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THE
biggest high-end residential development projects in
Cebu, by Landco and Ayala Land, reported phenomenal
uptake rates and interest not only from local buyers but
from overseas-based investors as well.
According to Landco Pacific Corp. vice president and
head of Visayas Mindanao Michael Reyes, the response
from the market for premium residential units shows more
and more people are getting financial successes yet
Filipinos culturally stick to getting a home as a
priority.
“High-end projects are long overdue in
Cebu, as the market has always been craving for a development
that is of international caliber,” Reyes said. “Cebuanos
have always been known to be frugal, but if you give
them real value for their money they are more than
willing to buy it.”
Ayala
Land Premier’s Amara project in Lilo-an town just north
of Cebu City is getting rave responses as well. Just two
years after it was launched, phases 1 and 2, covering
more than 200 lots have been sold out. The just opened
phase 3 has just hit an 82-percent up-take rate.
“Upon
the launch of phase 3 last year, 29 buyers offered spot
cash payments on the first day to avail themselves of
their choice lots within this exclusive subdivision,”
said Tetta Baad, vice president and head of marketing of
Ayala Land affiliate Cebu Holdings Inc.
Like
Landco’s Monterrazas, Amara is offering not just the
traditional big house on an expensive lot in a
high-walled subdivision that the old Cebuano rich are
used to.
Nestled
around a 100-year-old lighthouse in Bagacay Point at the
northern entrance to Mactan Channel, Amara offers
luxurious amenities, a high-end lifestyle and an
exclusive brand, revolutionizing traditional high-end
residential projects in Cebu.
It also
helped that the national government just started work on
the Cebu North Coastal Road, which starts from Mandaue
City, straddling through the coast and exiting right
into Liloan town and Amara – a quick access to Cebu
City’s business district for future residents of Amara.
“Buyers
of phase 1 have already started construction of their
modern Asian-tropical-inspired homes. Forthcoming
residents can look forwards to many hours of enjoyment
in the sprawling clubhouse, swimming pool and esplanade
park,” Baad said.
Landco
has embarked on the ambitious Montetarrazas de Cebu—a
200-hectare development covering several hills
overlooking Cebu City, in partnership with Genvi
Development Corp. owned by the Villalon family of Cebu.
The
company has just started with road developments to the
property, but Reyes said they are already swamped with
preview appointments from interested buyers especially
for the “peaks” sector – the primest lot cuts on the top
of the hills of the project.
“These
people are not talking about terms, they are asking how
much discount they can get for spot cash payments,”
Reyes said.
Reyes
attributes the increasing demand for more expensive
homes in luxurious developments to the successes of
overseas Filipino workers, the surge of the business
process outsourcing in
Cebu and the interest of many foreign-based investors in buying a
home in
Cebu.
He said
many foreigners also choose to settle and invest in Cebu
after marrying Filipinas.
But
Reyes said Cebu, with its vibrant economy, its tourist
destinations and its people, are the most attractive
part of the package. He said businessmen from
Hong Kong and other Asian countries are inquiring about homes
here because of the popularity of
Cebu as a business and vacation destination.
Unlike
high-end projects in
Luzon which are
housed from
Manila,
luxury homes in Cebu will still be a decent distance
from the city.
“Amara
will provide the ideal resort-inspired residential
enclave for families who can enjoy the rustic seaside
ambience just minutes from the city,” Baad said.
Closer
to the city, the plan for Monterrazas is to create a
township up in the hills of southern
Cebu City
– schools, a mall, a commercial center and a leisure
strip.
“This
project will go beyond our lifetime and will stand as a
symbol of the exclusive of the most exclusive,” Reyes
said.
“The
peaks in particular will be the home of the people who
want to say to themselves and to the world—I have
arrived,” Reyes said. |
