HOMEGROWN developer Priland Development Corp., (Priland) has invested P1.5 billion to erect a 33-story tower along Archbishop Reyes Ave.
Named Vertex Central, this high-rise tower will feature 701 units composed of small-office-home-office (Soho) and residential units.
This project, which will be launched today, will begin construction next year and is targeted for completion by 2022.
Irvin Paul Pastoriza, Priland’s sales manager, said the company is cementing its muscle in Cebu’s real estate scene.
For this latest project, the group will introduce the “360 living” concept that is designed to complement the modern way of life.
The project will have 200 Soho units priced starting at P2.8 million. It will offer an ideal place for digital nomads, startups, and small businesses.
The residential units are priced from P2.6 million and will be located on the 17th floor to 32nd floor of the building. The tower also features eight penthouse units priced from P21 million.
Besides Vertex, the company is set to develop five more projects this year. Two of these projects will be launched by September, and one each for the months of October, November and December.
Priland president Ramon Carlo Yap said they are earmarking an estimated investment of P4 billion to P5 billion to build these projects. This includes the planned six- tower condo project near Mepz 2.
Yap said they remain confident in expanding their projects in Cebu as the province’s economy shows no signs of slowing down.
“We are aggressive to build more because we are inspired by the fast sales takeup of our projects,” said Yap.
Priland’s flagship project is Northwoods Residences, a 1.2-hectare project near Sacred Heart School-Ateneo de Cebu.
Priland is a member of a diversified group of companies engaged in the business of manufacturing, distribution, and retail for more than 20 years.
Among these companies include Prifood, Conceptology, Da Vinci’s Pizza, and most recently Pricon, the construction business arm of the group. The group formerly owned the Three-Sixty Pharmacy chain before it was sold to Lucio Co, owner of Puregold and SnR. (KOC)