The growing demand for housing in the country has prompted Grand Land Inc. to invest in housing projects that would serve people from all walks of life.
The Cebu-based company is working on their Grand Residences located along Gov. Mariano Cuenco Avenue in Cebu City which will cater to the A and B market.
Ryan Bernard Go, Grand Land Inc. president, said they are preparing for the formal turnover of about 500 units from Towers 1 and 2 while construction of their towers 3 and 4 is underway.
Soon, they will be working on their economical and socialized housing units, a more affordable version of their condo units for the class B, C and D markets, which they plan to build on a one-hectare property in Lapu-Lapu City.
“We want to serve all markets. There is a big demand for housing in the Philippines,” said Go in a press conference at the Grand Land office in Cebu City last week.
Go said that during their three-year operation, Grand Land invested about P10 billion in their residential projects.
“We still have a lot of projects in the pipeline but we are not giving them priority yet because we still have a lot of turnovers to be done,” he said.
Real estate development remains a good investment in Cebu because of the high demand for housing units.
He said the demand is expected to grow especially with ongoing infrastructure projects like the improvement of the Mactan Cebu International Airport and the planned construction of a third bridge that will connect mainland Cebu to Mactan Island.
Grand Residences
About 90 percent of their units at Grand Residences towers 1 and 2 have already been sold, while 70 percent of the 753 units of Tower 3 have been pre-sold mostly to foreign nationals who include Japanese, Singaporeans, Americans and Europeans, he said.
Tower 3 construction is ongoing and is expected to be completed in the later part of 2017. The construction of Tower 4 will follow.
Go said each of the first two towers, which has 247 units, cost at least P1 billion while tower 3 will cost P1.5 billion.
Low Cost Units
The firm’s socialized housing project in Lapu-Lapu City will start anytime soon.
Republic Act 7279 or the Urban Development and Housing Act of 1992 mandates all developers to build socialized housing equivalent to either 20 percent of the total project area or 20 percent of the total cost of the main project.
Go said they plan to build five buildings that will accommodate 120 to 140 units each. They are only waiting for the issuance of the HLURB permit so they can start with construction.
Go said they are also in the planning stage for the economic housing which is priced slightly higher as compared to their socialized housing units.
He assured Cebuanos that a socialized housing unit would cost less than the P450,000 ceiling set by HLURB.