Legacy Ventures pours P1B into maiden property project

By Elizabeth Sanchez-Lacson Inquirer MANILA, Philippines--Legacy Ventures Realty and Development Inc. is investing nearly P1 billion in its maiden condominium-townhouse project near the Manila Bay, its president said. Dubbed the Sentosia, the project features 127 exclusive clusters of duplex and quadruplex housing units, bearing a modern Singaporean design. Sentosia is five minutes away from the SM Mall of Asia and 15 minutes away from the domestic and international airport. Legacy president Carlos Wilfredo Pineda said the units would be sold for about P52,000 per square meter or at least P8 million for a 161-square-meter unit. The property is seen appreciating by about 10 percent in a year’s time from turnover, Pineda said. Legacy is offering a guarantee that if the property fails to appreciate after one year it will buy back the unit from the customer at the original price. Pineda also said the company would offer discounts especially for cash payments and in-house financing. A total of 24 units -- the first phase of the project -- will be turned over to the buyer by the end of November. Another 32 units will be turned over to the buyers in December. All units will be completed by December 2008. Pineda added that construction cost alone would amount to about P350 million.