers. (NRC)
