Developer allocates P.5B for more projects in Cebu

CEBU, Philippines - Paramount Property Ventures Inc., (PPVI) will invest over half a billion pesos for more real estate development in Cebu this year.

PPVI sales and marketing head Ardi T. Arenas-Vergara said that the company will build around 1,500 residential units for various market segments – middle-high, middle, economic and socialized.

The real estate firm will kick off the planned developments with the Francesca Highlands project, which will usher in house-and-lots and lot-only offers. The 30-hectare project, located in barangay Cadulawan, Minglanilla, will provide around 600 units in a span of five years.

PPVI business development officer Mar C. Relampagos said the company will spend P200 million for the first two phases of Francesca Highlands, while the rest of the allocated capex will be invested in other subdivision projects lined up for the year, which will include two housing developments in Carcar City.

He added that a huge chunk of the company’s capex for this year will be spent in the development of 1,200 units for economic and socialized housing and a mid-market project with a total of 250 units in Carcar.

For the past nine years, PPVI already built four residential projects in the southern part of Cebu specifically Minglanilla. These include 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 Inayagan, Minglanilla, and the 2.2 hectare Vizkaya Zen Residences also located in Minglanilla.

In an earlier 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.

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

Developing resort-home projects in the far-flung municipalities in the province could drum-up interest from the retirees all around the world. (FREEMAN)