Mall developer to invest P2B for first condo project

THE developer of J Centre Mall in Mandaue is set to embark on its first condominium project, which is primed to be the tallest building in the city once completed.

Jiprop Development Corporation, the vertical housing arm of Everjust Realty Corporation, has earmarked P2 billion for the construction of J Tower Residences just behind the developer’s mall on A.S. Fortuna Street.

“Majority of Filipinos still do’’t have a house. Many are already building condominiums, that is why we want something unique. Not only will it be the tallest building in the city, it will also give residents a majestic view of the whole Mandaue,” Justin Uy, chairman and chief executive officer of the J Group of Companies, said during the unveiling of the multibillion-peso project on Tuesday.

J Tower Residences will be a 40-storey tower with close to 1,300 residential units, including 1,200 studio type units, 60 penthouse units, and 14 garden villas.

With this new development, residents can enjoy the amenities of J Centre Mall without traveling far as well as get to the airport, various schools, and even Cebu City in around 15 minutes.

Jiprop has enlisted the help of Dream Architects and Monocrete Construction Philippines for project design and construction of the integrated condominium project.

Uy said they expect the project to rise in three years, emerging as one of Mandaue City’s iconic landmarks.

The executive said this venture signals their formal entry into the vertical housing market with plans to build more residential projects in the rest of Mandaue and Mactan Island.

He said they hope to contribute thousands of new condominium units to Cebu’s inventory as Jiprop grows in the next few years.

Aside from J Centre Mall, Uy’s group also owns JPark Island Resort & Waterpark on Mactan.

Uy is also known as the Philippines’ “Mango King,” having founded dried mango producer ProFood more than 30 years ago.

Mandaue City Mayor Luigi Quisumbing said Uy’s dried mangoes have placed the city on the map.

With the construction of J Tower Residences, Quisumbing said this was the creation of one iconic product to another.

“It will be an iconic landmark for all of us to see. No building will approach the height and grandeur of J Tower. In the future, it will be a uniquely Mandauehanon landmark,” he said.

To anticipate the entry of more investments, the mayor said the city government has alloted for infrastructure the largest share of its annual budget in the last two years.

He said residents of Mandaue can expect drastic changes on city roads and that the city has been working with the national government for an efficient mass transport system.

(c) Inquirer.net