Paramount aims to pioneer beachfront housing projects

CEBU, Philippines - Cebu-based residential developer Paramount Property Ventures Inc. (PPVI) is going to pioneer the development of beachfront residential projects, complementing the bid of Cebu to become the second-home destination for both local and foreign markets.

PPVI, a residential property arm of Ancesa Aselco Ventures, sets its capital expenditure (capex) of at least P120 million for development of three residential properties, one in Mactan Island, and two in the southern part of Cebu.

In an interview with PPVI president Abelardo “Junggie” Cañedo Jr., he said that the company has decided to maximize the potential of Cebu to attract property buyers from all over the world, highlighting the island-province’s strong attraction in sun, mountain and beach environment.

The company has already developed three residential properties, mostly in the Southern part of Cebu—these are the 1.5 hectare Coral Bay, a pocket-residential project with 74 units; the Fonte Versailles, a nine-hectare Italian-designed beachfront housing project; and the latest Mazari Cove a six-hectare middle-end housing project located at Inagayan, Minglanilla.

This year, the company will spend at least P120 million for development of resort homes, mixed with condominium and lot and lot choices. This is to mostly attract foreign buyers, making Cebu the ultimate second-home destination for international vacationers.

Like Hawaii, where most wealthy people have purchase vacation homes, Cebu will also provide products that will maximize its beach and the tropical attraction.

Aside from the three projects being lined up for development starting this year, Cañedo said the company is also on the look out for more beachfront properties in the entire province and neighboring islands.

Developing resort-home projects in the far-flung municipalities in the province, could drum-up interest from the retirees all around the world, seeking for quite and rural-like environment within a world-class village facility.

One of the three projects, being planned by the company is the creation of a retirement-home, in the farther south of Cebu. Although, the joint-venture deal is not yet final, Cañedo reiterated that the company is committed to invest on projects that will re-enforce Cebu’s bid becoming a second-home destination.

In its joint-venture deal in Mactan Island, PPVI will establish four mid-rise condominium buildings this year, providing a total of 150 condominium units, with a total investment of P120 million.

Educated in the United States, Cañedo expressed his faith in Cebu’s real estate industry, saying there is limitless growth potential in this industry, provided that the market will not be limited for local property buyers, but will include the foreign property investors, and vacationers.

Although, there are already a few giant property developers that have taken advantage of Cebu’s Hawaii-like environment establishing beach-front residential properties, Cañedo said PPVI will focus on developing series of pocket- resort homes not only contained in the areas of Metro Cebu, but also in the far-flung towns, which residential developments could attract specifically retirees.