CEBU CITY, Philippines—Banking on the growing demand for residences here, Cebu-based developer 858 Mega Properties is investing millions of pesos in four residential building projects.
Serafin Uy Jr., president of 858 Mega Properties Inc., said the company will be spending about P800 million for four projects. These projects are Vistana Pearl Residences, Vistana Diamond Townhouses, Vistana Emerald Tower and Vistana Gold Island Resort & Residences.
Uy said they decided to venture into real estate development because they see bright prospects in the market.
He said the company first ventured into real estate development when they constructed the Vistana Ruby Residences at Junquera Extension, Cebu City. The company started construction of the project in 2014 and completed it in 2016.
They were able to sell all units of Ruby Residences in nine months, said Uy.
Uy, an engineer, explained that the family-owned company decided to go full blast by putting in money in their projects when they saw the sales performance of their first project.
The company’s second project is Vistana Pearl Residences, an eight-story midrise condo project located along Sikatuna Street, Cebu City, beside the Zapatera Elementary School. This project broke ground on June 8, 2017.
The target market comprises mostly students and parents who have children studying in Cebu City since it is quite near the universities.
Vistana Pearl has 65 studio and five one-bedroom units. It features a swimming pool, a fitness gym, a children’s playground, a multipurpose hall, a function room and a commercial area at the ground floor.
To assure residents of sufficient security, the building will have CCTV cameras, two high-speed card-key elevators and individual unit intercom to the front desk.
The unit will have 60×60 ceramic tiles, granite kitchen top, kitchen cabinets, stainless sink, 30×30 ceramic bathroom tiles and many other amenities.
Butch Guillen, president and chief executive officer of BG Summit Realty, expressed optimism over the project, saying they already sold several units. BG Summit Realty is the marketing arm of 858 Mega Properties.
Another ongoing project is the Vistana Diamond Townhouse, a nine-unit townhouse project located at Peace Valley, Barangay Capitol Site, Cebu City.
Two other projects on the pipeline are the Vistana Diamond Tower, an 18-story residential condominium in Capitol Hills, and Vistana Gold Island Resort Residences that will be constructed in Olango Island.
The Olango residential project will include 16-units duplex villa residences, two units of presidential villas with own pool, and an eight-unit two-story townhouses with a common pool.