As of last week, 36 or about a third of the 109 units of 1016 Residences have been sold, said Jose Juan Z. Jugo, Ayala Land Premier senior division manager.

"This is our first project in over a decade and we're doing quite well," he said on the sidelines of the launching of 1016 Residences. The first project under the upscale Ayala Land Premier brand in Cebu is lighthouse community Amara in Liloan town.

Mr. Jugo said there are a lot of properties in Cebu Business Park and Asiatown IT Park, both owned and run by Ayala-led companies, that may be developed.

"We're looking for the right one [property] first. [As to when a second condominium project will be launched] will depend on how quickly we'll be done with 1016," he said.

The brisk sales enjoyed by Ayala Land Premier and the construction of several other residential condominiums in Cebu City showed that "there's promise in Cebu," Mr. Jugo said.

Ayala Land Premier joins two other Ayala brands, Avida and Alveo, that are constructing residential condominiums in Cebu. Among the other property developers that have upcoming condominium projects here are Federal Land, Inc., Fuente Triangle Realty Development Corp. and Taft Property Ventures.

Ayala Land Premier broke ground on the P1-billion 1016 Residences in the first week of January. Construction will take about 40 months. All 109 units will be turned over to buyers in 2014.

The 1016 Residences will rise behind the Ayala-owned City Sports Club within Cebu Business Park, a masterplanned community developed by Ayala Land affiliate Cebu Holdings, Inc.

It will have 27 storeys, 23 of which will contain the 109 units that would include 11 with special features such as a private pool, private terrace or garden.

Each unit will cost P11 million to P12 million while the special units will go for around P40 million. All units will each be assigned a share of City Sports Club, the recreational complex developed by Cebu Holdings.

Business World
10 March 2011
By: Marites S. Villamor