The country’s real estate sector expanded by 9.2% in 1Q 2014, making it one of the top contributors to economic growth in the quarter, according to the 2Q 2014 Research and Forecast Report by Colliers International.
Demand for future supply is fueled by the “immediate need” for residential projects, as “the market is currently still driven by the residential demand from end-users rather than by speculative demand”, said Jones Lang LaSalle’s Research, Consulting, and Valuation Advisory Services Department head Claro dG. Cordero, Jr., in a BusinessWorld Online article.
With this strong demand in the residential realty industry expected to continue in the near terms, Diamond Hiland, Inc. (DHI) of PJ Lhuillier, Inc. and MSY Holdings is confident about its maiden project, 128 Nivel Hills, a top-tier residential condominium now being built at an estimated cost of about P4.2 billion.
General Manager Nestor Omar Arce-Ignacio of DHI said that their target market includes local executives and successful expatriates and their families living or having businesses in Cebu. While much of the real estate and house and lot demand is for middle-income properties, Arce-Ignacio said that their company is optimistic about Cebu’s high-end market, an area of development that remains untapped in the region.
“In terms of political power, quality of life, economic activity, and knowledge and influence, Cebu is second to Manila as the most important city to the country’s rich,” Arce-Ignacio said in an interview. “If one is in search of a true matchless real estate in Metro Cebu, then (128 Nivel Hills) is one great opportunity,” he added.
The pre-selling residential condominium market in Cebu continues to enjoy robust progress despite slower-than-expected economic growth observed in 1Q this year. Land values in the province continue to appreciate, manifested in both volume and upward price movements in the real estate business.
This is promising for DHI, whose upcoming 3-tower property will include a line of top-notch amenities that adds value to the development and makes it a decidedly rewarding investment. The 128 Nivel Hills features will include a hotel-sized function room, an expansive lobby and sunroom, private theater, toddlers’ play area, a fully equipped business center, library and study room, swimming pool and pool bar, an exclusive lounge for the residents, and two levels of retail and service shops and restaurants.
The property will stand on top of an 8,472-square meter land in the old Casino Filipino area in Lahug, Cebu City, adding a total of 557 top-line units to the market by its completion in the last quarter of 2017.
For more information on 128 Nivel Hills, visit 128nivelhills.com.
