City Lights taps banks to ease client financing

The City Lights Gardens has tapped banking institutions to help provide easier access to financing, to push a faster disposal of its phase 2 project, which has a total of 216 units of high-end condominiums.

Initially, Syntech Properties, Inc. the developer of the project has intensified its partnership with the Bank of the Philippine Island (BPI), to allow the latter's preferred clients to take advantage of buying some units via affordable and easy payment terms.

During an exclusive party hosted jointly by BPI and City Lights Gardens, about 19 of the bank's preferred clients have signed up to buy condo-units, said Anita Go Blanco, City Lights Gardens sales and marketing manager.

"We will soon tie up with other banking institutions for similar arrangement. This strategy is seen to further perk up our condominium units' sales performance," Blanco said.

Because of this approach, City Lights have been able to attract more local buyers, significantly those who wanted to spend in good investments in properties.

Preferred clients of its partner banks can easily avail of the lax and lesser interest rate installment plan, and that their applications are already pre-approved by their respective bank.

"We believe that there is a growing interest for local market in the condominium units in Cebu, may it be for personal use, or for investment purposes," she added. The phase 2's two towers, which currently being constructed offer a total of 216 top-of-the line condominium units, and the construction is set to be completed two years from now.

Aside from tapping the preferred clients or the top depositors of banks, Blanco said the company's aim to partner with banking institutions is also to provide easier facilitation to offshore buyers, especially the dollar earners or OFWs (Overseas Foreign Workers), and the foreign clients who have started to invest in Cebu through buying condominium properties.

According to Blanco the company has noted a mixed buyer profiles that includes huge number of foreigners, balikbayan-retirees, and local investors.

The additional 20-story twin-tower will complete the Syntech Properties Inc., project in Cebu which started in 1997 with the establishment of the first two towers in phase 1 that have a total of 144 condominium units.

Blanco said the construction of the two towers is now moving up, the first tower is now on the 30 percent completion. The construction of second tower will start on January next year.

A Singaporean-led Syntech Properties has allocated P1.3 billion for its Phase 2 project. Close to P3 billion had been invested by the company in Cebu since 1997, including already the construction of two more towers.

Its Singapore-based company called Who Hup Group has also undertaken property developments and investments in Australia, China, United Kingdom, Thailand and Malaysia.