Rising demand to prevent glut in Cebu’s condos, says realtor

By Mia A. Aznar

Tuesday, November 29, 2011

REAL estate brokers do not see a slowing down of condominium developments in the next five years, even with the sudden growth of such projects in Cebu.

Richard Azares, incoming president of the Philippine Association of Realtors Board (Pareb)-Cebu Realtors Board (Cereb), said they remain bullish on the market for condominium units.

Azares noted that the bulk of the buyers are investors and overseas Filipino workers (OFWs), who make up 50 percent of the buyers of condominium units.

However, they also cater to starter families, retirees who don’t want the hassle of maintaining a big house, and those working in business process outsourcing companies.

Though majority of the projects are between the P1-million and P3-million range, Azares noted that there is a niche for the high-end condominium units, those that are over P5 million.

“You would be surprised,” Azares told Sun.Star, saying the more expensive condominium units are also selling fast.

While some still consider it as an investment, there are many who opt to live in condominium units.

The optimism for the condominium development comes from the fact that many of these units are already sold at the pre-selling stage, which is not happening in other countries.

Investors, on the other hand, feel real estate is the safest investment these days. “Some of them buy one unit in each development.”

Though most of these investors are Cebuanos, Azares noted business owners from Mindanao are among their buyers, particularly those who want to send their children to school here and buy condominiums for them to stay in.

He acknowledged that some are apprehensive about the sudden rise in condominium development but he allayed fears that too many are being built at the same time that there could be market saturation.

“For now, we don’t see that happening,” he said.

House and lot units are also climbing steadily, although the growth is not as fast as with condominium projects.

Azares said that for Filipinos, they can never go wrong if they invest in real estate. Instead of just keeping money in the bank, which gives low interest rates, leasing or reselling property gives them more for their money.

He cited the case of Consolacion, which once sold lots for P1,000 per square meter.

With the opening of the Cansaga Bridge and the development of a new SM mall, Azares said lots in the town now fetch prices of not less than P5,000.

However, he still believes the development is heading south, with the South Coastal Road and South Road Properties paving the way.

Published in the Sun.Star Cebu newspaper on November 30, 2011.

ALI plans to integrate business, IT parks

By Katlene O. Cacho

Tuesday, November 29, 2011

AYALA Land Inc. (ALI) recently launched Cebu Park District, a new brand that aims to promote further its two major developments here, the Cebu Business Park and Cebu I.T. Park (formerly Asiatown I.T. Park).

ALI president and chairman of Cebu Holdings Inc. Antonino Aquino last week said the new brand is meant to uplift the image of Cebu’s twin business districts as a “complete destination in itself yet complementing each other to create the premier
district of business, leisure and living in the region.”

He said the new branding would help them reinforce the firm’s footing in the real estate industry in the Southern Philippines.

Aquino compared Makati and Bonifacio Global City with CBP and Cebu I.T. Park, which have similar integrated developments. “We want to replicate the success of our developments in Manila here in Cebu,” Aquino said.

“Cebu Park District is a testimony to the company’s proven track record of building integrated cities that offer diversity, vibrancy, and dynamism. Already recognized as the city’s leading destination for shopping, dining, and recreation, on top of being a thriving business hub, efforts are now underway to integrate CBP with Cebu I.T. Park,” ALI said.

Aquino said the Cebu Park District will be a home of an integrated urban community.

“Our intent is to continue to build toward this vision: to introduce people to a mixed-use and integrated living concept where the live-work-play equity comes to life.”

More to come

ALI and Cebu Holdings Inc. have invested over P10 billion in the last 22 years. Aquino said the company will be investing over P10 billion more for new developments in Cebu over the next five years.

Six buildings are under construction and two more developments are expected to begin within the year at CBP. Cebu I.T. Park, on the other hand, continues to see rapid development with seven buildings under construction.

According to ALI, CBP and Cebu I.T. Park today compose the biggest twin master-planned developments in Southern Philippines and are both certified as business and I.T. economic zones by the Philippine Economic Zone Authority.

ALI believes with the accelerated build-up, Cebu Park District will be able to provide more opportunities for employment and entrepreneurship. CBP and Cebu I.T. Park have over 35,000 workers, a figure that’s expected to grow by 20 percent next year.

Aside from building communities, office and retail establishments, ALI has also invested in infrastructure improvements to improve pedestrian and traffic management within the parks, as well as landscaping and streetscapes to maintain the “park experience”.

Published in the Sun.Star Cebu newspaper on November 30, 2011.

ALI launches multi-tower Solinea

By Katlene O. Cacho

Friday, November 25, 2011

PROPERTY developer Ayala Land Inc. (ALI) on Thursday officially launched Solinea, the first multi-tower development soon to rise at the Cebu Business Park (CBP) under the Alveo brand.

ALI president and chairman of Cebu Holdings Inc. (CHI) Antonino Aquino said the project is expected to introduce a new landmark in Cebu, in addition to a couple more residential and commercial developments at CBP today.

