PROPERTY-developer Majestic Legacy Home Development Corp. is set to turn over the 173 units of its Azon Residences in Lapu-Lapu City to unit owners beginning next month.
The 12-storey, mid-range condominium project, which recorded a high sales take-up, attracted foreigners, young professionals and balikbayans who planned to use their purchase either for investment or second-home use, said Kathy Uy, the sales and marketing director of the company, in an interview Monday.
Of the total units, Uy said 129 units were already sold. The company plans to fully-furnish the remaining units and offer these for rentals as another option. The roof deck of the project will be converted into a French-inspired casual dining place.
According to Uy, the plan to enter the rental market is buoyed by the rising demand of professionals and investors wanting to live in nearby business districts and the airport. They plan to deliver the fully-furnished units for rentals next month.
Azon Residences sits on a 700-square-meter (sq.m) property in Brgy. Pusok, Lapu-Lapu City.
The project is the second condominium project after the 224-room Lot 8 in Mabolo and is touted as the the first condo development near the Mactan-Cebu International Airport.
Majestic Legacy Home is owned by Mario and Jessica Lua, also owners of Kimwa Construction and Development Corp. The couple is also into cargo shipping business and among the incorporators of Sunsky Development Corp.
The real estate company is into both vertical and horizontal projects, under the Majestic High and Majestic Leisure brands, respectively. Majestic Leisure is into resort development, such as the one hectare-38 room resort Mangodlong Paradise in Camotes Island.
According to Mario, the firm invested about P300 million for the development of Azon Residences.
Its studio unit (30 sq.m) is priced at P2.5 million; one-bedroom (40 sq.m) at P3.2 million; one-bedroom and a junior bedroom (40 sq.m) at P3.1 million; and two-bedroom (62 sq.m) at P6 million.
Similar to Lot 8, Uy said the firm established a support service management that will handle all the housekeeping requirements of unit owners.
Riding the province’s growth momentum, the Luas also disclosed they will invest in another project across Azon Residences. Mario said the plan is to build a mixed-use development—a BPO tower and a residential condominium project by next year. Details of the project is still in the planning stage, though.
The couple is planning to develop three to four projects, both residential and tourism, in the next five years, including a resort expansion in Camotes and a hotel in Palawan.