LISTED-PROPERTY developer Cebu Landmasters Inc. (CLI) remains unfazed by reports of condominium sales slowdown in Cebu saying that the market is not fully saturated compared to Metro Manila.
“The glut is not felt in the middle and economic segment here,” said CLI president Jose Soberano III at the sidelines of Casa Mira Towers Labangon topping-off last Wednesday.
“I don’t believe there is a slowdown because we are still developing and not a fully matured economy yet. There is still room for growth,” Soberano added.
Earlier, consultant Enrique Soriano warned that the country’s property sector is already on its overextended run for almost three years now from the usual 10-year cycle.
He advised new players in the property sector to think twice before pouring in investments in condominium development, saying Cebu’s supply is already enough.
“There is already a slow uptick in the condo sector and it is further slowing,” said Soriano. “Condominium is no longer a good business for new players.” According to Soriano, close to 4,360 condo units are sold in Manila at any given month. Cebu is equivalent to 10 to 13 percent of Manila’s volume.
Colliers Philippines said it still expects over 17,000 units to be completed between now and 2020.
In demand
However, Casa Mira Tower’s sales performance has been “impressive.” According to Soberano, the project, which has 798 units, has been sold out, with more buyers still waiting in line in case some unit owners back out.
The Casa Mira Towers in Labangon is the first vertical project of CLI’s Casa Mira series. The two towers stand 17 storeys and 19 storeys.
“The market’s strong response towards Casa Mira Towers is due to the project offering more features and amenities but with a price that starting families and young professionals can easily afford,” said Soberano.
He added that having the right price, right unit size, location and brand have helped them survive the competition in the condominium segment, which is being flooded by a lot of players, both new and old.
Casa Mira Towers offers roof deck amenities, swimming pool, fitness gym and, lounge, 24-hour security, reception and lobby, property management services and a retail arcade at the ground floor.
Soberano said they target to deliver the units to homeowners in the third quarter of 2018.
Coming soon
Following the success of Casa Mira Towers Labangon, Soberano announced they will soon launch Casa Mira Towers Guadalupe, the fifth of the Casa Mira series, which will have about 800 units.
The Casa Mira series already has two horizontal projects—Casa Mira Linao in Minglanilla and Casa Mira South in Naga. CLI will launch Casa Mira Coast in Sibulan, Negros Oriential soon.