Fastem invests on 2nd condotel

Korean-led company Fastem Housing and Development (FHD) is set to invest another multi-million condo-hotel facility at the Cebu Business Park (CBP), an expansion of its 200-unit condominium building currently being constructed.

In an interview with FHD president Sun Kyu Baek, he said that the company will spend another P1 billion to build a condo-hotel high rise building in a 1,500 square-meter lot beside the 19-story Tower Place Residential Condominiums which is targeted to be completed by September of 2008.

According to Baek this second project of the company will include a commercial complex component. Construction will kick off next year.

Currently, he said an extensive feasibility study is being done on this second project, and that complete details of the plan will be formulated immediately after the study.

FDH has allocated about P1.4 billion investments for the creation of the Tower Palace Residential Condominium. The company is also expecting to spend similar investment cost on this second project.

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.

Recently, the company officially opened its showroom showcasing the company several condo unit models at their temporary office also located at the CBP.

Baek said because of growing interest for condominium living lifestyle in Cebu, he expects to sell all the 200 units next year, the reason why, the company has planned out another project in 2007.

Cebu, which is an emerging city in the Philippines, with an economic growth that has posted faster than any other regions in the Philippines, offers a good potential for condominium based businesses, both in residential and commercial packages.

Months after the company marketed its condominiums it easy registered a 20 percent sold out of the 200 available units.

ChaCha R. Rama, FHD marketing director said 80 percent of its buyers are foreigners, mostly Europeans, while 10 percent Overseas Foreign Workers (OFWs) and balikbayans, the rest are local investor buyers.