SEEING the potential of the high-end market in Cebu, real estate developer Federal Land Inc. is expanding its presence in Cebu by unveiling its fifth luxury tower project named Marco Polo Parkplace.

This latest project is part of the firm’s premium condominium brand Marco Polo Residences.

The 30-story tower located in Nivel Hills, Lahug, Cebu City offers 350 condo units. It targets local affluent families, foreign investors and high earners, said John Cabato, senior vice president and head of sales and marketing of Federal Land Inc.

“Particular to the Marco Polo residences, there are three main categories that are naturally attractive to our properties. Affluent locals, couples and families of generations that live in Cebu and neighboring regions. They are attracted to the metropolitan feel of Cebu,” he said.

Also included in their market are foreign investors who are connected to the booming business process management companies and manufacturing, import and export firms in Cebu.

“Foreign expats have contributed highly to the strengthening of the luxury segment. Expat executives are very discerning and exacting of their decisions. Part of this group are the high-end tourists,” he said.

Young professionals who are high-income earners are also another target market for Marco Polo Residences.

“There are young professionals who haven’t built enough significant net worth yet, but they’re looking for ways to enjoy their hard-earned money,” he said.

Cabato described Cebu as a balance of leisure and work, saying it supports the segment concentrated on the high-end clients.

Completion

The project, which is set to be completed in December 2023, has a selection of studio, one-bedroom and two-bedroom units with spaces ranging from 30 square meters (sq.m) to 79 sq.m, said Jay Angeles, product planning officer of Federal Land.

Target date of the selling of the units of Marco Polo Parkplace is in September 2019.

Angeles said Marco Polo Residences towers 1 and 2 are already 80 percent sold while tower 3 is almost sold out.

Tower 4, on the other hand, is set to be completed in December 2020. (JOB)