AboitizLand to launch first condo venture

AboitizLand Inc. is set to formally launch its first condominium venture, The Persimmon, which will be an urban village of mid-range condo units located in the Mabolo area.

AboitizLand vice president for sales, marketing and customer service Pia Mantecon said that The Persimmon towers will be a mixed of residential units and commercial spaces.

Known for developing high-end to mid-range subdivision projects like North Town Homes, Pristina North, and the latest Zen residences of Kishanta, AboitizLand deemed its time for the company to venture into the promising condominium projects.

In an earlier interview with AboitlizLand chairman Roberto Aboitiz, he said that the company is bullish about Cebu’s real estate sector, in fact has allocated about P1 billion for more residential and commercial projects in the next few years.

He said The Persimmon will kick off the company’s plan to enter into the vibrant condominium market in the metropolis, as AboitizLand has enough land-bank within Metro Cebu to be developed for condominium type of projects.

He added that Cebu now provides very fertile environment for condominium market adding that medium-rise condominium buildings as well as high-end and medium-range markets is now the “hot selling” products for real estate.

Aboitiz believes that aside from the growing number of foreigners who want to own condominium units here, there is also a looming demand coming from the Filipino-American community for this kind of residential product.

“This [condominium] is quite popular now for some Cebuano residents, overseas Filipino workers, and Fil-Am community,” said Aboitiz.

Condominiums are very flexible property. A foreigner can own a condominium unit here, and just lock it up, or have it rented if the owner goes out of the country, he said.

Cebu’s condominium market has suffered for years immediately after the 1997 regional economic crash. Condominium projects that were constructed during the pre-1997 crisis were heavily affected, while some developers stopped the construction, others eventually dumped condo developments.

However, in the last couple of years, the market for condominiums in Cebu had started to pick up, fueled by the robust growth of BPO investments, and other industries wherein executives and workers clamor for this kind of residential product. – Ehda Dagooc