Sun Gold goes into property development
The Tio family behind Sun Gold has ventured into property development with the launching yesterday of its first project, the SunVida Tower residential condominium.
The family has partnered with other investors to form SunKai Land, Inc., which will undertake SunVida and five or six other projects in Metro Cebu within the next five years, said project development manager Michael Estomata.
The 30-story SunVida Tower will rise near Sun Gold Home and Furnishings, across SM City Cebu in the Cebu North Reclamation Area. Groundbreaking has been set for the last quarter of this year. The building is targeted to be completed in December 2018.
Estomata said it will offer 543 condominium units and four leasable units for commercial establishments. Each unit has a floor area of 22 square meters or 26 sq.m. and is priced between P1.6 million and P1.9 million.
Catherine Palmero, marketing manager, said the project will be targeted at the mid-market segment and the millenials, who are working mostly in the business process outsourcing (BPO) sector.
“Workers aged below 30 years old are now very articulate about investments. Young professionals are smart at investing. They buy properties in the city then sell or lease them out. They have income-generating mind sets,” she said in an interview before the launching ceremonies.
About 60 percent of the 543 units have been sold since pre-selling started on June 25, Palmero said.
Majority of the buyers are investors, some coming from Leyte, Negros and Bohol, she said. Others are overseas Filipino workers (OFWs) and local businessmen.
“SunVida Tower has a prime location. The needs of most people, especially the yuppies will be addressed,” she added.
Facilities will include a grand lobby, swimming pool, meeting rooms, a viewing deck and fitness gym.
Other projects in the pipeline are either residential or commercial developments. Palmero said they will ensure that each project will have a good location, provide a flexible layout, and offer value for money. /with PIT Intern Bianca Genosa
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