Real estate developer plans more beachfront residences

Cebuano real estate developer Paramount Property Ventures is looking at establishing more beachfront residential projects in the next few years, taking advantage of the strong demand for this kind of real estate location in Cebu.

Paramount Property Ventures president Abelardo Selma Cañedo Jr., said that the company will soon introduce at least three beachfront residential developments, two of which will be located in the southern part of Cebu, while the other one will be in Mactan Island.

“Beachfront properties are now very salable, especially foreigners who are married to Filipinas,” Cañedo said.

As soon as the company completes its two existing residential projects located in Minglanilla, Cebu the 9-hectare Fonte di Versailles, and the Coral Bay residences, it will embark on the three beach front residential projects that will incur multi-million pesos investments for the company.

For its two existing residential projects, Paramount Property Ventures, already spent an average of over half a billion pesos. These projects started only last year.

Cañedo said Fonte di Versailles’ 12-unit beach front properties were easily sold in a few months time, indicating that there is a good market for beachfront properties in Cebu.

These beachfront properties were sold at an average of P12 million.

He said the foreigner-market especially the Americans and Europeans are always fascinated with beachfront properties, that’s why the company is now negotiating for a development of three more residential projects that will offer more ultra-high house and lot units near the beach.

Coral Bay, a 1.5 hectare residential development, also located in Minglanilla, was introduced only in January last year, the 74-unit house and lot offering is already 90 percent sold.

According to Cañedo, despite the active mood of the residential developers here to develop more residential subdivisions from middle to higher range, the market in Cebu for real estate is still very encouraging.

For Paramount Ventures, he said the company is going to establish its brand, as a lifestyle [residential] builder. In fact, in its Coral Bay project, the company introduced unique activities for the home owners, such as providing fishing lifestyle activity, smart living, and wellness lifestyle.

For the two projects, Cañedo said that the company registered 60 percent OFW (overseas foreign workers) buyers, and other dollar-earners like Filipinas married to foreigners, the other 40 percent are local buyers or real estate investors.

The Cañedo family has been in the mining business for over 20 years. It is only in the recent years that it decided to diversify its business to real estate development with the establishment of Paramount Property Ventures in early 2006.