P2.6B condo tower to rise in Mactan

A P2.6-BILLION six-tower condominium will soon rise in Mactan Island to cater to tourists and employees working in economic zones.

Ramon Carlo Yap, president of Cebu real estate developer Priland Development Corp., said they are offering affordable units at Paseo Grove, the company’s newest project this year.

Yap said this condo tower is advantageous to workers who want their families to live closer to their workplace.

“The traffic in Mactan Island now is a problem, so if they are closer to the workplace, they do not have to drive far,” Yap said.

Paseo Grove is located near the Mactan Economic Zone 2 and Cebu Light Industrial Park.

Affordable

Irvin Paul Pastoriza, Priland’s sales manager, said they are targeting the lower-income segment of the market as their units are affordable compared to existing developments in the area.

Pastoriza said the project is advantageous for workers because they are giving them options without shelling out too much to own a condo unit.

“The developments there are way above the P6 million price, so we are offering them affordable units,” he said.

Paseo Grove’s construction will start in January 2020, and the whole project is set to be completed in December 2026.

“It will be one year for each tower,” said Marcelino Relampagos, Priland’s general manager.

Paseo Grove will have a total of 2,100 units with a starting price of P1.79 million, going up to P4.2 million.

It is located on Humay-Humay road, Barangay Basak, Lapu-Lapu City with a land area of one hectare.

“We saw the economic boom (in Mactan) because of the airport and bridge,” Pastoriza said.

Aside from the residential spaces, the buildings will also have a retail area to make it easier for the occupants to buy their necessities.

They also welcome owners who will open their units for Airbnb. Airbnb is an online accommodation marketplace that connects landlords with individuals who are looking for a place to stay. This will cater to travelers from the airport who may want to look for rooms to rent near the area.

Paseo Grove is the fourth and last project of Priland for this year, Yap said.

For 2019, Priland will venture into two more projects in Mactan Island and one in Cebu. The company will also embark on its first regional expansion outside of Central Visayas next year in Cagayan de Oro City.

Source: SunStar Cebu