ABOITIZLAND PROJECT: Firm to invest P700M for 91 houses

CEBU-BASED developer Aboitizland will pour in P700 million for a horizontal development that will add a total of 91 high-end house and lot units in the market.

They are set to develop the last phase of the Pristina North Residences which makes up about 1.2 hectares of the total 32.5-hectare master planned community called Pristina North located in barangay Talamban, Cebu City, said Audi G. Villa, Aboitizland Inc.’s assistant vice president in an interview yesterday.

“The 1.2 hectares of the project is the second phase of the Pristina North Residences with the first phase launched in 2012 already sold out,” said Villa.

He said that for the second phase, they are targeting to develop a total of 91 house and lot units with prices ranging from P9 million to P13 million offering duplex and terrace townhouse units.

For now, they have launched the first 30 units which they target to deliver by September 2016.

While there’s a growing demand for condominium units, Villa said that the company has decided to focus more on horizontal units saying the demand for these products has been steadily growing and has been expected to maintain its momentum.

For this year, they have lined up more horizontal projects in Cebu for launching which Villa said will also offer products for the mid-range market aside from their usual high-end market.

For their condominium project, The Persimmon, Villa said about 65 percent of the studio units are already sold out with only about 240 units remaining out of the 600 units.

“That market is growing, but, for now, we’ll focus on the horizontal market because we still have those people who really look for house and lot units. Most of our buyers are the executives and new families,” said Villa.

He said being a Cebuano developer, Aboitizland has more in their landbank that they will soon develop for the Cebuanos.

The firm also plans to do more horizontal or house and lot projects for these properties.

Ayala tie-up

As for their recent disclosure of a partnership with Ayala Land, Villa said that is where they will add more of their condominium projects.

In January this year, both companies signed a joint-venture to develop a 15-hectare mixed-use project in barangay Subangdaku, Mandaue City, which is envisioned as another “city center” in Cebu.

This project will be Ayala Land’s fourth major mixed-use district in Metro Cebu and Aboitizland’s 20th project.

“That also explains why now we are focusing on the horizontal. That project with Ayala is where we hope to add vertical projects soon,” he said.