Limited land space prompts Sta. Lucia to go for high-rise

Realizing the limited flat land availability in Cebu for more residential projects, Sta. Lucia Realty & Development Company is going to re-enter the high-rise residential ventures within Metro Cebu.

"We will pursue high-rise developments in Cebu City and Mactan in the next three years, because of limited [land] space in Cebu, and properties within the area is getting expensive," said Sta. Lucia president and chief executive officer Exequiel D. Robles.

According to Robles there is a strong and good demand for condominiums in Cebu. Like the progressive cities in other countries, Cebuano residents are expected to embrace the high-rise or condominium living style.

Sta. Lucia had already established the high-rise Sentinel Condominiums in Cebu City, along Banilad road. This time, Robles said the company is up to develop more high-rise projects in the next few years.

An estimated P500 million investment will be spend by the company, if it were going to build a high-rise condominium facility, depends on the number of floors, and unit packaging.

Recently, the company launched its newest residential offer, the P.5 billion, Discovery Bay Resort and Residences located at the tip of northeastern part of Mactan Island.

Robles said Sta. Lucia, is still looking for other potential sites for its future high-rise projects within Cebu City and Mactan. As of this time, there is no specific location yet.

The company has developed close to 20 properties in Cebu in the last few years, its projects mostly in partnership with landowners, included; the Alta Vista Golf and Subdivision, Vistamar, and other middle to high end subdivisions.

Meanwhile, there are a number of developers that are starting to build condominium projects in Cebu. A Korean company, Fastem Housing and Development (FHD) invested P1.4 billion for a 19-story condominium building located at the Cebu Business Park.

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

The Cebu Holdings Inc. (CHI) is also seriously considering building high-rise condominium within CBP soon, after its two-condominium units at Park Tower 1 and 2 were sold out.