Tall & Urban News

Construction has started on the third tower of a planned four-tower complex in Cebu, following the strong sales take-up of the first two towers.

Located on a two-hectare property in Barangay Basak, Lapu-Lapu City, Royal Oceancrest Mactan has sold 60 percent of the first two towers since launching in 2019. The project will deliver 952 residential and commercial units among its 15-story towers. 

Developed by Primary Homes Inc., the P2-billion (US$40 million) development offers finished and bare units from 28 square meters to 60 square meters. These range from P1.9 million (US$38,000) to P6.1 million (US$122,000).

Amenities provided at the complex include a swimming pool, clubhouse, fitness gym, play areas, jogging paths, edible gardens, grilling station, and commercial spaces.

While condo investment as rental property still makes up a large portion of sales, the developer reports an increase of end-user buyers looking to upgrade their living space.

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. 

Tower A in the complex is completed, and Tower B is structurally topped out. Primary Homes will start turning over units to their buyers early next year. 

Once Tower 3 is completed, the fourth tower would provide 100 live/work units and retail spaces. 

For more on this story, go to Sun Star.