Developers bullish on Mactan property market

CEBU, Philippines – Two local developers recently announced their project plans in Mactan Island as they continue to take advantage of the robust housing demand.

Primary Homes Inc. and Majestic Legacy Home Development Corp. said there is still an untapped market for housing projects in Mactan.

PHI is investing P200 million for its 139-unit Solare subdivision development in Maribago, Lapu-Lapu City.

Ramiro Espina, the firm's vice president for sales and marketing, said the growth of Mactan's tourism, manufacturing and BPO (business process outsourcing) sectors spurs housing demand there.

Espina said the 3.5-hectare development is being eyed to be completed and turned over by the fourth quarter of 2017.

He said Solare is PHI's 39th project in Cebu and Bohol and seventh in Mactan alone.

On the other hand, Jessica Lua, the vice president of MLHDC, told The FREEMAN the company is planning to develop a mixed-used project in a property across its Azon Residences in Pusok, Lapu-Lapu City.

Lua said they might build a commercial tower and a hotel in that area.

"There might be changes as we are still in the planning stage," the official said.

On Sunday, the company turned over 173 units of its P300-million Azon mid-rise condo project.

Lua further revealed they are also considering horizontal projects in the future but these will likely be resort developments, saying they are optimistic on the tourism industry as well.

The company is eyeing Palawan and Camotes Island for the expansion of its tourism investments.