AFTER pouring in roughly P1 billion in investment for their pilot condominium project in Lahug, Duros Land Properties, Inc. (DLPI) is gearing up for another “first in Cebu” project in Liloan, Cebu.
The Padgett Place dubbed as the first “leisure condominium” is currently 92 percent complete and is set for turnover by July this year, said Grace Turtor, DLPI head for marketing last week.
“It is called the first leisure condominium because we have put in so many leisure amenities into the project and owners here also get to enjoy free golf rides in our soon to be developedDuros Mountain Resort and Golf Club in Liloan,” Turtor said.
The 26-story condominium sits on a lot that only measures one-third of the whole property along Molave Street in Lahug, Cebu City that measures 3,500 square meters.
About 70 percent of the 191 units in the Padgett Place are already sold out since the project was launched two years ago, said Francis Dexter L. Bandala, chief operations officer of Duros Real Estate and Markets Management Corp.
“We have been very quiet for the last couple of years building our project because this is our first project and investors would often ask if we can really deliver. Now here it is,” Bandala said.
Mountain Resort
They are also redeveloping their 130 hectare golf and resort in Liloan, which is expected to be completed by the end of the year.
“We initially just planned it as a golf club but we thought that Cebu has a lot of that already and we want to do another ‘first’ in Cebu so we thought of incorporating a community into the property and a resort component to it,” said Bandala.
Bandala added that the company is planning to invest another P1 billion for the project.
“It will be an 18-hole golf course which will occupy about 80 hectares of the whole property. The rest of the land, that 50 hectares will be for the community and the resort components,” he said.
They are looking at offering house and lot units and lot only options as well as a hotel where people coming from all parts of the world who wants to play golf can stay.
Bandala said they target to finish the first half or 9-hole golf course by 2016 with the rest following completion two years after.