Rockwell Land reports strong demand for beachfront condo project in Cebu

By: Doris Dumlao-Abadilla – Reporter / @philbizwatcher
 
Upscale property developer Rockwell Land Corp. has reported brisk sales take-up for its inaugural beachfront residential condominium offering in Mactan, Cebu.

About 54 percent of the 276 units at the first residential tower of Aruga Resort and Residences in Punta Engaño have been taken up.

This project brought to Mactan’s property market some P8.5 billion worth of fresh residential inventory. The units are expected to be turned over to buyers by 2023.

The beachfront units facing east are currently selling for P357,000 per square meter, the highest price in Mactan to date. This is also at par with the pricing of some recently launched residential offerings by other developers in the Makati central business district.

The units facing the west, with a panoramic view of the Magellan Bay, are selling for as much as P270,000 per square meter.

Average price per square meter is P311,000. Unit sizes range from 67 to 292 square meters.

Aruga Resort and Residences will have three towers, the first of which is the residential tower whose units Rockwell is now preselling.

“It’s our little piece of paradise,” Rockwell Land president Nestor Padilla said.

There will also be a limited number of villas, which Rockwell has yet to launch to the market.

Even ahead of the completion of the 5.2-hectare development, this enclave with a 270-meter beachfront appealed to discerning buyers, not just from Cebu but also from Metro Manila, company officials said. Half of the buyers so far are Cebuanos while half are from Metro Manila.

In a cocktail event at the project site on Oct. 26, Rockwell offered preview of the future beachfront community. Some buyers from Metro Manila flew in.

To date, the proiect site functions as a showroom and a tropical events venue, with the Aruga Pavilion overlooking the waters with yachts in the horizon.

Before sunset, guests were taken on a cruise along the Hilutungan channel.

Aruga Resort and Residences – Mactan, Rockwell Land’s first residential-resort development, seeks to combine beautiful hotel and residential space surrounded by panoramic views of the Magellan Bay and Hilutungan Channel.

This marks Rockwell’s second residential foray in Cebu after an earlier enclave in the city center, 32 Sanson in Lahug, which now has a thriving community. The 3.2-hectare urban residential cluster offers low- to mid-rise units surrounded by landscaped space.

Source: https://business.inquirer.net/282269/rockwell-land-reports-strong-demand-for-beachfront-condo-project-in-cebu