Developer targets millennials

A developer is keeping the cost of owning a condominium unit low while maintaining quality to attract the millennials.

Fiona King, founder of RFK Holdings Inc., said she deemed giving the young professionals an opportunity to own their own home as a social responsibility.

“Real estate is the best way to invest hard-earned money. Our goal is to empower young Cebuanos who have big dreams and small budgets,” she said.

The company’s project, BLOQ Residences, offers units for as low as P900,000 and as high as P2.1 million for special one-bedroom units.

The mid-rise condominium project in Talamban has 126 units, divided into studio and loft units. All units have been sold to end-users and are expected to be turned over to its buyers by May 2016.

King said the buyers of BLOQ Talamban are as young as those still in college and in their thirties.

“The pricing is attractive to millennials. Investors also wanted to buy, but we really wanted it to be for millennials,” she added.

Unit sizes can be either 18 square meters or 24 square meters. The special units, which feature a different room cut, can be even larger.

Three other BLOQ condominium buildings are expected to break ground in Sikatuna, Banawa and Zapatera before the year ends, King said.

The BLOQ Residences in Sikatuna and Banawa are slated for groundbreaking in October. Construction will start in December.

BLOQ Zapatera will have its groundbreaking in October and will begin construction in January. All three projects are expected to be completed by 2017.

The three projects will offer a total of 420 condominium units.

“We want to get our license to sell first. We don’t want to presell. Hopefully by October we will be able to begin selling,” King said.

The company is looking for other properties in Cebu that are accessible and near places of work.

“We have other projects aside from these three, but we do not want to preempt anything,” she said.