Developer starts building Lahug Condo

By Katlene O. Cacho
Thursday, October 28, 2010

DEVELOPER Cebu Green Peaks Development Inc. began yesterday the construction of what it described as “an all-residential garden high-rise” located on Molave Street in Lahug, Cebu City.

The Padgett Place is a 22-storey all-residential condominium that sits on a 3,500 square meter property. It offers 165 units of one-bedroom, two-bedroom, garden villas and suites.

Padgett Place chairman Rafaelito Barino said the company decided to build the condominium after seeing need to provide homes for people who wanted to stay longer in Cebu.

He said there may be quite a number of hotel rooms in the city but only a few developments are intended for residential condominiums.

Barino said they are positioning the project as one that will cater to the high-end market, considering its location, which is part of what used to be the Padgett Compound, an “old rich district of Cebu” and a place where expats and businessmen lived.

“Putting up a project like this in Cebu is a good move for the company, especially that Cebu is one of the most favored tourist destination in the country. This project, in particular, complements Cebu’s growing industries, particularly in commerce, education and tourism,” said Willie Yu of G&W Architects.

Yu said condominium developments have already gained acceptance among people as it is more affordable and convenient.

Warren Christopher Yu of G&W Architects also said they designed the project as an exclusive luxurious garden-type of development where 50 percent of the location is allocated to open space. He said that each floor will only have a maximum of 10 units with prices starting at P3.5 million for its one-bedroom unit.

The two-bedroom unit has prices ranging from P6.4 million to P7.5 million while the garden suite is priced at P19 million. The two-storey garden villas, on the other hand are priced at P32 million.

Among the project’s amenities are lap and kiddie pools, indoor and outdoor clubhouses, gardens and gazebos, jogging trail, gym and sky gardens. The project will be formally launched in January and will be turned over to the buyers in 2013.

While Cebu’s real estate industry is continuously growing, Warren said the city should invest more on infra-related developments such as mass transit and road improvements to pave the way for more residential developments in the city.

Published in the Sun.Star Cebu newspaper on October 29, 2010.