Sta. Lucia launches first high-rise project in Metro Manila

Listed developer Sta Lucia Land Inc. has launched its first condotel project in Metro Manila targeted for the middle-income market. The company will be spending P500 million for the 22-storey development located on Mother Ignacia St. in Quezon City, said Exequiel Robles, Sta. Lucia Land president. Robles said this was the fifth vertical project of the company following its three projects in Cebu and the Splendido project in Tagaytay City. Turnover of the units is scheduled in the middle of 2011. About 60 percent to 65 percent of the construction of the projects has been accomplished, he said. “We’re banking on the continued strength of remittances from overseas Filipino workers to boost our sales," Robles said. Pre-selling proceeds and the company’s internal funds would finance the project’s construction. He added that the company had originally started the groundbreaking for the project some five years ago but held back on its construction and completion owing to unfavorable market conditions. The project will feature furnished condotel units from the third to the seventh floor and residential units from the eight to the 20th floor, the latter available as studio, deluxe studio or one-bedroom units. It will also include four bi-level penthouse units on the 21st and 22nd floors. La Breza will also have a business center at the second floor, comprising of function rooms, meeting rooms and conference rooms. “Sta. Lucia’s latest project is a landmark development, as it is the very first condotel of its kind to rise in Quezon City. It signals a dynamic and innovative move for our company…, said Michelle Robles, Sta. Lucia Land corporate marketing director. She added that buyers can get their condotels units leased out on a timeshare basis, which will give them additional income. Sta. Lucia has about 200 developed projects such as residential estates, commercial developments, golf and country clubs, resort and beach clubs, condominiums and other projects. - Cheryl M. Arcibal, GMANews.TV