Developer earmarks P3B-P5B for housing

A CEBU-BASED real estate developer intends to build 10 residential projects in Cebu this year until 2019, its officials said.

Priland Development Corp. (Priland) has set aside a capital expenditure budget of P3 billion to P5 billion to finance land acquisition, development and construction of over 3,000 residential units in the next three years.

“We were established in 2013 with a vision to carry out developments that would answer the great demand of the real estate market,” said Priland President Ramon Carlo Yap yesterday at the launching of the P200-million Breeza Palms located in Mactan.

The company established three residential brands meant to cater to various markets: Priland Prime to cater the high-end market; Prime Homes to meet the growing need for affordable horizontal projects; and Priland Residences to cater to the demand for vertical spaces.

Priland’s flagship project is Northwoods Residences, a 1.2-hectare project inside Sacred Heart Cebu.

Of the 10 planned projects, four are located in Lapu-Lapu City and five projects will be launched this year.

These are the Breeza Palms, a two-hectare development that offers around 203 house and lot units located in Suba Basbas, Lapu-Lapu City; Breeza Scales, a 2.2-hectare residential development expected to be launched by November this year; Breeza Coves, a two-hectare project that will be introduced by the end of the year; Belize North in Consolacion, a 2.2-hectare residential development that will be launched by October; and Verona, the company’s first socialized housing venture. The latter will occupy a five-hectare property in Balamban, which will be unveiled in September.

Due for launching in 2018 are Breeze Park, a three-hectare residential project in Mactan; and vertical projects Northwoods Place, a retail and residential space located inside Sacred Heart Cebu; Vertex Central located on Archbishop Reyes Ave.; and Paseo High Street on Sanciangko St. in downtown Cebu City.

Veranda Heights is a 16-hectare residential development in Consolacion, which is expected in 2019.

Yap anchored the company’s expansion on the housing backlog, now at 5.5 million units across the country, and the infrastructure projects pledged by the Duterte administration.

He cited the construction of the third bridge, a planned casino development and airport expansion among the key factors that have pushed Mactan’s property value up.

“We are excited to be part of Cebu’s growth in the many years to come,” said Yap.
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