P20-B property projects in ’15 — HLURB official

More than P20 billion worth of real estate projects in Cebu has been recorded by the Housing and Land Use Regulatory Board Central Visayas Office (HLURB-7) for the year 2015.

HLURB-7 director Francis Ordineza said this translates to 88 approved projects last year, a slight increase from the 80 approved projects in 2014 or equivalent to P17 billion in total project cost.

These real estate projects cover subdivision developments, condominium buildings, and memorial parks from Carcar in the south to Danao in the north.

“The increase in the number of applications in 2015 is attributed to the entry of 14 new players in subdivision development and 13 new investors for vertical (condominium) development,” said Ordineza.

HLURB is the agency responsible for issuing certificate of registration and license to sell for real estate projects.

Ordineza said Cebu-based real estate companies such as Cebu Landmasters and Primary Homes are very active in building real estate projects as Cebu’s economy continues to be fueled by tourism, business process outsourcing, and remittances from overseas Filipino workers.

Cebu Landmasters Inc. subdivision projects included the San Jose Maria Villages in Talisay and Minglanilla.

Primary Homes Inc. is known for its horizontal projects such as the pocket subdivision Woodberry Drive in Barangay Banawa, Cebu City  and the Villa Del Rio in Mactan Island.

Ordineza said buyers are more discerning in choosing developers as they do not want their hard-earned cash to go to waste.

“The credibility of the developer is a buyer’s priority,” said Ordineza who noted that local players are in the best position to build real estate projects as they have the homecourt advantage.

Of the 88 real estate projects in 2015, 61 are subdivision projects, 25 are condominium projects, and two are memorial parks.
As of June 21 this year, HLURB 7 has approved 45 projects worth P11.9 billion. This translates to 35 subdivision projects and 10 condominium projects.