Primary Homes sets aside P1B to develop 5 projects this year

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Sunday, February 23, 2014


CEBU-BASED developer Primary Homes Inc. is allocating P1 billion for the development of five projects this year.

Three of these projects are condominiums, while the two are house and lot developments.

Last week the company announced they will be launching its first project for the year, which it described as the “first garden walk-up condominium in Cebu,” called The Courtyards at Banawa.

The company will spend P300 million for the development of the six-cluster low density condominium project set to be completed in the second half of 2015. The project will be launched tomorrow.

According to Primary Homes marketing manager Michelle Cutang, the project sits on a half-a-hectare lot in Banawa on J. Fortich St. The project, which has a three-level building cluster, will have a total of 129 units with 20 units per cluster.

It will have studio, one-bedroom, and two-bedroom selections with room sizes ranging from 14 square meter (sq.m) to 58 sq.m priced from P1 million to P4 million. Every unit has parking space.

Cutang said the company has already sold 50 percent of the project to local buyers.

She said they built a model cluster for potential buyers to see. Among its facilities and amenities include open courtyards per building cluster, manicured gardens, swimming pool and clubhouse, mini-playground and strolling lane.

The project is also equipped with an ISO-Certified Property Management system. The Courtyards in Banawa is the 7th condominium project of Primary Homes.

Primary Homes vice president for sales and marketing Ramero Espina said The Courtyards is perfect for investors given that it is positioned as an “income producing property or IPP.” He said their investors can cash in on the booming property rental business in Cebu.

“We are pioneering IPPs, in particular the walk-up condominiums that are perfect investments for passive income and capital gains,” he said.

Primary Homes has developed more than 30 real estate projects in Metro Cebu and Bohol. The company is also accelerating developments in the low-cost segment, with Central Visayas still having 50,000 unmet units.

Espina said the real estate industry in Cebu will continue to grow strong this year on the back of the influx of migration and employment here.

“We have a growing number of students from Mindanao and other neighboring islands seeking homes to live. We also see more families from typhoon stricken Tacloban relocating here,” said Espina. He said these buyers have boosted real estate sales of the company.

Published in the Sun.Star Cebu newspaper on February 24, 2014.

Business

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