Company to build more condos

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Monday, June 23, 2014


HOMEGROWN real estate firm Primary Homes Inc. said it will develop more condominium residences in response to the property boom in Cebu, particularly for this type of residential product.

Primary Homes Inc. marketing manager Michelle Cutang said in an email interview that with the success of the Courtyards in Banawa, the company will be launching two more garden walk-up condominiums in the cities of Cebu and Lapu-Lapu in the third quarter this year.

“We are looking at approximately 350-400 total units for this two projects, which will be quite similar to our first garden walk-up condo project in Banawa,” said Cutang. She said unit prices start at P1 million.

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The Courtyards is a garden walk-up condominium concept, positioned by Primary Homes as an “income-producing property (IPP)” designed for investors who want to cash in on the booming property rental business in Cebu.

Cutang said 60 percent of those who intend to buy units do so for investments. But the company has seen an increase in buyers who live in the units.

“This shows that Cebuanos have already accepted and embraced the idea of condo living,” said Cutang.

The scarcity of land and its expensive prices are some of the factors that push developers to build condos or so-called vertical projects. But despite the construction boom, Anthony Leuterio, founder of Cebu-based Leuterio Realty and Brokerage, said brokers are now facing a shortage of condo projects to sell.

Eighty percent of the demand in real estate are condo units priced from P60,000 to P75,000 per square meter. He said developers catering to this market have recorded fast sales take up.

Overseas demand

Leuterio said demand comes from overseas Filipino workers and foreign buyers from Japan, USA, Korea, USA, Australia and Europe looking into Cebu as their retirement destination.

Aside from rolling out the “walk-up condominium” in cities, Cutang said the company is also bringing this similar concept in the countryside through The Argao Tropical Flats at Argao Royal Palms.

“It’s a three-storey walk-up condominium similar to the Courtyards but this has studio and 1-bedroom units only. This development is perfect for retirees, foreigners and for Cebuanos who would want an affordable vacation home,” Cutang said.

The Argao Tropical Flats is a beachfront development with amenities like the infinity pool, clubhouse, aqua golf driving range and manicured gardens. It is located inside Argao Royals Palms, a gated community and a residential location for retirees and foreigners who will be out of the country for an extended period of time and for vacationers who might want to use the facilities on weekends.

According to Cutang, residents of the Argao Tropical Flats are close to cultural heritage sites of the south and tourist destinations like Kawasan Falls, Moalboal diving spots, Oslob whale watching, Simala in Sibonga and Cebu’s vegetable basket in Dalaguete.

Primary Homes earlier announced that they are 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.

The company 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 units of unmet demand. (KOC)

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

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