Apple One plans condo venture in Cebu, Manila

CEBU, Philippines - After the near-completion of its flagship project called “Apple One Tower”, a medium rise mixed-use building at Cebu Business Park (CBP), Apple One Properties Inc. is planning to venture into series of condominium projects in Cebu and Metro Manila.

Apple One Properties president Ray Manigsaca announced the group’s new venture in developing another condominium project somewhere in the uptown area in Cebu, which will start construction by March next year.

Unlike its flagship development, the 17-story Apple One in CBP which is mixed-use, the company will offer all residential units that will provide a unique concept for the growing acceptance to condominium living in Cebu.

In an interview with Manigsaca, he said although there is a perceived saturation of “basic” condominium concept projects in Cebu, the company will introduce a unique concept of themed urban-living development that is expected to strengthen the appetite for buyers.

While the company spent about P600 million for the development of the Apple One Tower building at the CBP, Manigsaca said Apple One Properties, may spend more for its second big project that may incur the company with more or less P2 billion investment.

The strong interest among buyers and tenants for its first project encouraged the company to venture into more developments, not only in Cebu but also in other parts of the country as well.

At present, Apple One project which provides 46 units of commercial spaces, is now 70 percent contracted, while its 19 residential units are already sold out.

The company held its ceremonial topping-off event recently, and Manigsaca said the company aims to turn-over the units to owners and tenants by late 2012.

The company has also bought a property in Manila, located at The Fort area, and will likewise start a condominium project there in the short-term.

Meanwhile, its next condominium project to be situated in uptown area will be designed for the middle to low income bracket in the market. The company will offer Pag-ibig financing for this project.

The company led by Cebu-based Ven Ray Construction, which also part-owner of several real estate properties in Cebu including Diamond Suites, Apple Tree Suites, BoardWalk City Residences at the North Reclamation Area, among others, is also planning to invest on more projects soon, as land acquisition proposals, and other negotiations are currently ongoing.

Its flagship project, the Apple One Tower located adjacent to the Cebu City Marriott Hotel, will provide a total of 46 units of commercial spaces that are geared towards attracting the Business Process Outsourcing (BPO) companies, while providing a limited 18 units of residential condominium facilities.

Despite the entry of seasoned and well established names in real estate developments announcing their multi-million-peso condominium projects within the 52-hectare CBP, Apple One Tower will have its advantage because it will focus on office and commercial leasing business.

In the ground floor of the building, the company will dedicate commercial spaces for financial institutions like banks, and insurance companies. (FREEMAN)