REAL estate developer Primeworld Land Holdings, Inc. is investing an estimated P5 billion to develop a mixed residential development in Mactan Island.
To be developed in five years, Primeworld is going to erect seven residential condominium towers and 36 private villas in a 4.6-hectare property in Barangay Agus, Mactan.
The project, which will offer a “highly desirable resort-style living experience,” is named Primeworld District. It will have 2,023 condominium units composed of one and two-bedroom types.
Nelba Pangilinan, executive officer at Primeworld Land, said land development is ongoing and construction of the towers will be done in phases.
She said it will take at least two years to complete one tower.
Pangilinan pointed out that the vibrant tourism landscape of Cebu has prompted the company to expand its presence.
“We want to take part in Cebu’s healthy tourism growth story,” she said.
She cited the construction of the third bridge connecting Mactan and Cebu mainland, the resort casino development and the newly-opened Terminal 2 of Mactan Cebu International Airport as some of the key factors that prompted them to enter Cebu.
“We intend to target both the domestic and expats to own a piece of property at Primeworld District,” she said.
Besides the residential towers and villas, Primeworld District will also have a hotel in the complex.
According to Pangilinan, they are negotiating with an international hotel operator to operate their hotel business.
Primeworld District is the maiden project of Primeworld Land Holdings Inc. in the Visayas.
Its amenities include five pools of varying depths and sizes, lounge decks and landscaped greens, among others. It will also have an outdoor tennis court.
Primeworld Land Holdings has origins in Metro Manila and has fast expanded since 2010. The company has projects in Luzon and Mindanao.