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Cebu’s economic boom boosts demand for high-end condo units

By: Aileen Garcia-Yap May 27,2017 - 12:05 PM

The Alcoves pool of the Ayala Land Premiere.  CDN PHOTO/TONEE DESPOJO

The Alcoves pool of the Ayala Land Premiere.

Ayala Land Premier (ALP) continues to bank on Cebu’s growing demand for distinctive and exclusive high-end residences.

It recently launched its third luxury condominium project in Cebu, The Alcoves, that will rise on top of Ayala Center Cebu inside Cebu Business Park, a premier business district in Cebu City.

“ALP developments are guided by key points that we always emphasized in every property we develop; that is unmatched location, masterfully crafted design, distinctive living experience and value appreciation,” said ALP managing director Mike Jugo during a briefing.

The Alcoves is expected to follow the success of ALP’s two tower communities – the 1016 Residences which was launched in 2010 and the Park Point Residences launched in 2012.

“With 1016 Residences flourishing as an established community, and Park Point Residences’ ongoing unit turnovers – residents and buyers have expressed extreme satisfaction and delight over the quality and living experience of their new homes and the appreciation of their investment,” said Jugo.

The 1016 Residences, with only 109 carefully crafted units, is connected to the exclusive City Sports Club Cebu, the city’s premier urban lifestyle club.

The project has sold almost 100 percent of the units with a total value of more than P2.3 billion.

Park Point Residences, on the other hand, is an exclusive community of only 255 residences, connected directly to Ayala Center Cebu.

Similarly, it also enjoys brisk sales and to date has a take up rate of 99 percent with the sold units valued at P3.9 billion.

The entry of The Alcoves will bring in a total of 844 luxury condominium units from the three luxury projects inside Cebu Business Park in the last five years.

Mike Jugo, managing director of  Ayala Land Premier, shows the scale model of The Alcoves. With him are sales head Paolo Viray and marketing head Eunice Acejo.  CDN PHOTO/TONEE DESPOJO

Mike Jugo, managing director of Ayala Land Premier, shows the scale model of The Alcoves. With him are sales head Paolo Viray and marketing head Eunice Acejo.

But Jugo said there is a demand for high-end condominium units in Cebu since the island has become an economic and cultural powerhouse where one can see tremendous amount of economic activities.

He pointed out that the completion of the new airport terminal by 2018 will triple the tourist traffic in Cebu since it will add at least eight million capacity to the existing terminal.

He said that with more people coming to see the beauty of Cebu, the interest to invest in a property that will define what living in Cebu means is bound to increase.

Jugo said that they will focus their investments in Cebu Business Park in the next two years in line with the thrust of Ayala Land and Cebu Holdings Inc. to pour in around P800 million for the redevelopment of the business park.

The Alcoves is integral to Cebu Business Park’s redevelopment.

Jugo said The Alcoves will be the next elegant address of the city’s most discerning residents and a landmark of luxury living rising directly atop Ayala Center Cebu.

Integrated into the façade are six Alcove Gardens – multi-story open areas that provide relaxing green spaces perched high above the city.

Covering about 40 square meters each, and with ceiling spaces soaring to the height of three floors, these high rise gardens provide a truly unique experience for the residents.

The entire 4th level of the building is dedicated to various recreational and social activities while 2,500 square meters are dedicated to a landscaped garden deck, comprising a lounge pool, kiddie pool, outdoor playgrounds and a mini park.

There will also be two social halls covering over 500 square meters and a veranda as well as an indoor play area that fosters an atmosphere of a very warm, tight-knit community.

The amenity deck integrates seamlessly through a private access to Ayala Center Cebu.

Crowning the tower is the Sky Pavilion, a one-of-a-kind amenity area with a 25-meter lap pool located 35 floors above the city’s streets and a fully-equipped fitness gym overlooking the lap pool.

Jugo said units at The Alcoves are priced from P12 million to P60 million.

As of date, about 40 percent of the units in The Alcoves have been sold.

Jugo said 25 percent to 30 percent of the buyers are non-Filipino who are looking for investments in Cebu.

He said they expect to sell out all units at The Alcoves in the next two years.

Jugo added that the country’s economic trajectory, including that of Cebu, continues to be strong to be a market for high-end projects like The Alcoves.

“Cebu has become an international cosmopolitan destination and demands for projects like what we are offering is expected to rise,” he said.

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TAGS: boom, boosts, Cebu’s, condo, demand, economic, high, units

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