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By Cris Evert Lato Cebu Daily News CEBU CITY, Philippines--An estimated P10-billion residential community is being developed in the mountains of Cebu City. Monterrazas de Cebu, which literally means mountain terraces, sits on a 200-hectare property and cuts across three barangays (villages) -- Labangon, Sapangdaku and Guadalupe. It is a joint venture of Landco Pacific Corp. and Genvi Development Corp. Landco president and chief executive officer Alfred X. Burgos said they are currently developing the highest peak (Peak 1) of the eight hills, which covers 90 lots. Around 20 to 30 percent of these lots are now reserved. This percentage, Burgos said, is proof that there is healthy interest for real estate development from buyers and potential buyers. Peak 1 is located 335 meters above sea level, which is equivalent to a 105-story building. Considered as the prime lots, each square meter costs P15, 000. "We start with the most expensive lots to make a statement that Landco is a very high-end developer. With this arrangement, it would be easy for us to move from top-of-the-line to upper middle class targets," Burgos said. Francis V. Ceballos, Landco executive vice president and chief operating officer, said lot prices will be "lower as they move to the lower peaks." Along with the houses, condominiums will also rise in the site. Other amenities include a resort-inspired clubhouse, jogging trails, fitness and health facilities and theme parks, among others. The gated community also features a 24-hour security system, including an electronically-controlled entry system, integrated walkways, graded roadways and other facilities. Developers have also ensured that the community has 24-hour access to the Internet. Ceballos said Peak 1 will be on continuous development for the next two years, while the entire project will have ongoing developments (considering all its amenities) in the next 10 years. Drainage system As for the drainage system, Ceballos said the developers are working closely with the city government to ensure that flooding will not be an issue. "We are constructing detention ponds so that rain can be detained for a certain period (up here) before it rushes down (to the plain)," he said. He added that topnotch engineers, who are working on the site's infrastructure, are cross-matching data from the Philippine Atmospheric, Geophysical and Astronomical Services Administration and the University of San Carlos. Landco is a multi-product developer of high-quality residential resorts, leisure farms, residential communities, shopping centers and memorial parks. It developed the world-class seaside communities of Peninsula de Punta Fuego and Terrazas de Punta Fuego located in Nasugbu, Batangas.