Imperial Palace opens facility

AFTER three years of construction, the P4.5 billion-peso hotel Imperial Palace Waterpark Resort & Spa opened its facilities yesterday.

Lee Cheol-hee, president of Imperial Palace Waterpark Resort & Spa, said that what makes their hotel unique are their spacious rooms, unique cuisine in their restaurants and a water adventure facility.

The facility, a 10-minute drive away from the Mactan Cebu International Airport, features six 11-story buildings, 557 rooms, and first-class amenities including a water park, Jacuzzi, pool villas, a golf course and business center.

The hotel was developed by Philippine BXT Corp. The water park, which is the hotel's main attraction, is divided into different zones with corresponding adventure themes.

Imperial Palace general manager Richie Kang said the facility tightened it security in the water adventure zone to make sure its users, especially children, are safe.

Kang said he is confident that although the facility is the first business venture in the country by the Korean hotel chain, it will attract both local and foreign tourists. He said Cebu is a world-class destination both for business and vacation.

Kang said Imperial Palace now has 900 employees, 860 of which are Filipinos.

Source: The Sunstar Cebu

Aboitiz sees strong potential for condominiums in Cebu

THE real estate arm of the Aboitiz group sees a strong potential in condominium development in Cebu as more residential units are being built farther from the cities.

“We are seeing a very good uptake of our sales, especially in our condominium units. Some years ago, we made a judgment call that Cebuanos are going to move towards condominium living because house and lot (units) are located farther and farther away (from the cities),” said AboitizLand Inc. chief operating officer Andoni Aboitiz

Buyers

The uptake is shown in the profile of buyers of Persimmon West-the first tower with 157 units that was built at AboitizLand’s The Persimmon. About 80 percent of the buyers are locals, 10 percent are overseas Filipino workers (OFWs) and about seven percent are foreigners.

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“Initially, the target was the international Filipino market but the locals bought units very quickly so we are now building the second tower, Persimmon North, to (also) cater to the OFWs,” Aboitiz said in a press conference yesterday at The Persimmon in Mabolo, Cebu City.

The Persimmon is AboitizLand’s first venture into “vertical development” project.

‘Urban village’

Covering 1.4 hectares of prime property, the “urban village” is comprised of four 15-storey towers complemented with a commercial area and various amenities.

The continuous construction of The Persimmon will take up a huge share of Aboitizland’s P2 billion capital expenditures (capex) for 2010, said Aboitiz. He said that each tower is estimated to cost about P400 million.

AboitizLand is already scouting for new and “good” areas in Cebu City where they can build another skyrise project.

Aboitiz said their next condominium project would be after the completion of The Persimmon in two to three years.

Although it sees strong potential in condominium development, the property developer continues to plan on building horizontal residential development projects.

Recently, AboitizLand closed a sale of 15 hectares of land in Cordova, Mactan where it plans to launch a mid-end inland residential development next year.

Aboitiz disclosed that the P2-billion capex also include the launching of the commercial plot and series of townhouses in its high-end integrated community Pristina North, in Talamban, Cebu City as well as continuation of other projects, including Kishanta in Lagtang, Talisay City.

He said that most of the capex would be sourced through bank loans.

“If you think we are busy in 2009, wait what we will do in 2010. We are going to change (the landscape of) the city,” Aboitiz said.

Source: The Sunstar Cebu

Company starts work on 2nd tower

IN response to the strong demand for condominium units, property developer AboitizLand Inc. started building the second tower of its first residential condominium development this month.

While construction is going on, the real estate arm of the Aboitiz group is already pre-selling units of Persimmon North, the second of the four towers composing The Persimmon in Mabolo, Cebu City.

AboitizLand marketing manager Leorelei Ylaya said there is still a huge potential market for Persimmon North, following the fast sales take-up of the first tower, Persimmon West.

Persimmon North is already 15 percent complete while the West tower is already 38.59 percent complete. Ylaya said they are on target.

Turnover of the West and North Tower units are set for third quarter of 2010 and fourth quarter of 2011, respectively.

Persimmon North, which will be formally launched next week, is comprised of 157 residential units, studio, one- and two-bedroom, and loft units, in Asian contemporary design. It will have its own administration and security offices as well as function and boardrooms.

“The main difference between the North and West tower is that the North has maid’s quarters in its two-bedroom units. This (feature) is what the market demands,” said Ylaya.

Prices range from P1.8 million to P2.4 million for studio units, P3.1 million to P4 million for one-bedroom units, and P5 to P6 million for two-bedroom units.

“We are now (offering) pre-selling prices. After the launch, we might increase them,” said Ylaya.

The Persimmon, the firm’s 15th project, stands on 1.4 hectare of prime property in M. J. Cuenco Ave., Mabolo, Cebu City.

According to its management, its “impressive” uptake is attributed to its combination of strategic location, amenities, and “value-for-money” construction.

The urban village’s commercial-entertainment strip, called The Persimmon Plus, will be launched before the end of 2009.

It will house more than a dozen concessionaires, including a coffee shop, dental clinic, laundry shop, food outlets, salon, spa, and services.

Source: The Sunstar Cebu