INVESTING in condominium units at Filinvest Land Inc.’s San Remo Oasis has paid off for buyers as the value of their units has doubled since the joint venture project with Cebu City government started in 2010.
Julie Castaños, Filinvest project development head for the Visayas, noted that when the condo units were first sold in 2010 and 2011, these were priced at P70,000 per square meter.
However, the value of these condominium units had doubled, Castaños pointed out.
She said that investors account for 60 percent of those who acquired condo units at San Remo while the remaining 40 percent were end users.
Castaños made this statements during an interview with media at the sidelines of the turning over of San Remo’s 7th building called Building One.
She also disclosed that the value of properties at the 50-hectare Citi de Mare would continue to increase, especially with the many developments at the South Road Properties (SRP).
These developments, she said, would further boost property values in the area.
“Any multiplier effect coming from the coming developments will surely trickle down to the appreciation values and the investments inside San Remo and (the rest of) City di Mare,” she pointed out.
In fact, Castaños said that overall sales take up for the property had reached 90 percent.
She said that they had turned over 815 units, excluding the units that would be turned over in Building One.
Before the year ends, Filinvest will reach 850 turned over units of the total 1,096 units at San Remo by the end of 2018.
“This is a very good year for us. Quantitavely, we reported 119 percent increase in sales take up (in 2018). This is really a very good year for SRP, for San Remo to be specific,” she said.
According to Castaños, the industry average for sales take up is around 20 to 30 percent
She also disclosed that FLI’s other property – the One Oasis Cebu, has also been selling very fast.
“We are recording around P800 million sales in One Oasis but in San Remo the growth in terms of percentage is highest at 119 percent,” she said.
With the good sales performance of San Remo, Filinvest has plans to start construction of the 8th building early next year.
City di Mare is a joint venture agreement between Filinvest Land and the Cebu City government.