High-end condos ‘going fast in Cebu’

AYALA Land Premier, the upscale brand of listed developer Ayala Land Inc., remains optimistic about its prospects in Cebu, as its economy continues to grow, reflected in more empowered middle and high-income classes and continuing growth in tourism.

A testament to the Cebuanos’ upgraded lifestyle is the fast sales take-up of Ayala Land Premier’s three luxury condominium projects in Cebu Business Park, namely, 1016 Residences, Park Point Residences and The Alcoves, said managing director Mike Jugo.

“Cebu is an economic and cultural powerhouse and there has been continuous demand for Ayala Land properties,” said Jugo, who added that developments of Ayala Land Premier provide the “best locations, unmatched quality and distinct living experiences that are integrated within a master-planned estate.”

Jugo also anchored the company’s optimism on the overall economic trajectory of the Philippines.

In a press briefing last Tuesday, Jugo said that for as long as the economic fundamentals remain strong, coupled with the right policies, there will continue to be good prospects for the luxury market, including Cebu.

Estimated total value of Ayala Land Premier’s three luxury projects stood at P11.7 billion.

Its 1016 Residences has sold almost 100 percent of the 109 units with a total value of more than P2.3 billion. The project was delivered in the fourth quarter of 2014. Park Point Residences with 255 units also enjoyed brisk sales and has a take-up rate of 99 percent, with units sold valued at P3.9 billion. It was turned over to unit owners in the last quarter of 2016.

The Alcoves, on the other hand, is poised to follow in the success of 1016 Residences and Park Point Residences. Jugo said 60 percent of the 480-unit tower is still up for sale. The tower, valued at P5.5 billion, is still under construction and is scheduled for delivery in the second quarter of 2020.

“The Alcoves is equivalent to two buildings we launched. That is how confident we are about the market (in Cebu),” said Jugo.

Condo units at The Alcoves are priced between P12 million and P60 million. It offers one-bedroom Zen units, equipped with Japanese-style bathrooms and bathtubs. The tower is the latest landmark high-end residential development that is integrated within Ayala Center Cebu.

Some of the project’s features include the 2,500-square-meter (sq.m.) recreational and social facility on the fourth level of the tower. It will have a landscaped garden deck with a lounge pool, kiddie pool, outdoor playgrounds, and a mini-park. It will have two social halls covering over 500 sq.m. The Alcoves will also have the Sky Pavilion that will feature a 25-meter lap pool and fitness gym.

Colliers Philippines earlier reported that luxury condominiums are gaining ground in Cebu.

“High-end units (in Cebu) continue to enjoy low vacancies and stable growth in lease rates,” said Colliers. The firm attributed the high sales and rental take-up to multiple factors, including tourism and the rising number of multinational company executives residing here.

Moreover, luxury condominiums in Cebu continue to enjoy high occupancy due to their hotel-like amenities and proximity to beach resorts and other tourist destinations. “The sustained demand for luxury residential condominium units is providing impetus for both local and national developers to intensify development of luxury projects across Metro Cebu,” said Colliers.

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