Yeung-Lhuillier joint project put on hold

CEBU, Philippines - The P4.9 billion luxury condominium project of jewelry magnates Carlos Yeung and Philippe J. Lhuillier has been put on hold.

Diamond Hiland Inc., a joint venture development firm of MSY Holdings Inc., and PJ Lhuillier Group of Companies, launched the 128 Nivel Hills project early last year, supposedly to target the extreme luxurious condominium dwellers.

However, the company decided to put the project on hold sensing that the Cebu market is not yet ready for such type of development.

“We are doing an intense study of the market, because we sensed that Cebu is not yet ready for extreme luxurious condominium [living]," said MSY Holdings Corporation president and CEO Martin Philip S. Yeung in an interview with The Freeman yesterday.

Yeung said the company is still adjusting its original development plans noting that the market is still not yet ripe for highly expensive and extravagant condominium living.

He added that Cebu is still on its way to adapt the "urban mentally." Thus, market appetite is still putting their money on conservative investments, unless the project is a house and lot package.

The project was initially aimed at affluent foreign buyers and the wealthy Filipinos who are attuned to urban condominium living.

However, Yeung admitted that this kind of indulgence is not yet part of the Cebuano or Filipino culture in general, but enthused that "we are getting there."

Preliminary pricing of the super-high-end project was announced at P8 million to P24 million.

Careful and extensive market study is being done and Yeung said the company is not "rushing" to re-continue the project. "It’s all about timing. It’s not a rush for us."

The younger Yeung dismissed impressions that the cause of the delay is that there could be a falling off between his father and Lhuillier, saying "it’s 100 percent lie. It cannot be, they are best friends."

Yeung clarified that in big investments like the 128 Nivel Hills, careful movement should be applied.

The 128 Nivel Hills site is situated at the 8,472 square meters property, formerly the location of Casino Filipino.

At the meantime, MSY Holdings will be focusing on its wholly-owned developments which include horizontal residential projects, commercial buildings, and tourism related facilities. — (FREEMAN)