Cebu Holdings sees lush market for high-end residential projects

Times may be hard, but real estate developer Cebu Holdings Inc. (CHI) sees a fertile market for high-end residential projects in Cebu, as it plans to pursue the development of Ayala Heights Cebu subdivision.

Next year, CHI is set to re-launch the seven-year old Ayala Heights Cebu to provide quality and upscale residential lots to the "wealthy" market.

This after the company introduced recently, another premium residential development project by-the-sea called Amara.

"Although times are hard, we believe that large part of the (upscale) market seeking quality products, or "value-for-money" residential projects," said CHI president Rene D. Almendras.

Ayala Heights Cebu is the first residential subdivision built by CHI, an Ayala Land Inc. (ALI) affiliate. It was launched in 1998, immediately after the regional economic crisis in mid-1997.

Currently, there are only five houses being built at the subdivision's 5.86-hectare phase 1.

"There will be a lot of exciting things to happen at Ayala Heights Cebu project next year," he said.

Aside from re-launching the project, Almendras said the company would build another clubhouse at the subdivision, as dwellers at the premium village is increasing.

Altogether, CHI will be marketing high-end residential subdivision's next year, the Amara located in barangay Catarman, Lilo-an and the Ayala Heights Cebu at the mountain top of Cebu in Busay.

"There are two types of markets, the ones who like to live in the mountainous environment, while other side of the market is, those who want to settle in the seaside," he said.

Ayala Heights Cebu is being offered at a lot only package. It is a take-off from such master-planned developments in Manila, like Forbes Park, Dasmariñas, and Ayala Alabang.

The marketing momentum of the project since 1998 was hampered by the several issues, such as watershed-area problem, and others.

Today, CHI, together with a local partner Coastal Highpoint Ventures Inc. (CHVI) have built another ultra-high end residential project at the Northern Part of Cebu in Lilo-an, taking advantage of the activating market for upscale residential projects.

Groundbreaking of the 46-hectare project Amara will be held today and will start to open the lots for sale in the next two weeks.

In two years, lot owners at Amara may start building their houses, as the Club House will also be made ready by that time for the residents.

Few years back, CHI also partnered with AboitizLand Inc. for the development of middle-end residential facility, the Garden Ridge Subdivision.