Developer breaks ground on new condo

A LOCAL real estate developer broke ground on its second condominium in Cebu that is set for completion by the first quarter of 2015.

Landtraders World Properties Corp. (LWPC) held a groundbreaking ceremony for Royal Garden Residences on F. Cabahug St. in Brgy. Kasambagan, Cebu City on Wednesday. The project is the second condominium for the company San Marino Residences, the company’s flagship project introduced last September.

The company said Royal Garden Residences offers convenience, proximity and affordability.

The one-tower residential condominium of 12 floors that will be built on a 593-square meter lot will house 165 one-bedroom units, each of about 20 square meters or 22 square meters at P1.3 million and P1.4 million, respectively.

According to LWPC chief executive officer Michelle Yu, Royal Garden is targeted for the middle class market segment. She said it is a dominant market but its demands are not served by real estate players.

Yu identified Royal Garden’s clientele as young professionals, investors, retirees and out-of-town residents that are here in Cebu for studies, leisure or business.

LWPC corporate consultant Roger Gopaoco described Royal Garden as an alternative to
buying houses in subdivisions that are located away from the metro.

“Cebu has undoubtedly emerged as an attractive destination in the south for business and recreation. Condominiums are becoming the trend. They sell like hotcakes because working in the city yet living outside it defeats the purpose of urban living,” he said.

Gopaoco said 60 percent of Royal Garden’s sales will likely be with buyers outside the city while the remaining 40 percent will be accounted for by those in the city.

Gopaoco said that with only two years in the industry, LWPC is taking it one project a year.

The first two floors of Royal Garden are allocated for parking and lobby areas while residential levels will start at the second floor. Each floor will have about 16 units. Features and amenities include tiled flooring, finished walls, cable-ready units, a roof deck, gym, reception and commercial strips and individual mailboxes.

Gopaoco said units may also be converted into a small office or home office (Soho).

He also emphasized the structural warranty of the condominium which is 15 years
through the contractor.

“In real estate, building insurance is as important as its foundation. Convenience and safety must go hand in hand,” he said.

Gopaoco said LWPC is also considering a Soho development on AS Fortuna St. in Banilad by next year.
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