Tower Place attracts condo buying market

After acquiring its license to sell, the newest high-end condominium project at the Cebu Business Park (CBP), Tower Place Residential Condominiums, has attracted a number of buyers, both local and foreign clients.

Because of the active condominium buying market in Cebu, the project's developer Fastem Housing and Development (FHD) is expecting to sell all its 200 condo units, including penthouses in the next 24 months.

FHD just got its license to sell from the Housing and Land Use Regulatory Board (HLURB) last week, and the company had been getting inquiries from Japanese, Korean, European, American buyers, including Filipinos and Cebuano businessmen who are waiting to own a property right at the center of business district in Cebu- at the CBP.

"We are expecting and hoping to sell all our 200 units in the next 24 months. The market is very encouraging and active," said ChaCha R. Rama, FHD marketing director.

A majority Korean-owned FHD is investing P1.4 billion in Cebu, to build a premium condominium building facility, which project completion is set on September 2008.

Rama said grand launching and ground breaking of the project is set on May 27 at the site in order to formally open the new development to the market, and fully take off with its construction activities.

Aside from the high-quality and state-of-the-art condominium units being offered, Rama said what makes it more attractive for the market, its attractive payment scheme, which only requires 30 percent down payment, while the 70 percent will be paid upon the turn-over of the unit which is two years from now.

Also, she said the company has offered a penalty scheme, wherein, if it failed to complete the project on the scheduled date on September 2008, the company is due to pay penalties for its buyers.

The Tower Place Residential Condominiums will be located at 3,000 square-meter lot the company purchased in Cebu Business Park (CBP).

FHD is building a 19-storey high rise building condominium right in front the south-entry area of the Ayala Center Cebu.

Despite the mounting government charges, which include Value Added Tax, administrative costs, among others, Rama said the company is able to adjust its pricing scheme in such as way that the price is much competitive and attractive to the buyers.

Out of 200 high-end condominium units to be made available come September of 2008, are eight penthouses to be located in the 18th and 19th floors.

Rama added that Tower Place's condo units come with a flip-type air-conditioning, kitchen, and bedroom cabinet, which she said is rarely offered by condominium developers.

FHD started in the Philippines in 1980, and handled various construction projects in numerous cities and sites in Asia.

The Fastem Group of companies include; Fastem Construction, Fastem Wall System, Fastem Trading, and FHD.

FHD vice president and chief operating officer (CEO) Lee Young-Beom said developing residential projects like condominiums in Cebu has a huge potential. Because of the positive turnout of its newly introduced project here, the company is seriously considering another huge investment into similar projects in the next few months.