Developer tops off MSY Tower, breaks ground for Nivel project

A LOCAL developer topped off its first mixed-use building at the Cebu Business Park and also broke ground for another major project in Nivel Hills, Lahug signifying their bullishness to the Cebu market.

Former president and Manila Mayor Joseph Ejercito “Erap” Estrada graced both activities.

Estrada, who is a close friend of the Yeungs, owners of the companies undertaking the building projects, attended the activities as their personal friend.

The 16-story MSY Tower 1 has a floor area of 13,000 square meters which includes seven floors of leasable space for office use, said Carlos Yeung, MSY Holdings Inc. vice chairman in an interview yesterday.

“The ground floor will be for retail and we have four floors to be used as a car park, seven floors for BPO (business process outsourcing) offices and top two floors for residential units,” said Yeung.

The buildings which will also house the company’s headquarters will cost around P1 billion.

The company also commissioned property manager Jones Lang LaSalle Inc. to manage the leasing of the building to outsourcing companies that would want to expand in Cebu.

“The residential units which includes a one bedroon unit and a two bedroom unit will serve as a home for the executives of the BPO company that will lease our space,” he said.

128 nivel hills

Also yesterday, the company together with their partner PJ Lhuillier Group broke ground for the P5 billion high-end condominium project in Nivel Hills called 128 Nivel Hills.

“Following the groundbreaking will be the excavation, and then setting up of the podium for the construction of the 34-floor East Tower,” Yeung said.

The whole project is targeted to be completed within four years which will include a commercial component to serve the residents of the 556 units that will be offered in the property.

By the end of May, Yeung said they will be turning over the six-star resort property in Daan Bantayan called Kandaya Resort.

A second Bayswater project will also be launched within the year located in a 6.5 hectares property in Talisay City following the success of the first Bayswater in Mactan.

“We are planning a second MSY Tower but for now we are focusing on the projects we have in the pipeline,” he said.

Yeung said they are looking for more land properties in Cebu to add to their landbank and to be developed into another project for the residential market of Cebu.

He added that they will be aggressively investing in more projects for the Cebuano market which he described as “booming.”