Developer to start building fifth condo tower in 2 years

CEBU, Philippines – The Gaisano Grand Group’s property development arm targets to launch and kick off with the construction of the fifth tower of its 3.2-hectare condominium village project in Cebu City two years from now.

Grand Land Inc. is currently building two more towers, the North Towers, while the East Tower B, one of its two first towers, is nearing completion this year and set for turnover by year's end. East Tower A, the first tower, is due for occupancy next month.

Khristina Pestaño, vice president for sales, said last Saturday the fifth building will be launched once sales take-up of the fourth reaches at least 75%. Currently, only 5% yet of the units of the fourth tower have been sold, she said.

Majority of the total 494 units of the first two buildings have been sold already.

According to Pestaño, the buyers of their condo units are mixed to include mostly locals, overseas Filipino workers (OFWs) and foreigners looking at residing in Cebu.

In a previous interview, GLI President Ryan Bernard Go is investing some P10 billion for the condo village which is called the Grand Residences in Banilad, Cebu City.

Go said the third tower is scheduled to be finished by late 2017 or early 2018 while the fourth is due for completion anytime in 2018. The North Towers, composed of the third and fourth, will have 600 units each.

Go was optimistic that the demand for residential properties is still high amid the recent launches of various residential projects in the metro area of Cebu.

He added that supply has not yet exceeded demand.

In addition, Pestaño also announced GLI is launching in the first quarter next year its 7-hectare master planned project in Davao City, which will have Gaisano Grand mall.