High-end condo developer expects more Fil-Am buyers

High-end condominium developer Citylights Gardens Condominium, Syntech Properties, Inc.(SPI) expects more Filipino-American buyers, after the company's sales team concluded its overseas marketing blitz in the United States.

Led by its director, Janice Ngiam-Chong, SPI embarked on its sales and marketing effort by exhibiting at the three-day Philippines International Trade Expo (PITE) held at the Hawaii Convention Center, in Honolulu.

The team launched SPI's Phase 2 project to the prospective Filipino-American condominium buyers and investors there.

"Prospective investors greeted the project with much interest, as most were Fil-Ams who had their roots in the Visayas region" said SPI sales and marketing manager Anita Blanco.

Organized by the Fil-Am community, PITE was the first of its kind to be held in Hawaii.

Blanco said City lights is so far the first project which is personally introduced to the Hawaiian market, especially Filipino-American.

After the Honolulu aggressive sales effort, the group headed to other cities in USA, such as Las Vegas, San Francisco and Chicago.

Syntech Properties had invested at least P2.6 billion for the creation of the four towers, situated in a four-hectare property owned by its Cebuano partner located up in the Hills of Nivel.

Its Phase 1 consisting of Towers 1 and 2, were completed and sold out in 2000. The 2nd and final phase which comprises Towers 3 and 4, now under construction, will add another 216 premier residential units to the development.

Located in the Nivel Hills area the project is banking on its panoramic views of Cebu City, the Mactan Bay area and the South China Sea as well as part of the Busay Mountains for all its apartment units.

According to Blanco, pre-selling of Towers 3 and 4 is on-going and choice units are going fast.

Given the positive growth signs of the Philippines economy and rising demand for good class condominiums in Cebu City, the company expects the project to be sold out before its completion in the second half of 2008.

Cebu Investments and Promotion Center (CIPC) managing director Joel Mari S. Yu earlier said that developers especially for residential projects, should start their intensified marketing efforts to lure the huge dollar-earner market, especially in the USA, following the United States government's announcement to open the dual citizenship opportunity.

Yu said from middle range residential products, to super high-end subdivisions, including condominiums, will be the hit products for Filipino-American market, and Cebu is position to take bigger chunk of this market, because of its charming location, and tourism advantage.

According to Yu, the recent pronouncement of the American government to allow dual-citizenship for Filipinos residing in America could further boost real estate and retail industries in the Philippines.

Cebu in particular, Yu said could serve as the center-stage for "Balikbayan" investments because of its charm for tourism and business opportunities.