Friday, December 2, 2011
THE Gaisano-led Taft Property’s Horizons 101, touted to be Cebu’s tallest landmark, officially broke ground on Tuesday to signal the start of the construction of its Tower 1.
A top official of the firm said Tower 1 is over 50 percent sold out. Most of its buyers are from the locals here and from neighboring islands in the Visayas.
Taft Property Ventures Development Corp. chief operating officer Manuel Colayco said the fast sales take-up of the project was buoyed by Cebu’s big, underserved market for residences.
Colayco said Cebu Province has an unserved requirement of 167,000 units for the middle-income category, for house units with prices ranging from P1.25 million to P3 million.
Taft Property started selling their condo units in March this year.
Horizons 101 is the firm’s first vertical project. The project, which is located along Gen. Maxilom Ave. in Cebu City, has a total of 1,468 units. The 55-storey Tower 1 will house 868 units, while the 46-storey Tower 2 will have 600 units.
Price range
Taft Property has earmarked P1.7 billion for the development of Tower 1. The company is expected to spend close to P3 billion for the combined development of the two towers.
The delivery of Tower 1’s units is set in the first quarter of 2015. Unit prices range from P1.7 million to P5.79 million.
Asked about the firm’s outlook in the real estate industry, Colayco said Cebu is a promising market despite the challenges brought about by some external factors.
But he stressed the company remains conservative in its forecast, and the launch of Tower 2 will depend on sales performance for Tower 1 and the conditions of the world economy are ready,” Colayco said.
Colayco also announced the company will keep on developing residential communities in Cebu.
Among the plans is to build a horizontal development in a 14-hectare property in Marigondon, Mactan which will be called Green Island Residences. The project will house about 400 units.
Colayco said this residential project will be launched early next year. The company is currently negotiating with lot owners.
Interests
“We are looking at P200 million to P350 million as initial investment of the project,” he said.
Taft Property is the real estate arm of Vicsal Development Corp. that also manages the Metro Chain of stores, Vicsal Investment Inc., Wealthbank, Vicsal Securities and Stock Brokerage Inc., Filipino Fund Inc., Prime Asia, Grand Holidays and Vicsal Foundation.
Among Taft Property’s successful developments are Palmas Verdes, Nichols Park, Palm Heights Subdivision and Hacienda Salinas. KOCUs At ex
Published in the Sun.Star Cebu newspaper on December 03, 2011.
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