Exec: 70% of Amani 1st tower condos bought as investments
MORE people are seeing the viability of buying condominium units as investments especially with Cebu’s tourism boom.
This trend is seen in the sales of condominium units of a homegrown developer, Grand Land Inc., from its newly completed first tower of its five tower low-rise condominium development called the Amani Grand Resort Residences.
“Over 70 percent (of the condominium units) of the first building have already been sold, mostly as an investment,” said Khristina Pestano, Vice President of Grand Land Inc. said in a press briefing after the turnover of condo units to their owners on July 21.
Pestano was referring to the trend where people would buy condominium units, which they would plan to lease out to tourists.
Pestano had also attributed this development to the growing number of tourists visiting Cebu, which also meant an increasing
demand on accommodations.
She also cited Amani’s location, which is along Matumbo Road, Lapu-Lapu City in Mactan Island as an advantage.
The 2.3 hectare development is only a few minutes away from the Mactan Cebu International Airport making it a convenient accommodation choice for travellers.
“The influx last year, the tourists, we reached 9.8 million tourists going in and out of Terminal 1 (Mactan International Airport). How much more with the completion of Terminal 2?” Pestano said.
Aside from that she also cited the temporary closure of Boracay from tourists as one of the factors of more tourists visiting Cebu.
Amani’s six-storey first tower has 190 units with 70 percent already sold.
Meanwhile, another developer, Primeworld Holdings Inc. has also planned to build a resort style neighborhood in Cebu, particularly in Barangay Agus, Lapu-
The project, which is called Primeworld District, is a mix of horizontal and vertical developments.
According to Primeworld, construction work on the project starts in six months and is scheduled to be completed in two to three years. / Zena V. Magto, USJ-R INTERN with USJ-R Intern Gerard Vincent Francisco
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