HOMEGROWN property developer Duros Land Properties Inc. is increasing its foothold in the residential space by building more projects to cater to the market that’s willing to swap city living for a rural life.
“The Covid-19 pandemic has caused many Cebuanos to get out of the city. Seeing this, we want to accommodate them in our development,” said Duros Group chairman Rafaelito Barino. “We initially thought that this pandemic is just temporary, but people keep on coming, looking for a new residential space here to stay.”
The Duros Group’s residential arm has various residential projects in varying levels of completion in Liloan, Cebu catering to middle to high-end markets.
According to Barino, there are about 400 residential units that are about to be completed, while there are 2,000 units composed of house and lot and lot only units about to be constructed.
Duros Land is currently building several residential units, namely One Tectona, Woodlands Prime, Bay-And Ridge, Golfers Village 2, Lataban Estates and residential farm projects in Barangays San Roque and Tabla.
Barino also announced that the group bought a property in Daanbantayan, Cebu which they plan to develop into a new residential community with a beachfront amenity.
“There are a lot of things we are planning now for Duros Land,” he said.
The 80-hectare Lataban Estate, for instance, will be developed in three phases.
It will have the first Sakura-inspired park in Cebu; the first residential development in Cebu with a dedicated bike lane and jogging path integrated in the road network; orchard forest, fishing lagoon, clubhouse and swimming pool, viewing deck and prayer pavilion, pocket parks, exercise area, and many others.
Woodlands Prime, on the other hand, is an expansion of The Woodlands. It will have 20 high-end residential units.
Duros Land has a landbank of more than 300 hectares and is poised to establish multiple developments spread in six barangays in Liloan.
It is an offspring of Duros Development Corp., a triple-A, ISO-certified construction company with over 30 years of experience in big ticket infrastructure projects.
Booming
Meanwhile, the residential sector remains one of the fastest growing businesses in real estate amid the pandemic.
According to Filipino Homes founder and licensed broker Anthony Gerard Leuterio, the pandemic has led people to reevaluate their lifestyle including where they live as a result of this global health crisis.
“A lot of buyers now are looking for bigger, multi-functional spaces. Some are also interested in living outside the city premises and buy properties that offer more open spaces,” he said.
Moreover, Colliers Philippines believes that demand for residential units in integrated communities in Cebu is likely to continue despite the pandemic.
“Hence, we recommend developers to further explore the feasibility of township developments. Developers should also consider fringe areas for house and lot projects and maximize new infrastructure as Cebu is a major beneficiary of the government’s massive infrastructure push,” said Colliers, in its first quarter 2021 market report. (KOC)