Aquino said Solinea is another testament to ALI’s confidence in Cebu’s thriving local economy. The company expects the demand for residential projects in Cebu to continue to surge, given the booming tourism and business process outsourcing markets.

He also pointed out that the local property market is poised to strengthen further due to the low-interest environment. Low interest rates offered by banks have driven investors to develop residential projects since end-users can more likely acquire the units.

ALI and CHI will be investing over P10 billion in new developments in Cebu over the next five years. This is in addition to the over P10 billion it already invested in the last 22 years, Aquino said.

According to Alveo Land, Solinea is the firm’s first multi-tower development in Cebu City, master-planned and envisioned to offer city resort living—“a balanced lifestyle merging the vibrant pace of the city and the relaxing ambience of a resort-inspired environment.”

Alveo Land is the middle-income unit of ALI and is the developer of Two Serendra at the Bonifacio Global City in Taguig.

Jennylle Tupaz, project development head for Alveo Land, said Solinea is initially planned to be a five-tower development on a 2.6-hectare property at CBP.

The first phase of the development is a 29-storey tower with 591 units.

Tupaz said total investment cost for Tower 1 is estimated at P1.8 billion, while its estimated sales value is at P2.4 billion.

The Tower 1 will offer studio units (25-31 square meters) at P2.5 million; one-bedroom units (34-39 sq.m.) at P4.2 million; and two-bedroom units (50-63 sq.m.) at P5.3 million. Solinea will also offer two special units: garden flats and urban flats.

Tower 1 will also have five levels dedicated for podium parking.

Tupaz said construction of the project will begin early next year. Alveo hopes to turn over Tower 1 by the fourth quarter of 2016.

Tupaz described Solinea as a resort-residential lifestyle set in a thriving urban enclave. The development will have lush landscapes, and manicured pocket garden and open spaces.

Among its exclusive amenities are a swimming pool, central clubhouse with a gym, function and game rooms, and retail and dining areas.

The Solinea project is a joint venture of Alveo Land and CHI.

Alveo’s first entry in the Visayas-Mindanao market is its flagship project Sedona Parc, a 21-storey residential condominium project with 114 units, also located at the CBP. Sedona Parc is already 70 percent sold out.

Published in the Sun.Star Cebu newspaper on November 26, 2011.

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Officials top off Calyx Center in IT Park

By Katlene O. Cacho

Tuesday, November 22, 2011

INNOLAND Development Corp. officials topped off the company's P1-billion flag­ship "green project" Calyx Center on Monday. Construction of the firm's two other real estate projects is underway, a top official of the company said.

Innoland Development Corp. marketing director Crystal Chloe Ong said units of the mixed-used development Calyx Center are already fully sold.

She said residential units of the building will be turned over to owners in September next year. The retail component, on the other hand, will be delivered in the first quarter of 2012.

Ong said a healthcare company will occupy three floors of the building.

Calyx Center is a 26-storey green hybrid building that has over 200 residential and commercial units at the Asiatown I.T. Park. The project was the first of three developments the company worked on since last year.

Early this year, the company launched the P700-million Calyx Residences, a 27-storey "green residential tower" with 223 units at the Cebu Business Park. Ong said over 100 units or 70 percent of the residential building is sold out.

Later in the year, the company launched and started construction on The Link, a 20-storey BPO building beside i2 at the Asiatown I.T.Park.

The Link will house 12 floors of leasable office spaces, five levels of above-ground parking, one level basement parking and a retail area on the ground floor.

Ong said the company already started negotiating with potential BPO locators. She said the continued growth of the BPO industry in Cebu prompted the firm to build another office building.

The Ong family is also the owner of the TGU Towers in Asiatown I.T. Park.

In earlier interviews, Innoland chief operating officer Charles Vincent Ong said these three projects would help strengthen the company's foothold in the real estate business in Cebu.

He attributed the company's bullish outlook to Cebu's growing tourism and BPO industries.

Published in the Sun.Star Cebu newspaper on November 23, 2011.

FLI turns over 80 condo units to owners

By Katlene O. Cacho

Monday, November 21, 2011

GOTIANUN-led Filinvest Land, Inc. (FLI) has turned over 80 condominium units, valued at P200 million, of One Oasis Building 1 of to investors, a top company official said.

Tristan Las Marias, FLI first vice president and project head for Visayas and Mindanao, said 80 owner-investors and 240 of their family members have occupied the units, according to their latest headcount.

One Oasis Building 1 has a total of 130 units valued at P325 million.

Las Marias said 50 more units are being prepared for delivery and over a hundred applications are still being processed.

FLI is also the developer of the integrated community Citta di Mare, which is being built at the South Road Properties.

FLI said the first phase of the P1.9-billion One Oasis medium-rise condominium project has recorded brisk reservations and sales in the last six months.

