DESPITE tight competition in the real estate industry, the open market segment of Cebu’s real estate continues to attract buyers, an industry player said.
Buoyed by this continuous growth, a local developer will add 635 condominium units in Mandaue City, aimed at the mid-market segment.
Pacific Land Ventures and Property Development Inc. General Manager Dennis Quiokeles told reporters he sees more growth for Cebu’s real estate industry, with more investors coming in to purchase units to be leased out to others.
Pacific Land has poured in more than P800 million for a condominium project in a 3,461-square-meter property on Ines Ouano Road along A.S. Fortuna St. Since it was launched in April this year, Midpoint Residences is already 20 percent sold.
Quiokeles said that majority of the buyers are parents whose children are studying or planning to study in Cebu City, particularly in the nearby University of San Carlos-Talamban campus and University of Cebu-Banilad. There are also others who are securing more than one unit for income-generating purposes.
Midpoint Residence will be the tallest two-tower building to stand in Mandaue by 2017.
It will have 28-storeys. Unit prices range from P1.8 million to P3.5 million.
With a housing backlog of around 100,000 units today, Quiokeles said, there remains a big demand for housing projects, which local and national developers can meet.
Pacific Land will launch its second subdivision project, Pueblo el Grande Dos, in the first quarter of next year in the town of Liloan. Its flagship project, Pueblo el Grande in Consolacion town, which has 128 houses, has been sold out. The official said they have a backlog of 25 houses for the first project, which prompted them to offer another subdivision project in Liloan.
Pueblo el Grande Dos will be twice as big as the first project, with 220 houses.
Pacific Land has also developed the Mactan Plains, a low-cost housing project in Lapu-Lapu City.
In the next five years, the developer is also eyeing to build a condominium on M. Velez St. in Cebu City and a subdivision in Bohol.
“Our two- to five-year plans include the development of residential subdivisions in key areas of Cebu, a beachfront and mountain village in a key island in the Visayas, and residential condominium buildings within Cebu City,” Pacific Land said in a statement.
In a previous interview with Quiokeles, the official said the company will start subdivision projects in a three-hectare property in Panglao and a four-hectare property in Tagbilaran, but no there’s definite schedule yet as to when these projects will be launched.