City Lights developer targets to sell all units by end of 2010

CEBU, Philippines - Singapore-based Syntech Properties, Inc., the developer of City Lights Gardens, hopes to dispose the remaining chic condominium units by next year, particularly now that the water issue at the property, have already been resolved recently.

Syntech Properties, Inc. marketing manager Anita Blanco said that despite during the height of the issue faced by the developer against a group of unit owners making up the City Lights Gardens Condominium Corporation, sales of the towers 3 and 4 still remained very strong.

Blanco said now that the issue has been resolved the company expects to sell all the 216 units in towers 1 and 2 before the year 2010 ends.

In an interview yesterday, Jesus M. Alao of Syntech Properties said that the P44 million renovation investment of the company was not wasted as it is now supplying enough water and power supply to all units in towers 1,2,3 and 4.

Surprisingly, Alao said amid the controversial water issue faced by the developer, local buyers continued to express interest in buying units at the newly-built towers 3 and 4.

“Local buyers see the project as incomparable with other developments,” he said adding that the strategic location of the property and its quality are just few of the advantages why the property has gained strong interest from both local and foreign markets.

About 50 percent to 60 percent of the total new buyers of towers 3 and 4 are foreigners, including those who are married to a Filipina and foreign nationals who preferred to retire here.  This kind of market, Blanco said are those that intends to live in their units. Local buyers, on the other hand, are buying condo units for investment purposes.

Blanco said if not because of the global recession, the company would have already disposed the remaining condo units within this year. Nevertheless, the company is confident to be able to dispose all units by end of 2010.

Earlier, Syntech Properties Inc., director Janice Ngiam-Chong said that after the company sells the condo units of the P1.3 billion worth-- Towers 3 and 4, it plans to invest on developing a “retirement village” here.

“We like Cebu. But we have to be very careful on how and what to invest in. Everybody is in condominium [developments] now,” said Ngiam-Chong.

Although, Cebu has the good potential for retirement village facility, Ngiam-Chong said there are also problems that have to be addressed first, like a proper urban planning.

She said developing a retirement village is far different from a condominium development, as it demands serious support from the government in terms of providing infrastructure, accessibility, global insurance network platform, and others.

Syntech already started similar development projects in other countries like Japan and Australia. She said Cebu has very good potential for a “retirement village” facility, but there is a need the government to address some problems that hamper the development of medical tourism sector in general.

Syntech Properties, in partnership with the Gallego family of Cebu, is one of the pioneers in developing condominium facilities in Cebu when it started to construct the two condominium Towers in Nivel Hills in 1997.

The company already invested a total of P2.6 billion for the four condominium City Lights Gardens Condominium Towers.

Aside from a comprehensive study, and finding a good partner for its planned “retirement village” project, Ngiam-Chong said the company will also see to it that it has the full support of the government.