With 5,600 units in the supply pipeline, the brisk sales of Davao City’s residential condominium projects have transformed this Southern Mindanao capital into a real estate investment destination. Despite robust market conditions, Cebu Landmasters Inc. (CLI) achieved a significant milestone with its first project in Davao, MesaTierra Garden Residences, as it saw 81 percent of its 694 residential units taken up since the launch in March.
Focused on the Visayas-Mindanao region, CLI set two similar records in the first semester of 2017. Casa Mira South, located in the industrializing area of the City of Naga in Metro Cebu, achieved an impressive 81 percent sales rate in just two months. Meanwhile, the high-end condo 38 Park Avenue in the Cebu IT Park set a record by selling 60 percent of its units in less than four months.
All three are fine examples of “Vismin’s great pent-up demand for projects tailor-fit to the preferences of specific local markets,” according to Jose Soberano III, CLI president and CEO and former executive of Ayala Land. Soberano, with over 20 years of real estate experience in the country, recently received the Entrepreneur of the Year award from the Cebu Chamber of Commerce and Industry.
All three also helped drive the newly listed firm’s reservation sales of P2.87 billion for the first half of 2017, almost surpassing the P2.94 billion registered for the entire 2016.
Among Vismin buyers, there is a strong preference for projects that offer more than what they pay for—featuring a good price, quality service, and high-value amenities. These developments cater to workers in Cebu’s industrial areas or global citizens looking to return to various Visayan metropolises after successful careers abroad, as observed by Soberano.
This preference is best exemplified by Casa Mira South, a 32-hectare economic housing project located just 14 kilometers from the South Road Properties, where new mixed-use developments are emerging. Casa Mira South also provides stunning views of the Cebu-Bohol channel.
More than just the standard basketball court for economic housing, the amenities offered to residents of these 3,200 units priced from P800,000 to P1.7 million also include a clubhouse, swimming pools, pavilions, a chapel, and multi-purpose courts.
“These amenities are usually associated with high-end subdivisions. Combined with housing units sized and priced right and a location along the national highway, the amenities serve as another come-on to buyers. At Casa Mira South, there’s more for the Filipino family,” according to Soberano.
A strategic location within Metro Davao, affordable units and generous amenities including a 10th floor sky garden and a roof deck on the top floor likewise pushed sales for the 22-storey MesaTierra Garden Residences.
It is a part of CLI’s Garden Series condominium developments, named so because CLI has reserved a significant portion of the property for landscaped open areas, including a swimming pool and jogging trail.
In fact, global real estate services firm CBRE identified Cebu Landmasters’ first developments in this category, mostly consisting of reasonably priced studios and one-bedroom units located close to business centers, as the fastest-selling condominium projects in Cebu City in 2016.
In more cosmopolitan settings like the dynamic, prime spot of the Cebu IT Park now exhibiting low vacancy rates, CLI has also included as a compelling value proposition the distinct masterplan and architecture by Los Angeles-based firm Callison RTKL, and Aidea, one of the top Philippine architectural firms.
38 Park Avenue, a high-end 1.2-hectare New York-inspired mixed-use development, is set to transform Cebu’s landscape. The development will feature a 38-floor residential condominium, surrounded by landscaped green spaces and a road network covering 60 percent of the area. Additionally, it will include a retail and lifestyle outlet known as The Plaza.
“Buyers of 38 Park Avenue units recognized that they were actually buying an opportunity to live within one of Cebu’s top business districts but in the park-like setting of this unique development,” observes Soberano.
“It will be a live-work-play environment with good breathing space and our 60 per cent takeup rate in four months is a testament of how well that resonates with our clients. For high-end projects, this is a high takeup.”