VISTA Land & Lifescapes Inc., a listed property developer, is hiking to P1 billion its investment in its Tagaytay service apartment project called Grand Quartier.
Through upscale brand Brittany, the company will build the third Swiss-inspired building at a cost of P530 million, a statement said. The project will sit on a 3,306-square meter lot.
“With the surge of local and balikbayan tourists who prefer Tagaytay as their vacation destination, there is a steadily growing demand for condominium units in the area,” said Brittany Chief Operating Officer Camille A. Villar.
Grand Quartier is operated as a condotel which allows residents to earn while they are not using their units. The condotel is being managed by boutique hotel operator Hospitality Inc.
The first two phases of the Grand Quartier have already been sold out. The first phase consisting of 70 units is already fully operational while the 80 units of the second phase are about half built. The banquet hall, which will service the suites, will be in place by the end of 2011.
“Grand Quartier sales have picked up with the condotel offering as key factor. More investor-type buyers are interested in acquiring units in Crosswinds,” said Villar.
Brittany will offer a total of 100 units in the 9-story, low-density Grand Quartier III consisting of 72 studio units, 24 one-bedroom units and 4 two-bedroom units.
Studio units measuring 44 square meters (sqm) will be priced at about P4.5 million each; one-bedroom units with an area of 66 sqm. will go for about P7 million, while the 94-sqm two-bedroom units will be sold for about P10 million each.
Villar said under the masterplan for Crosswinds, enough space has been set aside for about 10 Grand Quartier phases costing a total of P5 billion in investment.
(Miguel R. Camus)
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