Developer unveils Cebu project-A A +A
By Mia A. Aznar
Monday, March 10, 2014
BULLISH on the Cebu real estate market, Taft Property hopes to strengthen its presence in Cebu while also looking to expand in areas in the Visayas and Mindanao.
Christopher Narciso, Taft Property senior vice president for project development, said they are lining up future projects, launching their third project in Cebu by the second half of the year with another launch slated for next year. While he did not disclose much of it, he said it will be a “very exciting and iconic project” for the company.
What he did highlight was their second vertical development in Cebu. Taft Property launched the Soltana Nature Residences Friday, a mid-rise condominium project meant for the middle income earners. The first phase, estimated at P1 billion, will start its site development next month while construction of the first two towers is scheduled for the third quarter.
Natural land forms
Inspired by the peaks, hills and valleys of Cebu, the property developer designed the project to mimic these natural land forms within its 5.6 hectare development in Marigondon, Lapu-Lapu City. He explained that these peaks and valleys were what people of Mactan could see while viewing Cebu and that the architects designed their project around that concept.
The 15-storey structure represents the peaks while the seven-floor buildings with roof deck amenities represent the hills. As for the valleys, the development includes 65 percent open spaces featuring themed gardens.
The location, he said, will attract buyers due to its proximity to the beach, commercial areas, the airport, schools and the bridge that connects Mactan Island to mainland Cebu.
The entire project will consist of nine buildings, with each building having 280 units. Narciso said they will implement it in four phases.
They also plan to open a retail component to complement the needs of its residents and enhance their living experience. The prices range from P2.3 million to about P5 million for one-bedroom and two-bedroom units.
He also proud of their amenities, saying they combined all the good amenities being offered by top subdivisions and offered everything at Soltana.
Narciso said Taft Property is building its executive and management team and is a relatively young company but is composed of experienced executives and managers.
Very high demand
Seeing a lot of potential in Cebu, he said they are expanding their portfolio as they project a very high demand. He added that most of their buyers are end-users rather than investors, which he sees as a good sign that they are hitting the right market segment.
Asked if they are considering developing office buildings, he acknowledged the high demand for it, with Cebu being a top choice for business process management companies.
He said they are exploring the possibilities and that the company has existing land to develop for such projects.
As for their other vertical project, the Horizons 101 on Gen. Maxilom Ave. in Cebu City, Narciso said it is also doing well, having sold out its first tower and more than 50 percent of its second tower sold in a little over a year. Even with the recent earthquake, he assured construction is on schedule and he is confident that their design passes all safety criteria.
Published in the Sun.Star Cebu newspaper on March 11, 2014.