PrimeHomes eyes south for expansion

CEBU, Philippines - PrimeHomes Development Corp. remains upbeat that the positive market reception of its residential development will further sustain, eyeing to expand more of its presence in the southern part of Cebu.

In a recent interview, officials said 70 percent of the units of PrimeHomes' flagship project in the south already have been sold within eight months.

The homegrown developer last Saturday conducted the presentation and blessing of the model house units of third property development in Cebu, the Luana.

PrimeHomes president and chief executive officer Benedict Que said that a lot of property developers are trying to penetrate the real estate market in the southern part of Cebu given the anticipated boom in the area spurred by the South Road Properties development.

Luana, a Hawaiian term for enjoyment and relaxation, is a tropical-inspired modern living residential project that sits on a 1.5-hectare property in Barangay Calajoan in Minglanilla town.

Luana is composed of single detached, single attached or duplex and townhouses that vary from 60 to 120 square meters in lot area and 60 to 87 square meters in floor area. Prices of units range from P2.3 to P4.2 million.

Officials said the P200-million flagship project in the south boasts of its strategic location that is 50 meters away from the highway, allowing homeowners to travel to the city in a short time.

PrimeHomes marketing officer Harold Vince See said that 70 percent of the total 110 units of Luana are already sold while they have received heightened interest and inquires from prospective buyers wanting to invest in their project.

"There are more than 110 letters of intents and we are just waiting for their confirmations," he said.

He added they started selling the units in June 2013, done simultaneously with the groundbreaking ceremony of Luana.

They are targeting to sell out all of the units before the year ends. The entire community is expected to be completed by 2016.

See said that the buyers' profile of Luana is mostly comprised of overseas Filipino workers, businessmen and locals who want to reside in southern Cebu.

He further revealed that they are looking at other parts of southern Cebu including Minglanilla, Carcar City and San Fernando wherein they could expand and build more projects.

Amenities in Luana include wide open spaces, lap and kiddie pool, clubhouse, gym, basketball court, multipurpose hall, meditation garden and cabanas.

Luana is the third project following the two successful projects of the company, the Henaville and the Vitracci.

Henaville is the first project of PrimeHomes and the first mass-housing development in the area. It is a three-hectare housing community with over 300 units located in Barangay Estaca in Compostela town.

The second development of the company is the Vitracci, a pocket-sized subdivision for 40 homeowners. /JMD (FREEMAN)