Compostela: Rising residential enclave

This is an artist’s rendition of Amoa, a 60-hectare Aboitizland residential project in Compostela town in northern Cebu.
CONTRIBUTED PHOTO

With less space left for horizontal developments in Cebu City, real estate developers are moving further up north – beyond the towns of Consolacion and Liloan – to build residential projects for growing families.

Homegrown property developers, AboitizLand Inc,. and Primary Homes Inc., have ongoing projects in the town of Compostela, a third-class municipality located 30 kilometers from Cebu City.

AboitizLand is currently developing Amoa, a 60-hectare project, which senior marketing manager Farrah Mayol said will welcome “the first batch of vecinos on the fourth quarter of the year.”

“Vecinos” is Aboitizland’s term for its homeowners.

Primary Homes, on the other hand, ventured into the development of Richwood Homes, which is currently building 709 townhouse units within a 5.4-hectare land.

According to Philippine Association of Real Estate Boards, Inc. (PAREB) National Chairman Samuel Lao, Compostela is a growing residential enclave because the terrain is semi-flat and the land prices are still relatively low compared to Mandaue City and Cebu City, and the neighboring towns of Consolacion and Liloan.

“Most of the buyers in Compostela are really the end users. They are not speculators, they are not investors. We are talking about families with combined income of P20,000 to 30,000 a month, who can go to work riding a jeepney,” said Lao in an interview with Cebu Daily News.

Lao said Compostela is a preferred location site especially for companies which are located in industrial zones in Mandaue City.

“It one of the preferred sistes because it is not mountainous, and it has a reliable water source. With the growth of Compostela as an industrial zone, the rise of residential developments follow,” said Lao.

He said Consolacion has limited flat land while the landbank in Liloan is mostly developed by Duros Land Properties Inc.

Lao said it will not be long before Danao and Carmen will become the sites of residential developments of real estate companies.

Amoa & Richwood Homes

Two of Cebu’s homegrown companies invested multimillion projects in Compostela.

Mayol of AboitizLand said they target families, who realize the value of more spacious homes and a richer set of amenities for their family members to enjoy and build memories in.

“AboitizLand is a strong contributor to the northward trend of developments in Cebu. As land in the urban areas of Cebu becomes more scarce, more and more people are willing to live outside of the city to experience a higher standard of living in terms of space and amenities,” said Mayol.

She said construction of the amenities is set to commence in May 2018.

Richwood Homes, an affordable housing development, is located within walking distance from the National Highway and establishments such as the public market, municipal hall and the church.

Anthony Leuterio, president and chief executive officer of Leuterio Realty and Brokerage, said Compostela is a growing area for housing development.
He said Richwood Homes is a product that sells because of its location, which is just near the national highway.

“When you are a developer, you have to study your position in creating a project,” Leuterio said.

According to the Primary Homes’ website, each unit at Richwood Homes has its own smooth concrete finished flooring, tiled toilet and bathrooms complete with its fixtures and kitchen counter.

Every unit comes with a well designed plumbing and electrical system.

Horizontal developments

Mayol said they have an existing 400-hectare land bank in northern Cebu which they will soon develop into a mixed-use community.

AboitizLand also recently launched Foressa Mountain Town, a 250-hectare development in Barangay Cansomoroy, Balamban town.

“AboitizLand will capitalize on the strong demand for residential and commercial communities across the country. We will be focusing on horizontal developments because we see there are still huge unmet needs for house and lots,” she said.

The company will soon launch two gated, residential developments in Northern Luzon: the 13-hectare Ajoya Capas in Tarlac and the 17-hectare Ajoya Cabanatuan in Nueva Ecija. These will provide over 2,000 homes in both communities.

We also eye on making our presence felt in Mindanao as part of our nationwide expansion program in the next couple of years. We are now working on a new mid-market residential project in Davao City which we will announce soon,” said Mayol.