Cityland completes Manila condo project 8 mos ahead of schedule

City & Land Developers Inc.  has completed the development of its 39-story Pacific Regency condominium project in Manila, eight months ahead of its estimated date of completion.

In a statement, Cityland said the units will be turned over to buyers beginning this month.

Located on Pablo Ocampo Sr. Ave. (formerly Vito Cruz), Pacific Regency is the company’s second project this year to be turned over ahead of schedule.

The building is 99-percent sold and is an ideal residence, office and business address.

“The early turnover is due to Cityland’s fervent commitment to deliver its promise, coupled with 27 years of expertise in the business and time-tested strategies in condominium development,” the company said.

The Pacific Regency is near the Dela Salle University, College of St. Benilde, St. Scholastica, SM, Harrison Plaza, hotels, banks and several other commercial establishments.

The Cityland Group has been in the real estate business for 27 years, having developed over 35 condominium projects. It also holds the record of delivering all its launched projects.

It was twice awarded as the country’s leading condominium developer by the Housing and Land Use Regulatory Board.

Aside from the Pacific Regency, Cityland is also developing two other projects in Manila — The Manila Residences along Taft Avenue and Manila Executive Regency along Jorge Bocobo, Malate.

The Residences is slated for completion on March 2011 while The Regency is due in December 2009.

Cityland’s principal activities are acquiring and developing suitable land sites for residential, office, commercial, institutional and industrial uses. It develops residential units in Parañaque,  which include single-detached, duplex, townhouse units and lots as well as an office and residential condominium project in Ortigas Center, Pasig City.

The company’s source of liquidity comes mainly from sales of condominiums and real estate projects, collection of installment receivables, maturing short-term investments while external sources come from loans obtained from financial institutions.