Developer to build another subdivision in Mactan Island-A A +A
Tuesday, February 4, 2014
A DEVELOPER from Mindanao is developing another subdivision project in Cebu, the Astana in Lapu-Lapu City.
Johndorf Ventures Corp. will develop a three-hectare property in Barangay Babag that will have 413 housing units.
The P300-million project will be officially launched this March, the company said.
JVC sales and marketing manager Michele D. Chiu said the new subdivision was spurred
by the success of its earlier projects, Portville Mactan in the northern end of the island and Hanniyah Homes under the fully-acquired Prohomes.
“There really is a demand for housing and we are confident that this project will also succeed,” Chiu said in a press gathering on Tuesday.
Chiu said that JVC will be pouring in P850 million for this year for its three projects. These include Astana, a subdivision project in Carcar City and another one in Sasa, Davao.
The developer allotted P800 million for its 2013 projects but some did not push through, thus increasing the budget for this year.
Aside from the demand for housing, Chiu said the Home Development Mutual Fund’s (Pag-Ibig) interest rate of 6.4 percent per year is also spurring people’s interest in buying a house. Last year’s interest rate for housing loans was at 7.3 percent.
She said 80 percent of the houses bought by its buyers are Pag-Ibig-funded.
Prices of JVC’s raw houses are at P1.25 million to P1.5 million.
Chiu acknowledged that even if there is a demand for housing now, they consider it as a challenge to penetrate areas like Davao. This is because occupants in the area are used to big cuts of lots.
“We see it (Davao project) as risky because the demand is for bigger lot cuts and we only serve 44 square meters,” she said.
But Chiu said the company is confident with the project seeing that the demand for reasonably-priced houses is present. She said JVC will concentrate on housing projects this 2014.
JVC’s Carcar subdivision project will be launched in the fourth quarter of this year. It will sit on a five-hectare land with 300 housing units.
Johndorf has been developing subdivisions for over 25 years. It has 10 projects in Cebu, with some villages in Cebu developed under Prohomes.
Last year, JVC completed the 10-storey condominium 148 Residences in downtown Cebu City, which they said has been very appealing to students because of its proximity to big universities and commercial areas.
JVC finance manager Lucille Parcon said they are considering a commercial area outside Astana.
Published in the Sun.Star Cebu newspaper on February 05, 2014.