Mivesa Garden Residences first phase now 95% sold

CEBU, Philippines - The community-type development of Cebu Landmasters, Inc. (CLI) is considered to be one of the fastest selling projects of the decade-old real estate developer as 95 percent of the units in the first phase are already selling out in just two months.

This was shared by Jose Soberano, president and chief executive officer of CLI, who said that the positive sales turnout of the first phase of the Mivesa Garden Residences could be attributed to the prime location, affordable pricing and ideal environment for a community lifestyle of the development.

The local developer formally launched and recently broke ground on its 12th project which sits on a 1.8-hectare property in Barangay Lahug, Cebu City.

Mivesa Garden Residences is a mid-cost condominium project that is divided into three phases of construction and is composed of seven mid-rise buildings of six to ten storeys.

“Actually, the second phase was supposed to be launched next year but due to the faster sales take-up of the phase one which is now at 95 percent, we have to launch phase two this year,” Soberano said.

He cited that they are aggressively looking at creating a positive impact in the community with such project. CLI is pouring an investment of P1.3 billion for the entire development.

He added that the company has worked with barangay officials to relocate the vendors of the public market who were previously selling along the road to a cleaner and more organized area.

They had also improved the entrance to the community by widening the six-meter road to eight meters for added accessibility.

Soberano also said that they are allotting 60 percent of the total land property for open spaces to make the area less dense. Mivesa Garden Residences shall feature amenities such as a meditation garden, five retail shops and pocket parks.

“Unlike other usual condominium projects, Mivesa Garden Residences will provide the ideal environment for a community lifestyle and will give homeowners the best value for money which they deserve,” he said.

CLI chief operating officer Jose Franco Soberano said that most of their buyers are yuppies, families and overseas Filipino workers.

Mivesa Garden Residences shall house a total of 1 495 units with an average of 160 to 250 units for each building. Units are ranging from 20 to 60 square meters in floor area and are priced from P1.3 to 3 million.

The first phase of the contemporary-inspired condominium project is comprised of three buildings with 479 units. 455 of which are already sold. The second and third phase, on the other hand, will both have two buildings with 459 and 500 units respectively.

The land development of the entire project began last June of this year while the pre-selling period started last July. The construction of the first two buildings is set to be completed by June 2015.

The younger Soberano said that homeowners of Mivesa Garden Residences can expect a fully-developed community in the next three to four years. /JMD (FREEMAN)