AT LEAST 2,000 more house and lot units for the economic segment will be available in Cebu in the next five years.
They will continue to add more projects in Cebu especially to the underserved economic market, said an executive of local developer Johndorf Ventures Corp. (JVC) in an interview yesterday.
JVC has set aside an investment of P2 billion for five to six house and lot projects in Cebu in the next five years.
“Our units will cater to the economic segrment with prices ranging from P1.2 million to P1.5 million. Based on figures from the HLURB (Housing and Land Use Regulatory Board), this is where the biggest gap is, and we want to help provide opportunities for this market to buy their own homes,” said Richard D. Lim, JVC president and chief executive officer.
Nikki Lim, quality management associate, said that based on figures, the backlog for economic segment houses in the country is about 3.9 million and is projected to reach 7 million by 2030.
The rising middle class who can now afford to buy a home fuels growth in the demand for this type of homes, said Lim.
This year, the company launched three new projects — one in Cebu called Astana which is located within their recently inaugurated 12 hectare township in Mactan called Johndorf Communities.
The other two projects are in Davao and in Iligan which are also well received by the market.
Lim said the upcoming projects in Cebu will be located within the Johndorf Community in Mactan.
However, JVC are also looking at areas to develop such as Liloan, Compostela and Carcar City.
Lim said the company currently have a land bank of 20 hectares which they can still develop into more quality and affordable projects for Cebu, majority of which is in Mactan.
Aside from horizontal projects, Lim said that they are now also studying the possibility of also developing a walk-up condominium property also in Cebu, which will have only four floors with 50 to 60 units per floor.
The firm plans to launch this project next year.