This is an artist’s perspective of the 33-storey building called the Vertex Central that will rise along Archbishop Reyes Avenue in Cebu City. Contributed photo
33-storey Vertex Central to rise on area between Cebu Business Park and Cebu IT Park
Seeing the continued uptake of condominiums in Cebu, homegrown developer Priland Development Corp. launched it’s newest condominium project – Vertex Central.
At 33 floors, the project will become the tallest structure along Archbishop Reyes Ave. once it is completed by 2022.
“For Priland, the location and price are very important. We select locations that best fit the market. For Vertex, this will serve as a residential project for Cebu Business Park and Cebu IT Park employees who want to live near the area,” said Priland President Ramon Carlo Yap during the project’s launch on Wednesday.
It will be the developer’s first project in Cebu City.
The condo project will rise along Archbishop Reyes, right across the Bureau of Internal Revenue (BIR) office, which connects the two business parks.
But aside from these employees, Yap said they are also open to other markets especially the foreign markets like Chinese and Koreans, especially with more investors from mainland China coming to the Philippines and Cebu.
Priland is pouring around P1.5 billion for the construction of the project including both the cost of the property and the cost of construction.
Construction is targeted to start on July 2019 and is expected to last for two to three years.
According to Priland Sales Manager Irvin Paul Pastoriza, they will start accepting letters of intent by Monday next week.
“We have already started visiting realty firms and brokers and they are very excited. At a price of P2.6 million, Vertex Central has the most affordable and competitive price in the area,” he said.
There are a total of 701 units including residential units, penthouses, and small office /home office (SOHO) units which is being offered by Priland as an ideal place for digital nomads, startups and small businesses. These are located in eight floors.
Residential units include studio-type units and one-bedroom units, comprising 16 floors.
Prices of the residential and SOHO units start at P2.6 million and P2.8 million while the penthouse units cost P21 million each.
Parking spaces will also be available on seven different floors for a total of 192 parking spaces.
According to Yap, they are also set to launch at least five more developments within the rest of 2018.
They will be setting aside P4 billion to P5 billion for these five projects.
“In the next three to five years, we will also be launching projects of different categories. We will launch a brand for socialized housing, brands for vertical projects and also for horizontal projects. We are also launching next year our township projects and mixed-use projects,” Yap said.
Among this is a 42-hectare light industrial park project in Consolacion which will be an economic zone for commercial and industrial locators.
