Korean-owned condo to open Cebu to more foreign investments

THE completion of a residential condominium in Cebu Business Park (CBP) is a “welcome move” to boost foreign investments in the country, an official of Cebu Holdings Inc. (CHI) said.

“On behalf of CHI, I am very pleased to see the progress of our newest locator’s latest project,” CHI chief operating officer Francis Monera said in a statement.

Monera said the growth of property development projects in Cebu is a “clear indication” of the confidence that the foreign investors have on the local economy.

Prime lot

Fastem Housing and Development Inc. (FHDI) has already begun the construction of the P1.4 billion Tower Palace Residential Condominium, a 3,000 square-meter prime lot at the CBP.

Monera said the Tower Palace is a “good investment” since it is strategically located “at the heart” of CBP, and because of the contemporary furnishings and fixtures, and recreational facilities found within its vicinity.

Progress

“I am going to plan and invest accordingly because I believe this country will progress very far and I also believe Cebu will remain a very exciting place to be,” said Sun Kyu Baek, president of Fastem Group of Companies, in a statement furnished to Sun.Star Cebu.

Baek said Fastem’s decision to pour in investments in the region depended on factors that ranged from the stability of the economy, political climate in the region and availability of competent human resources.

Baek is optimistic that future investments will continue to pour in.

“Based on current trends and with what I see now, I’m very much open to the idea,” he said.

Completion

Tower Palace is a few meters away from the shopping center, recreational facilities, business districts, restaurants, hotels, coffee shops, schools, hospitals, churches, and some 15 kilometers away from the airport.

The 20-storey residential and condominium tower is set for completion on September 2008.

The tower will have 200 condo units, ranging from single bedrooms, two-bedroom, three-bedroom units and a penthouse, and various facilities, such as function rooms, a basement parking that can accommodate 226 cars, spa, fitness gym, day care station and a business center.

Source: Sunstar - Cebu. 11/07/2006.

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