Metropolitan living

FLI said One Oasis is marketed to be a home for individuals and families who want "quality metropolitan living." FLI said the property "is designed for people on the go, who need homes within a few minutes' drive to shopping malls, schools, and hospitals, and who seek living convenience at the heart of the city while enjoying a refreshing ambience."

One Oasis sits on a 3.7-hectare property in Mabolo. FLI plans to build 10 mid-rise buildings in the area.

Meanwhile, FLI said onsite construction of the five-storey Building 2, which had topped off last May, is progressing ahead of schedule for next month's turnover.

The firm is working to complete Building 3, which is targeted for delivery between December 2012 and January 2013.

Building 4, on the other hand, was launched last month. The tower will offer 22-square meter (sqm) studio units; 34-sqm one-bedroom units; and 40-sqm two-bedroom units.

Among the project's amenities are a multipurpose club house, adult and children's pools, basketball court, landscaped gardens, children's play area and jogging paths.

The company is also building One Oasis in the cities of Davao and Pasig.

Published in the Sun.Star Cebu newspaper on November 22, 2011.

FLI begins construction of Amalfi Oasis in SRP

By Ehda M. Dagooc (The Freeman)
Updated November 14, 2011 12:00 AM

CEBU, Philippines - Filinvest Land, Inc. (FLI) has started the construction of the Amalfi Oasis section of the Citta di Mare project at the South Road Property (SRP), exuding optimism for completion and delivery within schedule.

FLI vice chairman Andrew "Bibot" Gotianun, together with Cebu City Mayor Michael Rama and FLI first vice president and project head of Visayas and Mindanao Tristan Las Marias led the first construction inspection and project evaluation over the weekend at the SRP.

According to Las Marias work gangs are ramping up the first 150 new living units into various phases of completion.

As manpower, equipment, and materials are in place, and construction gaining momentum, "we are confident of a complete handover next year," committed Las Marias.

Backstopped by hundreds of workers, equipment, and massive financial infusion, construction work at the Amalfi Oasis and San Remo Oasis cluster projects remained in full swing. Blending seaside living with world-class facilities, the two projects positioned Cebu as the preferred second-home destination for foreign and local investors.

The Amalfi Oasis cluster consists of five-story buildings on a 390,484 square-meter property basking in fresh air, radiant sunshine and charming landscapes. At its Building 1, a mix of 150 two-bedroom (52sqm, 57sqm) and three-bedroom (85sqm, 108sqm, 113sqm) units are to be completed by December 2011, including 65 units of first-level parking slots.

The project is inspired by the Italian coastal towns along Costiera Amalfita, which is renowned for its scenic beauty, picturesque communities, and diversity.

Up to 332 units are to change hands in two buildings at the San Remo Oasis. With 164 mixed one-bedroom (25sqm) and two-bedroom (30sqm) units, Building 3 is targeted for completion in October 2013. Another 158 mixed studio and two-bedroom (45sqm) units in Building 7 will be turned over in July 2013. Up to 101 units in first-level basement parking are set aside in both edifices.

Cluster amenities include swimming pool, pool deck, bath house, outdoor activity area, club house, lounge, gazebo, basketball court, tree parks and jogging path.

Unit finishes and features include a living, dining, kitchen, bedroom, toilet and bath, terraces, doors and windows, and plumbing fixture areas made of vinyl planks, vitrified unglazed floor tiles, vitreous china, and all smooth-faced and textured paint finishes.

As for facilities, the two buildings are telephone-and CATV-ready, with garbage bins at designated areas, six-person-capacity elevators, roof deck laundry cages, and pre-paid water supply systems.

Perimeter and power lines are underground, which fit well into an elaborate drainage designed to prevent flooding. Sewerage collection is centralized alongside a complete biological waste water treatment system, road networks, concrete hollow fences, a theme wall and guard houses.

Inspired by the Italian coastal towns along the Mediterranean Sea and the Italian Riviera, San Remo Oasis and the Amalfi Oasis formed parts of the first and second phase of the development-bound, 50.60-hectare area under the joint venture of the city government of Cebu and FLI.

This low-density enclave consisting of 65 percent open-country spaces and landscaped greens, with 20-meter-wide walkways, bike lanes, and car-free zones, will later host a cluster of five-storey, medium-rise buildings, around which a relaxing, pedestrian-friendly community evolves.

Ensuring comfortable living and accessibility, San Remo Oasis will be 15 minutes away from the central business district of Cebu and the international container port, and 30 minutes away from the international airport. It will be a short walk from the proposed new college campus of the University of the Philippines.

With 50 years in the business and one of the country's leading real estate developers, the family-owned FLI provides a diverse property portfolio catering to a wide market—from its core, best-value homes to premier communities, condominiums, and leisure developments. Its assets and stockholders' equity were valued, respectively, at P165.59 billion and P62.37 billion.

The city government of Cebu owns the SRP consisting of a 300-hectare prime property it had reclaimed through a loan from the Japan Bank for International Cooperation. (FREEMAN)