HOMEGROWN real estate company Priland Development Corp. is earmarking an estimated P3 billion to finance the company’s three remaining projects for the year.
Next month, the company will launch Vertex Coast, a two-tower condo and office project along Punta Engaño road in Mactan Island, said Priland president Ramon Carlo Yap.
Each tower will have 22 floors, of which three levels will be dedicated for office space. Yap said this is the first condo-office tower to be erected in that area, which is currently a home to famous resort developments.
Vertex Coast will have 680 units.
By September this year, Priland will also erect another condominium development on Sanciangko St. in Cebu City. To be called Paseo Highstreet, this 30-level tower will have 650 units that will cater to the student market.
Priland’s third upcoming project is Breeza Sands, a subdivision development in Babag 2, Lapu-Lapu City. This three-hectare project will have 150 house and lot units.
Yap said completion of projects normally takes three years after the groundbreaking.
In December last year, Priland announced a P2.6 billion six-tower development near the Mactan Economic Zone 2 and Cebu Light Industrial Park.
The company credits its aggressive expansion to the robust economy of Cebu province.
Yap said demand for housing remains high in Cebu, driven by industries like tourism, manufacturing and information technology and business process management.
He added that they are also inspired by the successful turnout of their previously launched projects. Priland has launched eight projects since it started in 2013.
These projects are in various stages of development and are mostly sold out.
“We will continue to carry developments that would answer to the great demand of the real estate market,” said Yap, hinting that more Priland projects will rise in Cebu and even outside the province. “We are always on the lookout for more opportunities, especially since there is a big housing backlog that the industry is tasked to fulfill.”
Priland’s general manager Marcelino Relampagos said most buyers of their projects, particularly the condos, are locals and overseas Filipino workers.
He said these are employees or families who wanted to own a property in areas near schools or near their workplaces.
The outlook in the property sector remains rosy, but headwinds are seen, according to research firm Colliers International Philippines.
“Sustained economic growth will probably continue to spill over to the real estate sector. However, outpacing the record-high supply and absorption posted by the office and residential sectors in 2018 appears daunting,” the research firm said.
Colliers Philippines cited the lack of skilled construction workers, potential delays in the implementation of public projects due to the election ban, and the delay in the passage of the 2019 national budget as factors that could constrain the growth of the property sector from moving forward.