Philippine Co to Launch Upscale Residential Project in MacTan

CEBU CITY, Feb. 16 Asia Pulse - Mactan Southgate Holdings, a high-end condominiums developer, will introduce to the local market in June this year the first phase of its latest residential project in Punta Engano, Lapu-Lapu City in Mactan, an official said.

Mactan Southgate Holdings is the real estate arm of Coral Point Development Corp.(CPDC).

The project, called Coral Point Gardens Executive Residences, includes four buildings of executive residences and service apartments built on an 8,000-square meter property, which is part of the four-hectare Coral Point Village Resort Complex (CPVRC).

It also serves as a retirement condo unit, said CPDC president Efrain Pelaez Jr.

Pelaez said the new development will target the retirees, overseas Filipino workers (OFWs), foreigners with Filipino spouses, and executives from the export processing zones.

The projects first phase includes the construction of the first two buildings that will house 24 studio-type and six penthouse units.

Each studio-type unit has a floor area of 57.50 square meters while the penthouse unit has a floor area of about 115 to 150 sq. m. each. Prices for the studio-type unit is between P3 million (US$62,005) to P5 million while the penthouse is pegged at P8 million.

Coral Point Properties Inc. executive assistant Lydia Reoma said that even before the official launching of the executive residences, 13 units have already been booked.

The construction of the last two buildings, which is part of Phase two of the project, is slated to begin next year. It will house 25 studio-type rooms and three penthouses.

A swimming pool, located at the center, is set as a main attraction for the executive residence.

A 235-meter beach front is located within the Coral Point Beach and Yacht Club property, CPDCs first residential condominium project completed in 1993.

Pelaez said the executive residence involves an investment of about P200 million to P250 million.

(PNA)

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