“Queensland developer sets more Cebu Projects
PROPERTY developer, Cebu Korona Development Corp. has earmarked P700 million in capital expenditures (capex) for its flagship condominium project Queensland Manor Condominiums.
Four more projects are slated for Cebu, including a retirement village, and one in Davao City are in the pipeline, said Norberto Cambal, sales and marketing manager of Queensland Manor Condominiums…
Cebu Korona Development Corp. is a subsidiary of the Queensland Group established in 1973. It operates the Queensland Drive-Inn hotel chain in Metro Manila, Cebu, Davao and Cagayan de Oro City…
With the high sales uptake of their first condo project, Cambal said the firm is planning to build another condominium-hotel in Punta Engaño, Mactan and in Davao early next year.
The Mactan project sits on a four hectare property and will have four condo towers with a total of 1,200 units. Cambal said they are forecasting more than a P1 billion capex for the development of the second condo project.
Aside from this, the firm is also planning to build a condo-hotel on D. Jakosalem St. and New Imus Road as well as a retirement village in a 47-hectare property in Dumanjug. Cambal, however, declined to comment about the timeline of these projects.
The Davao project, meanwhile, is a 22-storey condo building with 300 units located in Times Beach, Davao City.
Cambal said they opted to build aggressively in Cebu knowing the province’s thriving economy, peace and order and rehabilitation of its international airport.
“We anticipate that after the upgrade of the international airport more foreign tourists will come to Cebu,” he said.
Turnover of Queensland Manor units is set toward the end of 2014.”