The 27-story 1016 Residences will rise on the 50-hectare Cebu Business Park (CBP) and will be completed by 2014, according to ALI senior vice president Emilio Tombocon.

Good Feng Shui

"Cebu is the premier, commercial and business district in southern Philippines and we are proud to launch this one-of-its-kind development in a community of global citizens," Tombocon said.

The name of the condominium building was derived from the lot and block numbers and presented "good feng shui," he explained.

Bobby Dy, senior vice president and group head of Ayala Land Residential Business Unit, said the company was still waiting for the license to sell all 109 units. Ground-breaking ceremonies are planned by yearend.

To be built beside the exclusive Cebu City Sports Club (CCSC), the 1016 Residences will have 11 special units highlighting private gardens and patios, roof decks, gourmet and Asian kitchen and private pool.

Regular units will be sold for up to P12 million, while the special units are priced at P40 million.

Heavily landscaped

Every floor will have six units-four two-bedroom units (98-101 square meters) and two three-bedroom units (131 sqm). The size of the three-bedroom special units may go up to 229 sqm.

Each unit will come with an assigned share in Cebu City Sports Club.

Development will cover a total area of 2,300 sqm, but only 900 sqm will be devoted for the building footprint.

The rest will be "heavily landscaped," Dy said.

"Cebu has always been, and will continue to be, a key geography for us," Dy added. "It is a place where businessmen thrive, a major trading hub in the Visayan region, a major exporter of fashion accessories and furniture, and increasingly becoming strong in BPO [business process outsourcing]."

Jose Juan Jugo, Ayala Land Premier senior division manager, said the project was inspired by outstanding Cebuanos who have made names in the international scene.

Some of these luminaries are fashion accessories exporter Butch Carungay, designers Cary Santiago and Joanna Lhuillier, and painters Kimsoy Yap and Romulo Galicano.

More residential options

Tombocon said 1016 Residences "gives more residential options for metropolitan Cebuanos."

Recently, Ayala Land subsidiaries launched Alveo and Avida Towers Cebu to cater to the mid-market and affordable market segments.

Alveo is also located within CBP, while Avida is at the Asiatown Information Technology Park.

In 2005, Ayala Land Premier launched Amara, a high-end, seaside residential community in Catarman, Lilo-an town in northern Cebu.

By: Cris Evert Lato
Inquirer Visayas
November 29, 2010