High-end Condominium will soon rise at Cebu Business Park

CEBU CITY - A Korean company is investing P1.2 Billion ($23.5 Million) to build a high-end condominium in Cebu Business Park to fill an increasing demand for premium real estate properties in Cebu Philippines.

The Philippine market used to prefer stand alone housing units, but the market is slowing changing, according to Sun Kyu Baek, President of Fastem Housing and Development Inc.

The changing lifestyle among Filipinos is creating a high demand for high-end condominium units to address the need for convenience, security and luxury.

The Tower Palace will feature 19 floors of high-end condominium units, including two floors dedicated to eight penthouse units, Rama said. It will also have two function rooms, a four-level basement parking, spa facilities, fitness gym, day care station and two swimming pools.

The units range from single to three bedrooms, while the penthouse units are on two levels with three bedrooms, and come with free air-conditioning units.

The planned Tower Palace high-end condomium will be located at the Luzon Avenue right across the south entrance of the Ayala Center Cebu, near the city itself.

The company said that the project provides an investment opportunity since its location ensures good returns, ranging from 15 percent to 20 percent per annum.

The company reported high level of interest among real estate brokers and prospective buyers, even if they have yet to start selling the units.

The time is right for Cebu to have this type of project, according to the project's architect Jose Mari Canizares. "I find Cebu is now at the stage Makati was at the start of its development," Canizares said. Makati is the Philippines' prime business district located in Metro Manila.

The Tower Palace project in Cebu is scheduled to be completed by December 2008.

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