Real estate newbie aims to gain foothold in Cebu

CEBU, Philippines – Cebu Green Peaks Development Inc. (CGPDI) is bent on establishing a strong foothold in Cebu's property market, this despite being a newbie in the real estate business.

As a testament to this determination, CGPDI, which is the developer of the newly launched "The Padgett Place" is now looking for potential properties around Metro Cebu where the company can build more residential facilities, said company president Montano Ty.

Ty, together with partner Rafaelito Berino are now diversifying their investment money to the lucrative real estate business in Cebu, although they are still maintaining their respective businesses that they are originally engaged into, which are manufacturing and infrastructure construction.

Meanwhile, The Padgett Place is a high end condominium project located in Lahug, this City. The facility offers a total of 165 chic residential condominiums that will be completed by 2013. It has four Garden Villas and 16 Garden Suites.

Ty said the real estate market in Cebu has come to its maturity, as the consumers now prefer the modern-urban living style, not only the younger generation, but also the matured couples whose children already left their homes, or the "empty-nesters."

While condominium living has started to take off in Cebu, making it as a full-fledged urban center, Ty said the Padgett Place, will make sure that the soothing environment in the area will not be spoiled by the new development.

The company is seriously retaining the "green" environment in the area, so that future residents will still feel the calmness of the place.

Ty said there is a good potential for real estate business in Cebu, the very reason why big developers are taking advantage of the fertile real estate market here.

In the company's future projects, CGPDI is going to build affordable residential facilities too.

This early, Ty reported that the company registered encouraging interest from buyers, especially from the wealthy Cebuanos.

He said some of the interested clients would like to buy a unit or two as the place brings memories of their younger days.

The location of the condominium project was used to be the "playground" of the old rich in Cebu, before modernized subdivisions like Beverly Hills, Maria Luisa, among others was built.

The design of the project is an exclusive luxurious garden-type of development where 50 percent of the location is allocated to open space. Each floor will only have a maximum of 10 units with prices starting at P3.5 million for its one-bedroom unit.

The two-bedroom unit on the other hand, has prices ranging from P6.4 million to P7.5 million while the garden suite is priced at P19 million. The two-story garden villas, are priced at P32 million. (FREEMAN)