GOTHONG Southern Properties’ first condominium project in Cebu City is seeing promising sales results despite the highly competitive market.
In an interview, Ronald Versaga, the company’s business development officer, said 30 percent of the units in Building 1 of Yello City @Salinas (YCS) have been sold within just two months of receiving its license-to-sell from the Department of Human Settlements and Urban Development.
“The feedback of the market is outstanding. That’s why we are pushing for the launching of the second and third building,” he said.
The real estate division of the Gothong Southern Group of Companies officially launched the YCS development on Saturday, Oct. 12, 2024. This new project, located in Upper Laguerta, Salinas Drive Ext., Lahug, Cebu City, will feature four to five mid-rise condominium towers that will have 600 to 700 condo units.
The entire development is slated for completion by 2029.
At the launch event, Ronald Velasquez, the company’s chief operating officer, announced that YCS Building 1 has reached its structural topping-off. This five-story tower comprises 117 studio units, with prices ranging from P2.5 million to P2.9 million.
YCS Building 1 is a key component of the expansive 8,299-square-meter YCS project, marking a significant addition to Cebu City’s real estate landscape. The company shifted from initially positioning it as a “township development” to purely residential to cater to a wider market.
Versaga explained that Gothong’s entry into the residential market is driven by the country’s growing housing backlog. He noted that the project aims to help meet the rising demand, particularly within this price segment.
YCS broke ground last year and, according to Velasquez, the company is leveraging its experience in the hospitality industry to ensure the success of this new venture.
The Gothong family also owns Yello Hotel located on Wilson St., Barangay Lahug, Cebu City, which adds to their expertise in property management and development. The family also has businesses in the logistics and supply sectors. / KOC