CEBU CITY, Cebu, Philippines – A Cebu based real estate property developer is set to construct this year the tallest twin-tower condominium in Cebu.

One tower will rise 55 stories and the other, 46 stories high. Taft Property Venture Development Corp. (Taft Property) recently launched its first venture into high-rise development with the construction of Horizons 101 at General Maxilom Avenue, located in this city, consisting of 868 units for Tower 1 and 600 units for Tower 2.

“This project will be the company’s symbol of success, being the trophy for Cebu’s skyline. Cebu’s progressive economy is ready toembrace the condominium living lifestyle,” said Jack Gaisano, president and founder of Taft Property.

According to Gaisano, Taft Property has earmarked P1.7 billion for the development of Tower 1 and the company is expected to spend close to P3 billion for the combined development of the two towers.

The delivery of Tower 1’s units is set in the first quarter of 2015, while the construction of Tower 2 will depend on the take-up of Tower 1.

At present, the company is getting over 100 inquiries from local and foreign buyers at the project’s pre-selling stage.

Taft Property Chief Operating Officer Manuel Colayco Jr. noted that based on an independent study, Cebu “suffers from a substantial unserved demand of 170,000 condominium units in affordable and mid-income category," with price per unit ranging from P1.25 million to P3 million.

This market, he noted, account for 60 percent of total demand while the remaining 40 percent ar those buyers willing to invest P3. million to P6 million per condominium unit.