MANILA-BASED Primeworld Land Holdings Inc. is developing its first condominium project in Cebu City, where demand for vertical housing continues to rise.
The developer is investing about “half a billion” to build Primeworld Pointe, a 22-story condo that is set to rise on First St. in Barangay Apas, just a few minutes walk away from the Cebu IT Park.
The 1,000-square-meter development will have a total of 374 units, with 22 units per floor, and 72 parking lots.
“We expect construction to start by March once the necessary documents are obtained,” Primeworld president Nelba Pangilinan told SunStar Cebu on Saturday, Feb. 15, 2020, in an interview at the groundbreaking of the project.
The firm will turn over the units in 2023.
One-bedroom units are priced between P2.4 million and P3.1 million while two-bedroom units are priced at P4 million.
The project will also come with amenities, such as pool, gym and function areas.
Pangilinan said that Primeworld is likely to launch two more condo projects in Cebu City — in Fuente Osmeña and Banilad areas.
The municipality of Cordova is also on the company’s radar. Pangilinan said the company is currently negotiating on a project in the area, where the third Cebu bridge is being built.
The planned Cordova project will have a hotel and residential buildings.
Primeworld also has an ongoing project in Mactan Island, the 4.6-hectare, eight-tower Primeworld District. This mixed-used project will have condo towers, a hotel and stand-alone residential villas.
The firm is also banking on a future project at the South Road Properties, near Talisay City.
According to Joey Bondoc, senior research manager at Colliers International Philippines, the national developers’ aggressive development of integrated communities has redefined Cebu’s property landscape.
Build more mixed-use projects
To survive in a fiercely competitive real estate market, Colliers encourages national developers to continue developing mixed-use projects, further differentiate integrated communities and partner with local developers for strategic landbanking.
Colliers has also seen a more aggressive development of condo projects in Cebu. The consultancy firm attributed this to significant increase in land values making single detached or even low-rise formats financially less viable, expansion of the outsourcing sector resulting in employees choosing to stay close to areas of employment, sustained increase in remittances fueling end-user demand and low interest rates making monthly amortizations more affordable.