LOCAL property developer CDC Holdings Inc. is set to spend P1.7 billion on a condominium project in Mandaluyong City that will cater to middle-income Filipino homebuyers, a company official said.
In a recent interview, CDC Holdings Vice-President for Sales and Marketing Charlene Chua-Sy told reporters the firm will develop a 6,000-square meter property into a four-tower residential project in Mandaluyong city later this year.
Chua-Sy said the project, to be launched in April or May this year, will house around 1,000 to 1,500 residential units.
CDC Holdings President and Chief Executive Officer Melesa Chua noted that the development of the property fronting the Rockwell Center will cost around P1.7 billion and is expected to generate P2.5 billion in sales.
Completion is expected in the next two years but this early, the condominium project has already gained interest from Filipino buyers abroad, she said.
“They are still registered interested buyers only because we’re still in the process of getting our permits,” Chua-Sy said.
CDC Holdings is primarily engaged in the development of residential projects targeting the middle income market. It has previously developed residential projects in Manila and Parañaque, including the nine-building Manila Rivercity Residences and the two-tower River Green Residences, both in Sta. Ana in Manila.
In Parañaque, the company built the 1.9-hectare Lions Park Residences, a residential condominium complex.
It also has a 32-storey mixed-use development in Ortigas called CDC Millennium Ortigas, which features Citadines-branded serviced apartments in partnership with Ascott Limited. This is its second project under the Ascott brand, the first being Somerset Millennium in Makati.
Chua said CDC is aiming to add 1,000 to 2,000 residential units under its portfolio in the next four years.