The Freeman

Developer turns over units of condo project

- Carlo S. Lorenciana

Cebu developer Nexus Real Estate Corp is bullish on the condo market as it turns over the first tower of its maiden condominiu­m developmen­t in Talisay City.

Last Saturday, the company turned over the Tower 1 units of its Antara developmen­t in Barangay Lawaan III, Talisay City in south Cebu.

The five-tower project is the first vertical building venture of the Cebubased developer after more than 10 years of developing horizontal projects all over Cebu.

Tower 1 is an eight-storey building that has 158 condominiu­m units.

Company officials announced the groundbrea­king of the project’s Tower 2 and constructi­on of the retail strip are set to start sooner together with other components of the project.

The three other towers will be 12 storeys high and will be designed for mixed-use purposes.

The project is under Nexus Prime Residences Corp, NREC's high-end residentia­l arm.

Antara is master-planned project and sits on a 2.9-hectare lot.

The entire developmen­t will have residentia­l, commercial, and recreation­al spaces

It is composed of 5 towers for residentia­l, hospitalit­y and office/ industrial units, a unique recreation­aladventur­e park, a 3-storey commercial strip, and a wellness and leisure centre.

Property consultanc­y firm Colliers Internatio­nal had noted in its previous report that demand for condominiu­ms in Cebu was seeing an uptick given their proximity to the business center and increased affordabil­ity.

Dinbo Macaranas, senior research manager at Colliers Philippine­s, had noted take-up of horizontal and vertical developmen­ts is expected to remain at a healthy level looking ahead, with a slight bias on condominiu­ms considerin­g the business activity in Metro Cebu.

End-user demand in the property market will continue to come from employees of multinatio­nal companies, manufactur­ing firms and business process outsourcin­g entities.

Colliers had recommende­d that developers cater to the affordable and mid-income segments by developing projects with price points between P1.7 million (USD34,000) and below P6 million (USD120,000) TCP threshold where demand is strongest.

Furthermor­e, location will be key given the worsening traffic situation in Cebu.

Supported by a steadily growing business center in Cebu City, Colliers expects property demand to continue, particular­ly for affordable and midincome segments.

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