AppleOne tops off Banawa project-A A +A
Monday, July 21, 2014
ANOTHER 1,316 condominium units will be added to Cebu’s portfolio of residential properties by homegrown developer AppleOne Properties, Inc.
Yvet V. Andalis, the company’s executive vice president, said 75 percent of the units in AppleOne Banawa Heights have already been sold.
On Saturday, the developer celebrated the topping off ceremony of the first tower, which has 295 units. These were all sold out in September last year, according to Andalis.
AppleOne Banawa Heights will has 19 buildings within the three-hectare property on Good Shepherd Road in Banawa, Cebu City.
Andalis said most of their buyers are professional Filipino workers abroad. The developer has been doing international road shows to market the property in United States, Canada and in the Middle East.
Apple One Properties has also been bringing affiliated brokers and agents to other countries to participate in their marketing campaigns.
The company said they conducted close to 15 international road shows, bringing 10 to 23 agents in every road show.
Brokers and agents who qualify to join the road shows are “good performing” practitioners or those who have closed a number of local sales.
This reward system, according to Andalis, motivates brokers and agents to bring in more sales for the company. “We are the only local developer that brings our brokers and agents to other countries,” Andalis said.
In the last quarter of this year, Andalis will bring qualified brokers and agents to New York, Italy, and Australia.
The company targets to close the selling of the project in five years but Andalis said it could take them less than five years to sell all 1,316 units.
Although there were cancellations, Andalis said they have kept it under single digit.
She said there are some projects under other developers that have high cancellation rates because they have “very low” down payment, which would make it easy for buyers to withdraw their investment.
By 2016, Andalis is targeting to close sales. She said she wants to take advantage of the country’s stable economy and sound governance before any unexpected changes would take place. The completion of the multi-billion development is targeted in seven years.
Prices of units range from P1.5 million to P5 million.
Apple One Properties is known for its mixed-use 17-storey tower in Cebu Business Park, the AppleOne-Equicom Tower.
The developer is still looking into more projects to implement but Andalis said they will focus this year on AppleOne Banawa Heights.
Published in the Sun.Star Cebu newspaper on July 22, 2014.