PRIMARY Homes Inc. (PHI) will infuse roughly P1.5 billion in total capitalization to erect at least a thousand units of economic houses next year.
Ramiro Espina, PHI vice president for sales and marketing, said they plan to bring the Richwood brand to the cities of Toledo (around 500 to 700 units) and Bogo (around 200 to 300 units) next year.
Richwood Homes is the economic housing brand of PHI. It is currently present in the islands of Cebu, Bohol and Negros Oriental, with a total of 2,020 units.
The 709-Richwood Homes in Compostela (Cebu) sprawls over 53,865 square meters. It was turned over to owners since March this year.
Richwood Homes in Dauis, Bohol, on the other hand, has about 414 units and is slated for turnover by the first quarter of 2020.
With the fast sales takeup in Bohol, Espina said they plan to expand the project and add 800 units.
Richwood Dauis is PHI’s fifth project in Bohol.
Meanwhile, Richwood Homes in Bacong, Negros Oriental features 897 units and is scheduled for turnover by the first quarter of 2020.
Espina said they are aggressive in building more economic houses this year to help close the gap in affordable housing in the country.
“This is an underserved market in housing,” he said.
Amenities of Richwood Homes communities include a guardhouse, convertible court, multi-purpose hall, and landscaped areas. It also has a in-house property manager that ensures maintenance of the community to maintain the value of investment.
PHI’s expansion outside Cebu coincides with Collier Philippines’ recommendation for developers to venture into residential projects in second-tier and third-tier cities all over the country, where demand primarily comes from end-users.
Espina said Bohol and Negros are rising stars in terms of property development due to thriving tourism and business activities.
Bohol, for instance, has already reached one million tourist arrivals. By midyear, it will open its Panglao Island International Airport that can bring in 800,000 visitors.
The island province is also home to over 20,000 overseas Filipino workers.
Real estate opportunities in Negros Oriental are also promising, said Espina.
He expected tourism, education, and BPM industries to drive growth in the island.
Besides the quality of homes, PHI also offers flexible financing through its ladderized equity for as low as P5,000 per month and financing options through an in-house payment scheme, Home Mutual Development Fund (Pag-IBIG), and accredited banks. (KOC)