Paramount bares spending plans

A HOMEGROWN subdivision developer that traces its roots to the town of Minglanilla is gearing up for expansion across the country, estimating to spend P6 billion to P10 billion annually from 2018 to 2022.

In a press conference for its newest project Wellington Greens, Philippine Paramount Property Ventures Inc. (PPVI) chief operating officer Emmanuel Victor Estrella said the plan is to build four to six projects each year scattered in strategic areas in the Visayas and Mindanao, as well as Central and Southern Luzon.

Initially identified areas for expansion over the next five years are Liloan and Danao in Northern Cebu, Iloilo, Dumaguete City, Cagayan de Oro City, Davao City, and General Santos and Batangas.

“Our land acquisition strategy is that basically, we are looking at a fast growing area. For example, in Compostela, the population growth is 2.3 percent,” said PPVI vice president for strategic corporate planning Rey Ferdinand Maribao.

PPVI, the real estate arm of Cañedo Equity Ventures, has partnered with the Norkis Group for a 600-home subdivision, the Wellington Greens, in a 10-hectare property in Barangay Cogon, Compostela and a 6.7-hectare memorial park in a separate property within the barangay. This will cost the developer some P1.2 billion for the two projects.

In previous interviews, Estrella said the company will be actively involved in joint ventures, where it will partner with existing land owners, and where PPVI will come in as the developer. It has the same arrangement with motorcycle manufacturer and distributor, the Norkis Group.

One of the key factors for expansion are locations where there are “spillovers of those looking for homes outside the key cities,” said Maribao.

The presence of a Comprehensive Land Use Plan (CLUP) of a local government unit (LGU) will also be a deciding factor for developers like PPVI, officials said. “All of the LGUs have their own growth strategy and their stories to partake. We want to be a major player in the LGU’s plan,” added Estrella.

For instance, the local government of Compostela’s ambition to become a first class municipality, currently classified as a third class town, is one that sparked the interest of the developer to start developments in the area, the official said.

This will be the first development of PPVI in the northern part of Metro Cebu. Its current inventory is concentrated in the southern area, specifically in the towns of Minglanilla, and the cities of Naga and Carcar.

Wellington Greens will adopt Zen-inspired house models and landscape. It also markets itself as a “smart home,” where homebuyers have an option to install solar panels and a modern security system.
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