AROUND 39 condominium projects worth P16.4 billion were given license to sell (LTS) by the Housing and Land Use Regulatory Board (HLURB) 7 last year.
This translates to 3,829 condominium units that were added in the region’s residential condominium segment, particularly in the cities of Cebu, Mandaue and Lapu-Lapu.
HLURB 7 Director Francis Ordineza yesterday said that the new condominium units infused to the region’s condominium inventory were in addition to the 8,062 units recorded in 2016 or 45 condominium projects worth P15.3 billion.
HLURB 7 received 117 condominium project applications last year, up by 192.5 percent from 2016’s 40 applications.
Of the 117 applications, 39 projects were given LTS by the agency. The rest are still complying with the agency’s documentary requirements.
Of the 39 approved condominium projects last year, 12 projects were for the open market category, with a total project cost of P12.3 billion. This translates to 1,934 units with prices ranging from P1.7 million to P4 million.
Moreover, HLURB 7 approved 26 economic condominium projects last year worth P3.7 billion or 1,799 units with prices up to P1.7 million. One socialized condominium project was likewise approved with a project cost of P352 million or 96 units with a ceiling price of P400,000.
Ordineza said the breakdown shows that more developers ventured into high-rise projects last year, as demand for vertical living rose due to scarcity of land--which push property prices up--traffic congestion, and preferences of buyers to live near their workplaces.
“Real estate in Cebu remains vibrant. You can see construction everywhere,” said Ordineza.
As of February, HLURB 7 has approved two condominium projects—the 537 economic condominium housing project named Casa Mira Guadalupe of Cebu Landmasters Inc. and the 664 high-end condominium project named Grand Residences North Tower, which has both residential and condo-hotel offerings.
Applications for subdivision projects, meanwhile, dropped by 5.26 percent from 57 applications in 2016 to 54 applications last year.
Of the 54 applications, only 42 subdivision projects were given LTS by the agency last year, with project cost worth P9.4 billion versus the 62 approved subdivision projects in 2016.
This translates to 9,076 combined house-and-lot and lot only units added to the market last year.
Of the 42 approved house and lot projects, 18 of these projects worth P5.6 billion belonged to the open market category or those projects with house units priced from P1.7 million up to P4 million.
Fourteen projects worth P3.3 billion were economic subdivisions and 10 projects worth P409 million were socialized housing projects.
Ordineza expects an increase of subdivision project applications this year, as developers move to the countryside to address horizontal housing demand.
“We remain positive of the growth of real estate in Cebu. We’ve been also encouraging our developers to also bring their projects to the countryside,” he said.