Rockwell registers brisk sales in Cebu

Upscale developer Rockwell Land Corp. has gained ground in Cebu a few years after diversifying out of Metro Manila, with its first two residential projects—one condominium enclave in the city center and one beachfront estate in Mactan—posting brisk sales.
For the beachfront residential condominium that will rise as part of a 5.3-hectare Aruga Resort and Residences in Punta Engaño, the first 100 units are selling for P250,000 to as much as P370,000 per square meter or comparable to some of the upscale condominium developments in Metro Manila.

To date, Rockwell Land has sold half of the 200 residential condominium units in the future Aruga Residences about a month ago, Cebu-based sales manager Katrina Kho said in a recent press briefing.
The residential complex will have its own pool and other amenities that are distinct from the future Aruga Hotel, which will have 250 to 300 guest rooms.

Rockwell Land is also looking to sell a limited number of “condotel” units with time-sharing arrangements.
Because Punta Engaño is a narrow strip of land, all units have a view of the sea from either side, Kho said, adding that the estate will have one of the longest beachfronts in this part of Mactan.

“The buyers are mostly from Manila and Cebu, mostly Filipinos, businessmen and from the high-end market here in Cebu,” Kho said.
For the Cebuano buyers, the buyers mostly intend to use them for a second home for their weekend getaways.
“Before, we just have the public beaches but they are slowly turning into bigger developments. So it’s for weekend getaways, plus it’s near the city,” she said.
A 67-square-meter one-bedroom unit costs P16 to P18 million while a two-bedroom 101-sqm unit costs P35 to P38 million.
The three-bedroom units, sized at around 161 sqm, cost about P50 million to P55 million.

The residential units are targeted to be turned over to buyers by 2022, while the Aruga hotel-resort will be operational by 2023, Kho said.
Rockwell has also reported strong demand for its first residential project in Cebu, 32 Sanson, which now has a thriving community as the first two towers—Raffia and Gmelina—have been sold out and turned over to buyers.
Located in Lahug at the center of the business district, the 3.2-hectare residential cluster offers low- to mid-rise units surrounded by sprawling gardens.
About 70 percent of the estate consists of landscaped space.
For the remaining two towers, Buri is 94 percent sold and Solihiya is 43 percent sold. These are expected to be completed by 2019 and 2020, respectively.
The remaining units in 32 Sanson are now selling for P155 to P170 per square meter compared to P120,000-P130,000 per square meters when Rockwell started preselling the first towers in 2014.

By: Doris Dumlao-Abadilla – Reporter / @philbizwatcher
Source: https://business.inquirer.net/257958/rockwell-registers-brisk-sales-cebu