Investing in south Cebu
After four successful real estate projects in nine years, a Cebuano real estate company will invest another P600 million to develop three additional projects in Cebu this year.
Paramount Property Ventures Inc. (PPVI) will implement the projects in southern Cebu where the firm sees more developments happening in the next few years, said Arli T. Arenas-Vergara, PPVI sales and marketing head.
Francesca Highlands in barangay Kadulawan, Minglanilla is the first project that the firm will launch on March 17.
It covers 30 hectares and will be developed in four phases in a five-year timeline.
The company will offer 43 house-and-lot packages and lot properties in phase one.
For land development and developing the house and lot units, the company is investing P200 million for this project, said Mar Relampagos, PPVI business development officer.
The company targets the high-end market with house and lot units priced at P5 million to P7 million. The lots will cost P1.5 million to P3 million.
PPVI will launch two other projects in Carcar City later in the year.
These projects will cater to the socialized and the middle-class markets, said Relampagos.
The company will develop 12 hectares for the socialized segment with 1,200 house and lot units. Another five hectares will be developed for the middle-class segment.
This project will have at least 250 house and lot units, said Roy Lumayag, PPVI technical operations head.
Vergara said they continue to see a strong demand for house and lot units in Cebu mostly coming from overseas Filipino workers and Filipinas married to foreigners.
“All of our projects are in the south because the owners have properties waiting to be developed. We see most of the development in the southern part of Cebu,” said Vergara.
The company has plans to build condominium projects in Cebu but is still looking for suitable properties to develop, said Relampagos.
Once Francesca Highlands is fully developed within five years, 600 units will be in the market.
In the company’s previous four projects, about 1,000 house and lot units were developed.
Vergara said these projects have enjoyed a high take-up rate of 80 percent.
“That only shows how hungry the market is for more value-for-money quality offerings,” said Vergara.