Citylights units 70% sold out prior to launch

By Rhia de Pablo Updated June 18, 2009 12:00 AM

CEBU, Philippines - Condominium developer Syntech Properties Inc. continues to see good prospects in Cebu after the tower three and four of its latest project, Citylights Gardens is now 70 percent sold out before it could actually launch this month.

Citylights Gardens sales and marketing manager Anita G. Blanco said that the newest towers of City Lights are already 70 percent taken before its launch date slated in June 25.

She said this development is laudable considering today’s soft economy, wherein selling properties have become so difficult since buyers are now very cautious about the quality of investments that they make.

Blanco said they started selling the units of towers three and four when the construction of the project started in 2005.

“We encountered hard times in selling because of the economic crisis which hit at the second half of last year but we never got zero sales every month,” said Blanco.

She said that they have felt the slowdown because their sales have declined by 50 percent on a monthly basis and from eight units they usually sell only four units per month when the crisis hit the country.

But she stressed that their company remains optimistic because with the completion and grand opening of the new towers, they are also seeing an increase of their sales as buyers are expected to gain more confidence in their investments.

“Now, our sales are up again because buyers have gained confidence in buying our units because it is all done and completed. If they buy a unit now, it will be income generating already because they can rent it out and use the monthly rental to pay for its amortization. Expats and foreign executives prefer living at Citylights Gardens because of its location and there are already a lot of them who have bought and rented out our units,” said Blanco.

Citylights Gardens is an upscale condominium development project in Nivel Hills that is composed of four towers; the first two towers are composed of 14 levels and collectively consist of 144 units.

The newest towers three and four on the other hand which stands at 20 stories high are collectively composed of 216 prime residential units, said Blanco.

Backed by its Singapore-based holding company, Who Hup Group, Syntech invested P2.6 billion in the development of the Citylights Gardens project and the construction of the last two towers was supported by the Development Bank of the Philippines which provided P300 million loan facility for the said project.

Blanco said that despite the height of the global economic crisis, Syntech was still able to complete the towers three and four right on schedule in the second half of last year.

She said that Citylights Gardens has become a major landmark in Cebu’s skyline and with its resort-style condominium facilities, it can be considered as the only residential condominium development “unrivalled” by any of its kind in Cebu.

Blanco said that the new towers offer more value for money amenities and features to buyers as it comes with only six units per floor offering unit owners exclusivity and security within a gated community.

The units come with a choice of two to three bedroom units which comes fully finished and fitted with sanitary fittings and fixtures, kitchen cabinets, storage cabinets, floor to ceiling height wardrobes or closets, smoke detectors, cable TV, telephone and internet connectivity.

The price range for the two bedroom unit range from P7.5 million to P8.8 million while the three bedroom units range form P9.3 million to P10.8 million.