A LOCAL developer has set aside P1.3 billion for two economic housing projects to be launched by the third quarter of this year.
Alan Kent Ong, Worldwide Central Properties, Inc. president, said they see an underserved, but fast expanding market for economic housing.
Ong said they created One Citadel Homes and Residences to serve as the vehicle for the development of economic housing projects.
The company will start with two projects this year.
“This year, we will be launching one economic project in Agus, Lapu-Lapu City and another one in Mandaue City,” said Ong.
Sharon Anne Ong, vice president for marketing, said the project in Mactan will be a horizontal development while the Mandaue project will be a residential condominium project.
“We will build 300 house-and-lot units in Agus with an investment of about P300 million,” she said.
“For the Mandaue project, we will have five to six towers within the one-hectare land that’s located along the highway near Pacific Mall,” she added.
The Mandaue City project will be a mixed-use project that will have a retail segment. It will add at least 1,000 condominium units for the economic segment.
“We will be developing both within a three-to-four-year period,” she said.
SUNDANCE PROJECTS
The firm’s first project, Sundance Residences in Banawa, Cebu City, is also set to top off its first tower by the third quarter of the year. It will be turned over to buyers next year.
“The first tower is offering 289 units and is already basically sold out. We will be launching the second tower soon also with 18 story and about 200 units,” she said.