CONSTRUCTION is underway for Priland Development Corp.’s first residential condominium project—Northwoods Place in Mandaue City.
The 312-unit high-rise project is slated for completion in 2021, said Priland general manager Marcelino Relampagos.
“We are now almost sold out,” he said, adding that the value of the units has appreciated from the pre-selling price of P1.7 million in 2017 to P1.9 million.
Northwoods Place is an economic condo project that targets the student market. The project is located a few meters from Sacred Heart School-Ateneo de Cebu in Barangay Canduman, Mandaue City.
“Sales of our condo project are doing well. In fact, our fast-selling units are those at P2 million,” said Relampagos.
Next year, the company is building another tower that caters to this niche market. A 700-unit tower will soon be launched along Sanciangko St. in Cebu City named Paseo Highstreet.
A big portion of the project will be studio units which are ideal for students and young professionals.
To date, Priland has launched four residential condo projects within Metro Cebu with at least 3,400 total condo units. With the addition of Paseo Highstreet, Priland will have approximately 4,000 condo units under its residential condominium portfolio.
“The market remains strong,” said Relampagos, attributing the positive performance to the increasing number of Chinese buyers, robust inflow of overseas remittances and the expansion in the middle-income market class.
“We will continue to carry developments that would answer to the great demand of the real estate market,” said Priland president Ramon Carlo Yap, in an earlier interview.
Yap said more Priland projects will rise in Cebu and even outside the province.
“We are always on the lookout for more opportunities, especially since there is a big housing backlog that the industry is tasked to fulfill,” he said.
A 2016 study by the University of Asia and the Pacific revealed that the housing backlog in the country could reach 12 million in the next decade—including the over six million units backlog from 2001 to 2015—unless action was taken. (KOC)