Condominium prices in Cebu City’s central business district have climbed steadily over the past decade, but the question of whether a specific building is fairly priced often comes down to what you are actually paying for. Cityscape Grand Tower, a 34-storey residential condominium on Archbishop Reyes Avenue, has a current BIR zonal value of ₱122,500 per square metre for its residential condo classification. That figure is not the market price — it is the minimum assessment the Bureau of Internal Revenue uses for tax calculations — but it provides a useful baseline for comparing what units in this building actually sell for against what the government considers their floor value.
When you divide the listed prices — roughly ₱3.87 million to ₱4.01 million for units between 18 and 43 square metres — by the floor area, the per-square-metre rate lands somewhere between ₱93,000 and ₱215,000 depending on the unit size and finish. That is a wide spread, and it is the first clue that valuation in this building is not uniform. Smaller studio units tend to command a higher price per square metre because the absolute entry price stays low enough for first-time buyers, while larger two-bedroom layouts push the per-square-metre cost down. The question is whether that pricing reflects genuine market demand or simply the developer’s target margin.
This kind of pricing structure is common in Cebu’s mid-range condo segment, where location near Ayala Center and the Cebu Business Park drives a premium that smaller units absorb more visibly. But the gap between the BIR zonal value and the effective selling price per square metre in some units raises a reasonable concern: are buyers paying a markup that the secondary market will not support? Similar questions have been asked about other Cebu City condos, and the answer usually depends on how much of the price is tied to location versus the building’s actual condition and amenities.
What Cityscape Grand Tower Actually Offers Buyers
Cityscape Grand Tower is classified as a ready-for-occupancy (RFO) condominium, meaning buyers can move in immediately rather than waiting through a pre-selling construction period. That distinction matters because RFO units typically carry a price premium over pre-selling equivalents — you are paying for the certainty of a finished product and the ability to generate rental income from day one. The trade-off is that you lose the lower entry price and staggered payment schedule that pre-selling offers.
The developer, MYVAN Properties & Development Corp., holds HLURB LS No. 030385, confirming the project’s license to sell. That is a standard regulatory requirement, but it is worth verifying that the license remains active with the Department of Human Settlements and Urban Development (DHSUD), which replaced HLURB, especially if you are considering a resale unit where the original developer’s warranty may no longer apply.
Location Premium Versus Building Age: The Real Trade-Off
Archbishop Reyes Avenue is one of Cebu City’s most desirable residential corridors. The building is 650 metres from Ayala Center Cebu, 1.3 kilometres from Fuente Osmeña, and roughly 2 kilometres from the IT Park. Travel time to Mactan-Cebu International Airport is under 30 minutes in normal traffic. For someone working in the CBD or BPO sector, the walkability alone justifies a premium over properties in outlying areas like Talisay or Minglanilla.
But location premium has a ceiling. Buyers are essentially paying for proximity to amenities that already exist — Ayala Center, the Business Park, hotels, churches, and government offices — rather than future infrastructure that could raise values. The CCLEX bridge is 6.1 kilometres away and SM Seaside is 6.6 kilometres, so the building does not directly benefit from the southward development push that is reshaping other parts of the city. Flood risk is another factor that varies significantly by micro-location in Cebu, and buyers should verify the building’s elevation relative to nearby drainage channels before committing.
One scenario that tests the valuation argument: a 21.85-square-metre studio unit listed at roughly ₱3.87 million works out to about ₱177,000 per square metre. That is 44 percent above the BIR zonal value. A 42.53-square-metre two-bedroom unit at ₱4.01 million drops to about ₱94,000 per square metre — 23 percent below the zonal value. The discrepancy suggests that smaller units carry a disproportionate share of the location premium, while larger units may actually be undervalued relative to the BIR floor. That inversion is unusual and worth probing with the developer or a licensed appraiser.
Ownership Costs, Financing, and Tax Obligations
The financial obligations attached to a Cityscape Grand Tower purchase go beyond the contract price. Transfer charges are listed at 5 percent of the total contract price, and move-in fees at 1.5 percent. On a ₱4 million unit, that is ₱200,000 and ₱60,000 respectively — amounts that are often overlooked by first-time buyers focused only on the down payment and monthly amortisation.
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| Fee Type | Rate | Sample Amount (₱4M Unit) |
|---|---|---|
| Transfer Charges | 5% of TCP | ₱200,000 |
| Move-in Fee | 1.5% of TCP | ₱60,000 |
| Capital Gains Tax (if applicable) | 6% of higher of zonal or selling price | ~₱240,000 |
| Documentary Stamp Tax | 1.5% of higher of zonal or selling price | ~₱60,000 |
Financing options include accredited banks such as China Bank Savings, Sterling Bank, Robinsons Bank, and RCBC. A typical bank loan covers up to 70 to 80 percent of the appraised value, meaning the buyer needs to cover the remaining 20 to 30 percent plus all closing costs in cash. The developer also offers in-house financing, but approval is subject to the Credit & Collection Officer’s discretion, and the terms may carry higher interest rates than bank financing.
