New developer to build 20-storey condo in NRA

CEBU, Philippines - New real estate developer Landtraders World Properties Corporation is going to build a 20-storey residential condominium enclave at the North Reclamation Area (NRA), near the SM City Cebu property.

San Marino Residences will open up affordable, yet quality residential condo units to the growing condo buyers in Cebu, said the company’s chief executive officer (CEO) Michelle Yu.

“San Marino Residences is the answer to owning a condo for as low as P8,000 a month, through Pag-ibig and bank financing,” Yu said.

“More than just affordability in mind, the value to owning our condo is the location because we are right across SM City,” she added.

San Marino Residences, which broke ground over the weekend, is a mediterrenean-inspired condominium designed for budget-conscious markets who seek to own a condominium that’s easy on the pocket. 

San Marino Residences owes its name from the only surviving Italian microstate, San Marino.

After San Marino Residences, Landtraders sets its eyes on building another condo at Andres Abellana, Guadalupe, Cebu City.

 “We are very excited with the way our clients have responded to the project and with that, we will offer the same value or with a much better offering in our next project in Andres Abellana.”

Meanwhile, economist Winston Conrad B. Padajinog, senior economist and dean of the school of management at the University of Asia & the Pacific, earlier said that in the urban areas like Cebu, he suggested that developers should start building mid-rise condominium buildings for the low to middle-end market segments. 

These market segments could only afford less than one-million-pesos to P3 million residential units.

Economic and social housing projects are what is the thick consumer base is needing right now, he said.

Real estate broker Anthony Leuterio confirmed this observation saying Cebu is running out of inventories for economic and medium-range residential projects, as developers are now building medium to higher end condominium products, or subdivisions.

Padajinog said this problem should be addressed properly, in order to avoid another real estate bubble.

Residential property consumers who can afford to get financing from banks up to P3 million should be tapped by the banking institutions, in order to create balance in the supply and demand equilibrium in the real estate sector.  (FREEMAN)