INSPIRED by the robust sales take-up of the first two towers of Royal Oceancrest Mactan, its developer Primary Homes Inc. (PHI) has commenced the construction of Tower 3, banking on the signs of market recovery and renewed confidence in the property sector.
Royal Oceancrest Mactan is a four-tower development in a two-hectare property in Barangay Basak, Lapu-Lapu City. Located along Sudtunggan Road, the P2-billion development is comprised of mid-rise buildings with a total of 952 residential and commercial units.
Since its launching in 2019, the project’s first two towers are already 60 percent sold. This is despite the impact of the Covid-19 pandemic on industries, including real estate.
“The lockdown last year greatly affected businesses but surprisingly sales for condo units picked up, quite significantly considering the challenging times,” said Primary Homes vice president for sales and marketing Ramero Espina.
This remarkable sales take -up, according to Espina, is an indication that there is a strong demand these days for such types of properties.
Espina said many of their buyers are young professionals and starting families either looking for affordable living space that they can move into right away, or those who are looking for more valuable purpose for their money. They are generally first-time real-estate buyers.
Royal Oceancrest Mactan offers finished and bare units with a floor area of 28 square meters (sq.m) to 60 sq.m.
Finished units are priced between P2.4 million and P6.1 million while bare units are priced more or less 20 percent lower at P1.9 million to P4.8 million. Prices already include taxes and transfer charges.
Amenities of this mini-township are swimming pool, clubhouse, fitness gym, play areas, jogging paths, edible gardens, grilling station and commercial spaces.
Condos, according to Espina, are great investments because they are easily acquired. Buyers now can acquire a condo through easy-to-pay financing schemes.
“The younger generation now is becoming more and more financial and investment literate and we are here to support them with our flexible financing options,” he said.
Despite the pandemic-disruptions, returns on condo investment and rental yield remain high. Owners may opt to lease out their units and have the rest of the mortgage be paid with the rental proceeds.
But under the new normal, Espina said they observed a shift of customer profile from investors to end-users, with preferences of extra or bigger spaces. This is the reason they are offering bare units to also give homeowners the freedom to design their units.
PHI is set to start turning over units to their buyers early next year.
After Tower 3, PHI is eyeing to launch the fourth tower next year. It will offer 100 small-office-home office units and retail spaces. The firm will also bring the Royal Oceancrest brand to Panglao, Bohol and Dumaguete in Negros Oriental.
The firm also unveiled Royal Oceancrest Mactan’s showroom at the project site. (KOC)