Enterprise Property Views

Low-cost developer launches first project

Seven out of 10 low-cost house-and-lot units offered at Sunberry Homes have been sold, a top executive said.

The P300-million project is the first venture of Sunberry Homes, Inc., an affiliate of Contempo Property Holdings, Inc.

It offers a total of 400 economic and socialized units spread out over a 2.5-hectare property in Lapu-Lapu City.

The economic unit sells for P1.25 million while the socialized component offers units for as low as P450,000.

Beverly Dayanan, chief executive officer, said about 70 percent of the 400 units have been sold as of last week.

The project is targeted to be completed next year, Dayanan said during the launching of the project last week.

Sunberry, which was created only last year, is also looking at a three-hectare property and a five-hectare lot for future low-cost housing projects, Dayanan said.

“The most challenging part is to be able to find raw land suitable for socialized and economic development. We really have to balance the price of land with the cost of the materials. In other words,  the feasibility of this development is getting more difficult, more elusive,” she added.

Contempo is one of the new developers in Cebu. Its first project is a three-tower condominium project for the mid-market segment in Cebu City./ Bianca Genosa, PIT Intern

TAGS: Cebu City, Contempo Property Holdings Inc., real estate, Sunberry Homes
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