Ayala Sets Aside P1B for 1016 Residences
AYALA Land Inc. (ALI) yesterday announced the coming of another Ayala Land Premier project to the Cebu Business Park (CBP) this year. Developer Ayala Land Premier, ALI’s high-end residential brand, has earmarked P1 billion as investment for the development of 1016 Residences, a 27-storey residential building. The project will stand on a 2,389 square meter (sqm) property with a 900 sqm footprint. It will house 109 units with 11 special units.
The project's name "1016 Residences" refers to the lot number and block number where the project is situated - a good feng shiu number, according to ALI officials.
ALI senior vice president and head for Visayas and Mindanao operations Emilio Tombocon said the coming of the company's high-end brand to Cebu is a clear manifestation of the company's confidence and commitment in giving residential options to the Visayas and Mindanao market.
Not done yet
"This just shows that we are not done yet," Tombocon said citing the recent expansions of Avida and Alveo in Cebu, the two other residential brands of ALI.
Tombocon said 1016 Residences will break ground before the end of the year. The entire development is projected to be completed by 2014.
ALI residential business group head Bobby Dy said Ayala Land Premier is taking advantage of the project's prime location as it has direct access to a full range of retail, dining and recreational amenities.
The high-rise residential project will feature two-bedroom and three-bedroom units with unit areas ranging from 98 sqm to 197 sqm.
The prices of the units range from P10 million to P40 million. Among the project's amenities are a kiddie play area, landscape gardens and lobby lounge. Unit owners will also get usage rights to the City Sport Club Cebu.
Dy said they are confident with the market as Cebu is now a key regional hub for both business and tourism.
"Given Cebu's economy, the company will continuously look for opportunities to introduce more projects here," Dy said.
Cebu Holdings Inc. (CHI) president Francis Monera reported that although the company has not started its pre-selling of units, many buyers have already expressed interests in owning a unit.
By: Katlene O. Cacho
Sun Star Cebu
November 19, 2010