Taft Properties launches P10 billion development in Cebu

Real estate company Taft Property Venture Development Corp. announced today, Wednesday, that it is undertaking a high-rise development at a prime location in Cebu City.

Named Taft East Gate, the mixed-use residential community will feature four high-rise condominium towers with the added benefits of dining and retail outlets, said project development head Lydwena Eco.

It will rise along the corner of Pope John Paul and Cardinal Rosales avenues, one of the top prime areas in Cebu, she added.

Eco pegged the total development cost for Taft East Gate, which has total land area of 15,000 square meters, at P10 billion.

Chief Operating Officer Myra Lynn Gilig and Jason and Justin Gaisano of Taft Properties answer questions by reporters and bloggers during a press conference.
Chief Operating Officer Myra Lynn Gilig and Jason and Justin Gaisano of Taft Properties answer questions by reporters and bloggers during a press conference.

Massive expansion

Taft, the real estate arm of the Metro Gaisano Group, is embarking on a massive expansion in Cebu and the rest of the Visayas and will be initiating more projects beginning in 2015, said Taft Properties president and chief operating officer Christopher G. Narciso.

He added that Taft is strategic in its choice of location for its projects.

According to him, the project tag “I Love Cebu City Living” showcases the whole goal of the Taft East Gate development.

The tag comes with a central logo that is “festive, alive, and represents the soul of all Cebuanos,” added project development officer Ram Torres. The residential community will feature urban living with suburban elements, which is the best description of Cebu City living.

First tower

He said the first tower will have close to 900 studio, one-bedroom, and two-bedroom units priced from P2.6 million to P8 million.

The company will hold the topping off for the first high-rise building early this December, said Eco, adding its target completion date is 2018. She estimates the total construction cost for the first tower at P2 billion.

In total, the whole Taft East Gate residential project will feature 44 residential floors, the company said in a statement. The whole development is expected to be completed by 2030, explained Eco.

It will come with an array of features and amenities like retail shops, swimming pools, multi-purpose halls, landscaped gardens, fitness gyms, and jogging path.