Developer considers yuppies, families as untapped markets
CEBU, Philippines – In the midst of the growth and development for condominium and residential units, a developer considered the young professionals and start-up families as the untapped markets of the booming real estate industry in Cebu.
Cebu Landmasters Inc. Chief Operating Officer (COO) Jose Franco Soberano said that the young professionals usually from ages 26 to 35 years old only account 20 percent of the market share in the industry although they already have the ability to invest.
He added that the growth in such market is evident and attributed by the increasing number of young employees working in the Business Process Outsourcing industry who are earning a monthly average income of P20,000 to P30,000.
“We want them to have an elevated lifestyle, thus we encourage the market to invest their money in a real estate. We challenge those who can already afford to start planning ahead. Real estate is a long-term investment particularly for young professionals,” he stated.
Cebu Landmasters Inc. officially launched Midori Residences, its first twin tower mid-rise condominium project, last September 7.
Sitting on a 5,500-square meter property, the project has 396 units for two towers with condo units ranging from P1.3 million to P1.5 million.
Each tower has 12 floors with 16 units per story.
A studio unit occupies a capacity area of 22 square meters with a width of 4 meters and length of 5.5 meters.
Situated along A.S. Fortuna in Mandaue City, Soberano cited that its strategic location that is close to business establishments, schools, and malls.
“Midori Residences is where affordability, economy and convenience are converged in a perfect location,” he continued.
He said that they started marketing last April and had already sold 75 percent of tower one for the pre-selling period.
With the positive market reception, he said that the company is bullish to target the sold-out date of units in both towers by the second quarter of next year.
The construction period began this month and is projected for completion and turn-over to the buyers by the second quarter of 2014.
Amenities occupying 50% of the total area include a 24/7 manned security station, CCTV system, 100% back-up generator, a multi-purpose clubhouse, swimming and wading pools and a playground.
Founded in 2003, Cebu Landmasters Inc. is a home-grown real estate developer in Cebu with a total of nine residential projects that already includes the Midori Residences.
Soberano further revealed that the company has ventured into its first office project which will be called as the Park Central to be located in Cebu IT Park.
He added that it will be launched at the first quarter of next year and will be completed for construction by the third quarter of 2014.
He also cited that the 19-floor project will have 62 office units for sale for Cebu businessmen to have a better office space. Each unit measures 50 square meters.
“It’s time for Cebu Landmasters to expand from residential projects to office projects and grow as a company,” he concluded.