Developer earmarks P10B capex for 12 new projects

CEBU, Philippines - The residential development arm of Primary Structures Corporation, the Primary Homes, Inc., is allocating P10 billion to build a combination of condominium and house and lot units in the next two years, including its projects outside of Cebu.

In a press conference, Primary Homes President Stephen Liu announced that the company will be building another 12 projects in two years, to add to its 37 existing projects spread in Cebu Province, as well as Bohol and Negros.

The company has currently a total of 20-hectare property land bank, including its acquired properties in Cagayan de Oro and Davao, which the company will soon develop for another residential project.

According to Liu, Primary Homes’ long term plan is to build more houses across the country, indicating its serious intent to become one of the giant developers of residential projects.

Strengthening its name as a well-known reliable developer in Cebu, the company recently reinforced its commitment to provide affordable and quality housing needs of Filipinos, as well as those foreign nationals who may want to invest in condominium properties here and make the Philippines as their second home.

“It is one of the initiatives of the company to strengthen our brand amidst strong competition from local and national developers entering Cebu’s real estate market,” said Liu.

He said home is one of the major investments a household will make and it is important to have a trusted developer like Primary Homes.

With its 20 years of experience in the real estate industry and its on time delivery of its projects, the company has developed large scale vertical and horizontal residential communities all over Cebu.

This year alone, the company has already launched seven residential projects that attest to its success in the booming real estate climate in the region.

In Bohol, Primary Homes is building three residential projects.

Two more projects will be launched this year, said Liu.

At present, the company is building a high-density walk-up garden condominium project in Banawa area that will offer 180 condominium units secluded in eight-cluster, three-story building.

Normally, the company builds at least a thousand houses a year. To date, however, Primary Homes has built 5,000 units of house and lot and over 2,000 condominium units.

The company is also under a current negotiation with a Japanese partner to build an integrated retirement village that will accommodate the growing demand for retirement facilities, specifically from the Japanese market.

Primary Structures Corporation President Wally Liu said the company is willing to invest in retirement facility, based on the specific requirement of a partner.

He said building this kind of project will help in Cebu’s bid to become the preferred retirement haven for foreign retirees seeking secondary home in the tropical countries like the Philippines.

However, Liu refused to elaborate on the details of the retirement village project, saying the negotiation is still ongoing.

Primary Homes is responsible for developing quality subdivisions and condominiums such as Alegria Palms in Cordova, The Avalon at Cebu Business Park, Argao Royal Palms in Argao, and many more projects in the works. /JMD (FREEMAN)