Developer to spend up to P400M for residential project in Mactan-A A +A
Sunday, August 12, 2012
LOCAL property developer Pacific Land Ventures and Property Development Inc. (Pacific Land) is setting aside P300 million to P400 million to finance a three-phase residential development in Mactan.
Mactan Plains, which sits on a 2.3 hectare property in Mactan, is expected to be completed in two to three years. The company will break ground on the project on Aug. 15.
Mactan Plains is the company’s second project after Pueblo El Grande, a 158-house and lot residential development in Tayud, Consolacion.
Mactan Plains will have 142 house and lot residential units with prices ranging from P1.8 million to P3 million.
Pacific Land general manager Dennis Quiokeles said in an interview on Wednesday that the price range of their units will allow them to cater to an underserved market because the country still has a huge housing backlog.
“Even as we deliver, housing requirement is increasing,” he said.
He said the middle income market is growing rapidly and developers are still trying to play catch-up.
Quiokeles said since their project is located near Mactan’s beaches and soon-to-be completed integrated development Mactan Newtown, its potential buyers are start-up families, young professionals, retirees, Filipinos married to foreigners and the overseas Filipino market.
Mactan Plains has three house model options of contemporary Asian-inspired architectural design: two-storey rowhouse with three bedroom with a floor area of 73 square meters (sq.m); one-storey single detached house with two bedrooms (42 sq.m); and two-storey single detached unit with three bedrooms at 69 sq.m.
Quiokeles also said they have various payment options and financing packages.
He said the properties are also ideal for investment with the steady appreciation of property values in the area because of the rising demand for residential spaces.
Quiokeles said their company will also venture into vertical projects and will soon launch a two-tower condominium with a total of 600 units on A.S Fortuna Street in Mandaue.
Condo prices are pegged at P1.8 million to P2.5 million.
Pacific Land is also eyeing other areas of residential development in Talamban, Minglanilla and Talisay.
Published in the Sun.Star Cebu newspaper on August 13, 2012.