Local developer sets 2018 capex at P1.5B
Local developer SunKai Land Inc., is setting aside at least P1.5 billion capital expenditure to build integrated property projects in Cebu this year.
The company, which is partly-owned by major incorporators of appliance retailer SunGold Home and Office Furnishing, officially launched its residential and hotel project called Sun Park Royal Hotel and Residences at the North Reclamation Area.
Sun Park Royal Hotel and Residences will take the bulk of the company’s capex as project cost is estimated to reach P1.2 billion.
The other two projects on the pipeline include the 1.1-hectare Mactan Town Center, and Sun Breeze Subdivision in Minglanilla, Cebu. Another residential project is being planned in Guadalupe area.
Its largest project, the Sun Park Royal Hotel and Residences will have 200 hotel rooms and 448 residential condominiums.
Company sales and marketing manager Cathy Relosa-Palmero said construction will start next year.
Since its entry to real estate development in 2014, SunKai Land Inc., already built two successful projects, its flagship project SunVida Towers also in North Reclamation Area, and SunHera Residences in Talamban.
Palmero said the company is bullish of Cebu’s real estate and tourism sectors, and the good performance of its flagship project, SunVida Residences, which is now sold out, prompted the company to pursue more projects.