Bright prospects seen for AppleOne Banawa Heights
CEBU CITY, Philippines—Bright prospects remain for the AppleOne Banawa Heights with continued demand for mid-level residential units, said Barbara Cabo, senior vice president of AppleOne Properties Inc.
Cabo noted that there is still a backlog as far as housing demand is concerned based on the latest data from the Housing and Land Use Regulatory Board (HLURB).
According to Cabo, 85 percent of the over 1,400 units have been sold, leaving only 15 percent still available on the market.
AppleOne Banawa Heights is a 2.8-hectare project with three 12-storey towers, six 3-storey mansionettes and 10 villas. The towers were sold out and already occupied, she added.
“Hopefully, we can complete the project by 2021,” Cabo said.
The project, which is now between 60 to 65 percent complete, has a total project cost of P4 billion. When fully sold, the project would contribute a total of $89.5 million in sales.
Louelle Judilla, AppleOne sales head, bared a slight change in the design of the villas.
“We are adding another floor to our villas. Our villas before are four storeys because they are walkups. For 2019, we are introducing fifth floor for our villas, with an elevator,” Judilla said.
Lilian Fauskanger, AppleOne sales director, explained that the slight change was brought about by the requests from clients to have an elevator installed in each villa.
The buyer profile includes more than 50 percent overseas Filipino workers while the rest are based in Cebu and the Visayas, Fauskanger said.
While some of the buyers acquired units, which they prepare for retirement, there are also buyers who consider these for investments, Fauskanger said.
Those who have bought the units earlier are enjoying more than 20 percent or P500,000 increase in the unit’s value, Cabo said.
AppleOne Banawa Heights, a residential development of AppleOne Properties Inc., is inspired by Pacific Heights in San Francisco Bay area, one of the world’s most renowned landmarks.
Banawa Heights is the first gated condominium in Cebu. It is the first in the Visayas to utilize keyless access and multiple swimming pools in condominium living and private cluster concept.
This concept provides greater privacy than that offered by the typical condominium. Launched in 2013, Banawa Heights cater to the growing middle and upper class market in Cebu and the Visayas./dcb
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