One detail that catches some buyers off guard: the developer requires post-dated cheques covering the entire monthly equity period. If you miss a payment, the developer can cancel the contract and forfeit your reservation fee, which is explicitly stated as non-refundable and non-transferable. That is standard practice in Philippine condominium sales, but it means you should not reserve a unit unless you are confident you can sustain the payment schedule.
Value-Added Tax Is Not Included
The price lists explicitly state that VAT is not included in the total contract price. For a ₱4 million unit, that adds ₱480,000 at the standard 12 percent rate. Some developers absorb VAT in their advertised prices, but MYVAN Properties does not appear to do so based on the available documentation. Factor that into your total cash-out calculation before comparing this building’s pricing against other RFO condos in the area.
Pre-Selling Versus RFO: Which Phase Matters More
Cityscape Grand Tower is marketed as RFO, so buyers skip the construction wait and the risk of project delays. But RFO pricing typically includes a developer margin that reflects the completed status. If you compare per-square-metre rates against a pre-selling project in the same neighbourhood, the pre-selling unit will almost always look cheaper on paper. The real comparison should be against other RFO units in the Archbishop Reyes corridor, not against pre-selling deals that carry different risk profiles and timelines.
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What to Verify Before You Buy
If you are considering a unit in Cityscape Grand Tower, the due diligence process has several concrete steps that go beyond the standard checklist.
Confirm the DHSUD License Status
The HLURB license number 030385 was issued under the old regulatory body. Check with DHSUD’s online verification portal or visit their Cebu office to confirm that the license is current and that no suspension or revocation orders exist. A lapsed license can complicate title transfer and may indicate unresolved compliance issues.
Get an Independent Appraisal
Do not rely solely on the BIR zonal value or the developer’s listed price. Hire a licensed real estate appraiser who can compare recent actual sales of similar units in the same building and in neighbouring condos like Persimmon Studios or The Suites at Gorordo. The appraisal will give you a market-based valuation that accounts for unit condition, floor level, and view — factors the BIR schedule ignores entirely.
Review the Condominium Corporation’s Financial Health
Ask for the latest financial statements of the building’s condominium corporation. Look at the association dues collection rate, the reserve fund balance, and any pending special assessments. A building with low collection rates or a depleted reserve fund may hit owners with large special assessments for major repairs like elevator replacement or waterproofing.
Check the Unit’s Actual Condition
RFO does not guarantee defect-free. Inspect the unit personally: test all electrical outlets, run the water in the toilet and bath, check for cracks in the ceramic floor tiles, and confirm that the smoke detector and water sprinkler are functional. The unit deliverable includes painted walls, a kitchen countertop with splash board, and upper and lower cabinets — verify that these match the specifications in your contract.
- 1Verify DHSUD LicenseCheck HLURB LS No. 030385 status via DHSUD online portal or Cebu field office. Confirm no suspension or revocation.
- 2Order Independent AppraisalHire a licensed appraiser to compare recent actual sales of similar units in the building and nearby condos.
- 3Review Condo Corp FinancesRequest latest financial statements. Check dues collection rate, reserve fund, and pending special assessments.
- 4Conduct Physical InspectionTest outlets, plumbing, tiles, smoke detector, and sprinkler. Verify all deliverable items match the contract.
Frequently Asked Questions
Can a foreigner buy a unit in Cityscape Grand Tower? ▾
What is the difference between the BIR zonal value and the market price? ▾
Are parking slots included in the unit price? ▾
What happens if I default on my monthly equity payments? ▾
Is Cityscape Grand Tower in a flood-prone area? ▾
How do I file a complaint with DHSUD if there is a dispute with the developer? ▾
The question of whether Cityscape Grand Tower units are overvalued does not have a single answer — it depends on which unit size you are looking at, whether you are comparing against the BIR zonal value or against other RFO condos, and how much weight you assign to the building’s location versus its age and amenity set. What is clear is that the pricing structure is uneven, with smaller units carrying a much higher per-square-metre premium than larger ones. That alone warrants a careful comparison against similar listings in the same corridor before you commit. If this was useful, you might also want to read the uncensored reviews of Persimmon Studios Cebu.
Sources
Mivela Garden Residences Cebu: Investment Opportunity or Buyer’s Remorse? — A detailed look at another Cebu City condo project where pricing and buyer expectations diverged.
Cityscape Grand Tower Zonal Values. Housal / Bureau of Internal Revenue, 2023.
Cityscape Grand Tower: The Ultimate Living Experience. Gabriel Realtors, June 2025.
Cityscape Grand Tower Condominium in Archbishop Reyes, Cebu City. Cebu Sweet Homes, March 2026.
Cityscape Grand Tower (Ready to Move-In). Cebu Best Estate, 2025.
