Property firm earmarks P3-5B for Cebu projects

CEBU, Philippines – Growth in Cebu's real estate sector shows no signs of dwindling.

This as property company Priland Development Corp. announced it is spending around P3-P5 billion in the next three years to develop 10 projects in Cebu.

The developer has expanded its business to answer the demand for housing in Cebu, said Ramon Carlo Yap, company president, last Friday at the media launch for its newest project the Breeza Palms.

Yap said the expansion plan is banking on the relatively improving infrastructure and robust business activity particularly, citing particularly the business process outsourcing (BPO) sector.

The Breeza project is to rise in Barangay Suba-Basbas in Lapu-Lapu City.

The company said the housing project is estimated to cost P200 million, with each unit costing P1.9 million to P4 million.

During the launch, the homegrown property developer introduced its new projects and its three brands namely Priland Prime for its high-end market; Priland Homes to carry its horizontal developments for its low to mid-range market; and Priland Residences for its vertical projects.

Priland said it plans to develop four projects in Lapu-Lapu City under the Priland Homes brand, which targets the demand for affordable housing.

One of which is the 2.2-hectare Breeza Palms which is designed to have 203 units and amenities such as a clubhouse, basketball court, playground, and parking area, among others.

The Cebu developer is looking to launch its 2.2-hectare Breeza Scapes in November, the 2-hectare Breeza Coves by year's end, and the 3-hectare Breeza Park in the second quarter of next year.

Moreover, Priland also plans to build two new projects in Consolacion town namely the 2.2-hectare Belize North set to be launched by October this year and the 16-hectare Veranda Heights, eyed for launch in 2019 and is deemed its biggest project so far.

It was in 2013 when the company launch its first project the Northwoods Residences, a 1.2-hectare high-end subdivision in Barangay Canduman, Mandaue City.

Priland is part of the group of companies that also owns snack maker Prifood Corp., Da Vinci’s Pizza and formerly Three Sixty Pharmacy. (FREEMAN)