SOME property developers see the town of Consolacion as the most viable site for housing, commercial, and industrial developments outside the cities of Cebu, Mandaue, and Lapu-Lapu.
Although the town sits closest to highly-urbanized Mandaue City, properties in Consolacion hover at more affordable price points of P2,500 per square meter for raw land and approximately P10,000 per square meter for developed properties, according to Priland Development Corp. general manager Marcelino Relampagos.
Priland, a four-year-old developer with a significant land bank in northern Metro Cebu, announced yesterday that it recently purchased a 42-hectare property in Barangay Jugan, which it envisions to become a mixed-use development that will house residential, commercial and retail establishments, as well as a light industrial park.
“That’s why we acquired the 42-hectare (lot) in Consolacion because we know that in the north part, Consolacion is the next big area to develop,” said the 30-year-old Ramon Carlo Yap, the company president.
The massive development is eyed for launching by 2019 or first quarter of 2020, which will be masterplanned in four phases.
In addition, the company also owns a 16-hectare property in Consolacion, one of the 10 projects it will launch within the next three years.
“According to studies, we need to grow outside the city...For us to prevent what they call a meltdown, we need to expand to the farther places,” said Priland sales manager Irvin Paul Pastoriza.
As a first class municipality, Consolacion is home to SM Consolacion and CityMall, as well as medium-sized manufacturing sites. Based on the 2015 census, it has a population of 131,000. The new Cebu International Port will also be situated there, which is expected to drive up property prices in the area upon completion.
Based on the 2016 Cities and Municipalities Competitiveness Index of the National Competitiveness Council (NCC), Consolacion ranked 82nd on overall competitiveness. It ranked 157th on economic dynamism; 110th on goverment efficiency; and 156th in infrastructure.
On Tuesday, Priland launched Belize North, a 2.2-hectare subdivision in Barangay Nangka, Consolacion where it invested P266 million for land acquisition and construction of 196 houses.
Belize North is the third project launched this year. Priland is expected to launch seven more until 2020. This will bring the company’s housing and property investments in Cebu to P3 to P5 billion in a span of three years.