Gaisano Group to build Condo Mall in Banawa

An integrated condominium and mall development will soon rise in Banawa, Cebu City.

The real estate property arm of the Gaisano Capital Group, Gold Peach Properties, started construction of its first mixed use development project yesterday. Gold Peach Properties vice president for operations Nilo Miranda II said the company will be building One Pavilion Place, a residential tower on top of a commercial complex.

One Pavilion Place sits on a 5,498 sqm property on R. Duterte St., in Banawa. Miranda said that the first floors of the project will have a mall and a supermarket and on top of it will be two 26 storey residential towers. The North Tower will have 299 units and the South Tower will have 250 units.

Miranda said the mall will be completed by the first quarter next year while the residential units will be turned over in the last quarter of 2014.

Units

He said that the residential component is ideal for students, young professionals and new families. It will have a studio type unit with a size of 33.70 sq. m. and varying unit’s sizes of two bedroom type, three bedroom type, villa and penthouse. Unit prices also range from P/2.3 Million to P/24 Million. The projects amenities include fitness gym, swimming pool, multi-purpose hall and children’s play area.

Miranda said the entry of the Gaisano Capital Group in the real estate industry signifies their interest and optimism in Cebu’s thriving economy, He said the entry in the real estate is also in line with the company’s growing retail business.

Community


He, however, declined to disclose the amount of investment on the project. “The company ventured into mixed-used development since we wanted to create a community of our own, an all-in-one destination where unit owners as well as the locals of Cebu can experience and enjoy.” Miranda said.

He noted that mixed-used development is a growing trend in the industry that has yet to be maximized in Cebu. Although a lot of players are heading in this direction, Miranda said Cebu is not that highly urbanized compared to Manila. He said, however, that the entry of big players in the industry such as Ayala Land, SM Development Corp., and Filinvest has helped Cebu mature as a market.

Gold Peach Properties was established last year to focus on the various property development ventures of Gaisano Capital. It is also poised to develop prime lots under its portfolio, aiming to offer new properties focused on the concept of “prime location at a mini budget” for the average home buyer.