Firm allots P2B for new Marco Polo tower
TOWNSHIP. Marco Polo Parkplace, the latest development of Marco Polo Residences, will be an integral part of a larger, master-planned community that the Federal Land Inc. is poised to develop in Cebu under its Federal Land Communities brand. / CONTRIBUTED
THE real estate arm of GT Holdings Inc. is earmarking P2 billion for the completion of the fifth and final installment of the Marco Polo Residences series in Nivel Hills, Barangay Lahug, Cebu City.
Named Marco Polo Parkplace, this 20-story high-rise residential development offers end-users and investors 168 units in one-, two- and three-bedroom layouts.
“We are always optimistic about Cebu’s future,” said Maria Margarita Resurreccion, sales group head at Federal Land Inc.
She said that Cebu’s robust economic growth story inspires real estate developers to expand their footprint in the region, bolstered by the island’s resilience even in the face of natural calamities and a challenging economic landscape.
The first four towers of Marco Polo Residences have gained significant traction in Cebu, with 98 percent of the units already sold. Federal Land began its residential development journey in 2010 and the success of these towers reflects the strong demand for upscale living in the region.
Marco Polo Parkplace boasts several standout features, including its low-density design, ensuring greater privacy and exclusivity. Every unit offers stunning views. Residents will enjoy an enhanced living experience with thoughtfully designed spaces. Additionally, the common areas are designed to be pandemic-resilient.
The podium villas are located on the lower residential floors of the tower. The second to eighth floors feature a selection of one- and two-bedroom units, while the ninth to 15th floors expand the options to include both one- and two-bedroom units, along with exclusive duo suite units. The upper floors, from the 16th to the 19th, provide a range of one-, two- and three-bedroom units.
Marco Polo Parkplace is slated for completion in 2027, with prices ranging between P12 million and P30 million.
This latest development will also be an integral part of a larger, master-planned community that Federal Land Inc. is poised to develop in Cebu under its Federal Land Communities brand.
“We are also excited to replicate the townships projects we have in Manila in Cebu. It is now Cebu’s turn to experience this master-planned, multi-use developments,” said Romeo Pascual, estate development senior manager at Federal Land.
Federal Land’s first investment in Cebu was the acquisition of Cebu Plaza Hotel, now Marco Polo Plaza, in 2006. In 2010, the company ventured into condo developments with Marco Polo Residences. The following year, it launched Marco Polo Residences 2, followed by Marco Polo Parkview in 2012 and Marco Polo Oceanview in 2014.
According to property advisory firm Colliers Philippines, national developers continue to launch in Metro Cebu as they are optimistic about the locale’s potential for growth even beyond 2024.
“In our view, the improving sentiment from businesses and individual investors and end-users will likely support the Cebu residential sector’s growth,” Joey Roi Bondoc, director for research at Colliers, said.
The firm believes that the market for upscale and luxury residential units in Cebu is likely to expand.
“The supply of upscale and luxury residential projects in Metro Cebu is relatively small compared to Metro Manila. However, the demand is likely to be driven by local and overseas-based Cebuano investors looking for attractive investment prospects that are also viable hedges against inflation. Just like in Metro Manila, we see these investors banking on the capital appreciation potential of these upscale and luxury residential developments,” Bondoc explained.
Federal Land capped the first semester with a net income of P775 million. / KOC
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