P1B for real estate projects

Cebu City – A Cebu-based developer is riding on the bullishness of Cebu’s real estate sector by pouring in P1-billion for five residential projects this year.

Primary Homes, Inc. is eyeing to develop three condominiums and two house and lot developments across Metro Cebu, a company official said.

Primary Homes vice president for sales and marketing Ramero Espina said the real estate industry in Cebu will continue to grow strong this year on the back of the influx of migration and employment here.

“We have a growing number of students from Mindanao and other neighboring islands seeking homes to live. We also see more families from typhoon-stricken Tacloban relocating here,” said Espina.

He said these buyers have boosted real estate projects sales of the company.

Citing industry records, Espina said that Central Visayas alone has an unmet housing demand of 50,000 units for the low-cost segment.

“There is still room for growth for Cebu’s residential sector,” he added.

Primary Homes Marketing Manager Michelle Cutang said the company is set to launch its first project for the year, which it described as the “first garden walk-up condominium in Cebu,” called The Courtyards at Banawa, which sits on a half-a-hectare lot in Banawa on J. Fortich St.

The project, which has a three-level building cluster, will have a total of 129 units with 20 units per cluster.

The company will spend P300 million for the development of the six-cluster low density condominium project set to be completed in the second half of 2015.

It will have studio, one-bedroom, and two-bedroom selections with room sizes ranging from 14 square meter (sq.m) to 58 sq.m priced from P1 million to P4 million.

Every unit has parking space.

“We have built a model cluster for potential buyers to see and as of this time, we have sold 50 percent of the project to local buyers,” said Cutang.

Among its facilities and amenities include open courtyards per building cluster, manicured gardens, swimming pool and clubhouse, mini-playground and strolling lane.

The project is also equipped with an ISO-Certified Property Management system.

The Courtyards in Banawa is the 7th condominium project of Primary Homes.

Espina said The Courtyards is perfect for investors given that it is positioned as an “income producing property or IPP.”

He said their investors can cash in on the booming property rental business in Cebu.

“We are pioneering IPPs, in particular the walk-up condominiums that are perfect investments for passive income and capital gains,” he said.