Wednesday, October 03, 2007 Developer launches residential project
THE attractiveness of Cebu’s real estate industry is evident with the development of another middle-end residential project.
Cebu-based San Ricar-do Ventures and Development Corp. (SRVDC), in a joint venture with real estate developer HDL Construction and Development Corp., has introduced its first residential project called Pueblo San Ricardo.
The lot-only development that began last July sits on a 5.2-hectare-lot in Mohon, Talisay City, which is a 15–minute drive from Cebu City via the South Road Properties.
Of the 199 available lots--with cuts between 120 square meters to 300 square meters—30 lots will soon be available for pre-selling, said SRVDC vice president for operations Carl Cabusas.
Lot prices are set below prevailing market rates in Talisay City.
“The houses they will develop should not be less than P1 million, must be of Spanish Mediterranean influence and should be approved by our architectural board,” he added.
Cabusas said Pueblo San Ricardo will soon push for the development of a house and lot package in the second half of next year.
Package
The package will consist of one- to two-story units with floor areas ranging from 75 square meters and more.
The inclusion of a house and lot package is set for two market segments--new buyers and existing lot-only buyers who intend to upgrade their real estate purchase, he told Sun.Star Cebu.
Pueblo San Ricardo’s amenities, located within the central area of the subdivision, include parks, playgrounds, a basketball court and 24/7 security, among others.
The P25 million-residential project is slated to be finished by March 2009 and the company will release occupancy permits so buyers can start moving in.
Cabusas said Cebu’s real estate industry continues to show an upward trend with the demand from the overseas Filipino workers (OFW)-market.
“It has been progressive after the Asian crisis, especially with the remittances from OFWs,” he said.
Cabusas also urged OFWs and their dependents to maximize their finances by investing in real estate. (MMM)
