CEBU, Philippines – Genvi Development Corporation, the developer of the 210-hectare high-end hillside residential resort called Monterrazas de Cebu is set to introduce its Phase-3 development in the last quarter of this year.
The company, led by the Villalon Family in Cebu, is going to invest around P150 million to offer a total of 120 lots in a seven-hectare enclave inside the project, that will be called "North Ville."
In a press conference held recently, on the sideline of the company's top brokers' award, Sheila Sarmiento announced that the encouraging sales performance of the development, which already introduced two phases, the sophisticated residential enclave called the "Peak" and the middle-high-range "Northridge", has pushed the company to open up another phase.
According to Sarmiento, the Northridge is now 80 percent sold from the total available lots of 170 in an average of 350-square-meter cuts.
Early this year, Landco Pacific Corporation and Genvi Development Corporation officially ended their agreement to jointly develop the P5 billion Monterrazas de Cebu.
Genvi Development Corporation, owned by the project's landowner the Villalon family in Cebu, is now taking full control of the development, after the two companies terminated their joint venture agreement recently.
Despite the transition of ownership, Genvi president and general manager Toti Villalon said that the company easily gained the market's trust, banking on the integrity of their names.
Despite the termination of Genvi's partnership with Landco, Villalon assured property owners and prospective buyers of Monterrazas de Cebu that the project will be completed despite some delays in the schedule that was caused by drainage and environmental problems, among others.
Villalon said the Monterrazas de Cebu will now become Genvi's biggest real estate project, as the company had only been developing small low-cost housing projects in Cebu.
Although, the company has not been known as a developer of big residential and high-end projects, the Villalon family committed to continue the original master-plan
"We are laying our company on the line here. We have to fulfill what is expected from us," said Marga Villalon, Genvi's vice president and treasurer, in an earlier interview.
Upholding their good name as Cebuanos, the Villalon family erased negative impressions on the project's uncertainty, instead vowed a much faster completion of the development.
Now, the company is going on its third-phase project, and is determined to develop the entire 210-hectare in the next few years.
As of now, only 90-hectare is being developed, with the introduction of the three residential packages, the Peak, Northridge, and the upcoming North Ville.
The Moneterrazas de Cebu project, which was launched three years ago, is one of the largest integrated residential development projects being built in Cebu in the last few years. It is located in the huge 210-hectare prime hillside estates which covers several barangays in Cebu City Labangon, Sapang Daku, Guadalupe, and Buhisan.
The development, which will build a complete line of real estate products, such as chic home address, townhouses, condominiums, commercial/lifestyle facility is targeted to be completed in the next 10 to 15 years. (THE FREEMAN)