THE real estate market of Cebu, specifically the condominium units sector, continues to grow.
“From what we are experiencing in our properties, demand continues to soar, and I’m sure this is true industry-wide,” said Ramiro Espina, Primary Homes Inc. vice president.
Primary Homes Inc. has recently topped off its 25-story Mabolo Garden Flats in Mabolo, Cebu City which is already 60 percent sold out, Espina said.
The Mabolo Garden Flats is positioned as an “eco-urban” investment with the design of the building built in a way that it is more environment-friendly and efficient. It has 320 studio and small office-home office units, ideal for those who want to be near the major economic centers of Cebu.
“We target to deliver the units by third quarter of next year,” he said.
According to Espina, the buyers of their units are a mix of investors and end-users.
“Investors include the OFWs (overseas Filipino workers) who are now investing their money on real estate properties instead of just saving them on idle accounts in the banks,” he said.
For their properties alone, investors enjoy an eight to ten percent rental yield or at least P80,000 every year for every P1 million investment, he said.