Jewelry magnates team up for condo venture in Nivel

CEBU, Philippines - Jewelry magnates Carlos Yeung and Phillippe J. Lhuillier have teamed up to establish a P4.9 billion iconic residential condominium project up at Nivel Hills, providing wider choices of upscale units to the growing cosmopolitan market.

Diamond King Yeung and Cebuana Lhuillier honcho Lhuillier have joined forces in creating Diamond Hilands Inc., a company that will develop the 128 Nivel Hills offering a total of 536 apartment condominiums that will be completed by 2017.

MSY Holdings Inc., and PJ Lhuillier Group of Companies officially announced its maiden project, the 128 Nivel Hills, which will sit on a 8,472 square meters property, formerly the location of Casino Filipino.

Yeung, who sits as vice chairman of MSY Holdings, said that although this is not the first real estate project of the company, this particular project is considered unique because it will be deemed as another landmark and an icon to word-class condo living developments.

Lhuillier, who is also the Ambassador of the Philippines to Portugal, said that while the market for cosmopolitan living in Cebu is ripe, this partnership is something "personal" rather than business, as their passion for diamonds in the last 45 years is officially sealed with this multi-billion peso project.

The 128 Nivel Hills is composed of three towers, the highest is the 42-storyWest Tower. The East Tower will have 34 floors, while the exclusive Loft Residences with a total of eight floors.

The company has engaged an excellent line up of consultants such as the Thailand-based Asian Institute of Technology, Crone Partners, Australia-based design consultants Jones Lang, and La Salle property management group, among others.

Diamond Hiland's Inc general manager Nestor Ignacio said that the units' prices will range from P8 million up to P24 million.

MSY Holdings recently announced its expansion plan for real estate developments in Cebu to add to its existing portfolio of project with at least P3 billion capital expenditure, excluding the 128 Nivel Hills investment.

Meanwhile, PJ Lhuillier Group of Companies also operates several real estate projects around the country like resort developments in Boracay and Coron in Palawan. The 128 Nivel Hills is the first residential development venture of the group. /JOB (FREEMAN)