HOMEGROWN property developer Priland Development Corp. has inked a partnership with Ambaco Realty Inc. to develop a 3.1-hectare property in Pagsabungan, Mandaue City into a mixed-use development.
This P5 billion joint venture will erect 15 residential towers named PiliFlats Garden Place over the next 10 years. It will have a total of 4,320 units or 288 units per 15-story tower.
“We are excited for this partnership with Ambaco Realty as we both share the mission of building quality homes. The pandemic reinforced the importance of having our own spaces. This joint venture will offer an economic option where Filipinos can have a home they can truly call their own,” said Priland president Ramon Carlo Yap.
Established in 1989, Ambaco Realty Inc. is a family-owned corporation that has a diverse portfolio of properties including agriculture and medical tourism.
“With Priland’s expertise in real estate development and the potential we see in the area, we believe that this partnership will give individuals and families alike the comfort, security and accessibility that they are looking for in a home,” said Ceasar Augustus Amigo, corporate treasurer of Ambaco Realty Inc.
Priland will officially launch PiliFlats Garden Place next year. It will initially offer three towers for pre-selling. The group will begin construction of Phase 1 in 2023.
“The project’s development will be done in phases within the 10-year period,” he said.
Besides the residential space, PiliFlats Garden Place will also have a three-level commercial building that will be up for lease and a passenger’s terminal. The project will also have amenities and facilities such as an entrance gate, parks and playgrounds, pocket gardens, a swimming pool and a clubhouse.
PiliFlats Garden Place is the company’s first foray into the economic housing segment.
Yap said even at the height of the Covid-19 pandemic, this segment saw robust demand as more Filipinos opt to buy homes amid economic difficulties.
Targeted towards starting families, young professionals and overseas Filipino workers, PiliFlats Garden Place will offer studio (22 square meters) and one-bedroom (44 square meters) units, providing options that can accommodate various lifestyle needs.
Yap said units will be sold starting at P1.7 million during the pre-selling period.
PiliFlats is among Priland’s multiple developments in Metro Cebu. Earlier this year, the homegrown developer broke ground on two of its vertical projects-- Vertex Central along Archbishop Reyes Ave. which is its tallest structure in Cebu City, and the first phase of the one-hectare Paseo Grove in Mactan Island. (KOC)