HOMEGROWN property developer Priland Development Corp. will make its way south next year to address the housing and office requirements of two of Mindanao’s growth hubs—Cagayan de Oro and Davao City.
Priland president Ramon Carlo Yap said the decision to expand the company’s footprint to the unsaturated Mindanao market is a step in the right direction, as land acquisition in Cebu is getting tougher.
He said Mindanao presents huge opportunities for developers like them, as the island still has vast lands suitable for housing and commercial developments.
Yap said the company is planning to build a middle- to high-end residential project in a 50-hectare property in Davao City.
Priland is also planning a mixed-use complex in a three-hectare property in Cagayan de Oro, which will have an office, condominium and commercial developments as well as a subdivision project in a five-hectare property.
Priland is yet to determine the cost of these projects, as they are still finalizing the plans. But if these projects are realized, Priland will be the latest Cebuano-owned company to venture into Mindanao following the likes of Cebu Landmasters Inc. and Grand Land Inc., among others.
Priland has launched eight projects since 2013. These projects, according to Yap, are in various stages of development and are mostly soldout.
“We will continue to carry developments that will answer to the great demand of the real estate market,” said Yap, referring to the company’s aggressive expansion stance.
“We are always on the lookout for more opportunities, especially that there is a big housing backlog that the industry is tasked to fulfill,” he added.
A 2016 study by the University of Asia and the Pacific revealed that the housing backlog in the country could reach 12 million in the next decade—including the over six million units backlog from 2001 to 2015—unless action was taken.
Priland earlier announced that it was setting aside P3 billion to finance its three remaining projects for the year in Cebu.
This month, the company will launch Vertex Coast, a two-tower condominium and office project along Punta Engaño Road in Lapu-Lapu City.
In September, it will also erect another condominium development on Sanciangko St. named Paseo Highstreet, a 30-story tower with 650 units that will cater to the student market.
Lastly, Priland’s third upcoming project is Breeza Sands, a subdivision development located in Babag 2 in Lapu-Lapu City. (KOC)