Primary Homes earmarks P2B for projects in Cebu

CEBU, Philippines - Primary Homes Inc., is allocating at least P2 billion to develop five more projects in Metro Cebu this year.

Primary Homes president Stephen Charles Liu announced that the company is going to introduce new residential projects this year, on top of its several new developments introduced in 2010.

The capital expenditure (capex) allocated for 2011 is build more condominium, subdivision, and town-house projects, within the Metro Cebu area, Liu said.

Last year, Primary Homes introduced also five residential projects that included the take over of a high-end condominium from a Korean developer at the Cebu Business Park (CBP).

This year according to Liu, the company will continue to provide the active real estate market with diverse product options, from sea-side residential development, to condominium, subdivision, and town-houses.

Primary Homes, a subsidiary of Primary Structures Corporation (PSC), is also in its active mode to join the bid in making Cebu as an international second-home destination, by participating promotion programs abroad, specifically with the European Chamber of Commerce of the Philippines (ECCP).

Liu believes that aside from the hyper-active local market for real estate in Cebu, there is also growing number of foreign real estate investors, and buyers, that are now looking at Cebu as their preferred second-home site.

Liu however, did not divulge the location of the new residential projects that will be launched within this year.

The company, the developer of well-known Villa del Rio subdivisions, located in different parts of Metro Cebu, has entered into the vacation home market last year, via the introduction of “Alegria Palms” in sea-side Cordova, Mactan Island.

Alegria Palms, is the fourth residential project build by the company on Mactan Island, namely the Villa del Rio (Mactan), Brookfield Homes, and Colinwood subdivision.

This year, Liu said the Primary Homes will continue to develop more residential projects that will strengthen Cebu’s ability to become an ultimate second-home destination, in Asia.

Formerly known as the Commonwealth Estate Inc. (CEI), the company is one of the largest residential developers in Cebu, with projects cover from low-cost to high-end residential projects.