CEBU, Philippines – With Cebu's positioning as a premier second home destination in the world, property developer Filinvest Land Inc., (FLI) is optimistic that it can easily dispose its 12 thousand condominium units at its development project at the South Road Properties (SRP).
FLI vice president for the Visayas and Mindanao Tristan Las Marias said the momentum is promising based on the strong market take up of its pre-selling activity of the first few condominium units.
FLI is going to construct its first building at the 50.6 hectare SRP property, to be known as "Citta Di Mare" by December of this year.
The first mid-rise building will offer a total of 120 seaside condominium units that are seen to attract the foreign property market who are looking for second home investments, especially in the tropical countries like the Philippines.
Aside from the foreign market, the company is also banking on the strong interest from "moneyed" Filipino market who are looking for right investments in real estate such as condominiums.
Citta di Mare or "City by the Sea" is a P25-billion project of FLI in partnership with the Cebu City government at the SRP.
Aside from the 12 thousand to 15 thousand condominium units that will be constructed, the development will also construct integrated facilities, such as commercial, waterfront lifestyle strip, and a residential cluster, among others.
Creating a City within Cebu City at the SRP is what will be expected in the next 15 to 20 years.
According to Las Marias, the development of the entire project largely depends on the pace of take-up of its properties. If the momentum continues, the development may be completed ahead of the target date.
This early, the company has already established a good network of marketing channels to attract condominium investments from abroad. This is to target the wealthy foreigners and even the Filipinos working and residing abroad.
The original plan is to build a total of 60 mid-rise building within the property. These buildings will provide thousands of condominium units that will reinforce Cebu's position as the second home destination.
Although, it's not final yet, Las Marias said the development may also build a hotel, but "the hotel plan is still fluid."
FLI recently launched its first resort facility on Mactan Island called "Crimson Resort", a 200-room accommodation high-end resort.
Cebu promotion stakeholders such as the Cebu Investment and Promotion Center (CIPC) is presently formulating a good and effective promotional campaign to push Cebu's potential as a second home alternative for foreigners.
CIPC managing director Joel Mari S. Yu earlier announced that CIPC and the real estate and tourism sectors in Cebu will together formulate a roadmap in making Cebu as an international "Second Home Destination" not only in the world.
Selling condominiums to foreign national buyers is the easiest way as it does not restrict them from owning one. Owning a land property on the other hand, requires foreigners to have a legal linkage with a Filipino partner. (FREEMAN)