The Persimmon delivers units

By Katlene O. Cacho
Sunday, October 2, 2011
ABOITIZLAND’S flagship condominium project, The Persimmon, delivered its second tower to unit owners on Friday.

The company said that despite the entry of new players in the condominium category, it is still optimistic to get a good share of Cebu’s booming real estate market.

Aboitizland marketing manager Lorelie Ylaya said the differentiation and brand quality of its condominium project are among their competitive advantages over other players.

She said The Persimmon has the advantage of a good location, attractive pricing and the convenience of an integrated commercial hub, The Persimmon Plus.

The second tower, called the North Tower, has 157 units. Unlike Persimmon West, the first tower that was completed last year, which was bought for rentals, the North Tower is more for end-users, Ylaya said.

“A lot of people from neighboring regions bought units for their children, who are studying here. The second tower is really more for end-users living in the purchased units,” she said.

The Persimmon North has landscaped open spaces, function and board rooms as well as administration and security offices. The condo project has three unit types: studio, one-bedroom and two-bedroom units.

The prices of studio units range from P1.8 million to P2.1 million; one-bedroom units at P3.1 million to P3.5 million; and two-bedroom units at P5 million and higher. Ylaya said that of the 157 units, only 30 percent are left for sale.

Ylaya said real estate players credited the optimism in the industry to the continued surge of remittances from Filipinos working abroad. Money sent home by Filipinos living and working overseas reached $11.351 billion in the first seven months, up by 6.3 percent from last year, according to the Bangko Sentral ng Pilipinas.

Apart from relying on overseas remittances, Ylaya said they also strengthened their marketing promotions through social networking sites. She said technology enables them to reach potential buyers even in other regions.

With the completion of its second tower, Ylaya said the firm now is in the planning stages of building the third and fourth towers. The firm is set to break ground next year.

According to the recent real estate forum organized in Cebu by the Salesman’s Centre-the Institute of Sales Training and Entrepreneurial Development, the real estate industry in the country is valued at P300 billion a year.

Condo living, which was originally offered to the high-end market 20 years ago, has now evolved, with the middle-income market being served.

Despite the entry of new players in the industry and amid the fear of oversupply, DMCI Homes sales director Florante Ofrecio said “the market is still there as the middle –income class has grown so much.”

Published in the Sun.Star Cebu newspaper on October 03, 2011.