AboitizLand sees growing market for house and lots

Noting the growing demand for upscale ready-to-occupy residential units in Cebu, AboitizLand Inc., is preparing to open a house and lot package at the 32-hectare development Pristina North.

About 112 house and lot units will be unveiled by the company within this year, said AboitizLand vice president for sales, marketing and customer service Pia Mantecon.

"There is a growing market in Cebu who wants to buy the whole package [house-and-lot]. We are addressing this demand," she said.

Since the launching of the project in 2003, the company already sold 198 lots for its lot-only component, from a total of 338 lots available.

With an initial investment of P200 million, Pristina North is being developed within a 10-year plan, that includes the establishment of residential neighborhood, a town-square, an Enclave, and a Village Center.

According to Mantecon, the whole development will be completed in 2013, while, lot owners are already invited to start building their houses already. "We are encouraging the lot owners to build Asian architecture inspired concept," she added.

AboitizLand has put a ceiling in building houses for lot owners, from a minimum house cost of P4 million.

Pristina North, located in Bacayan area, in Talamban is the first upscale venture of the company in 15 years, after it developed the North Town Homes, and the North Town Residences, also located in barangay Talamban in this City.

Pristina North is not just a residential project targeted for high-end clientele, but it aimed at becoming another preferred destination for Cebu.

It is an integrated development project, which will offer a commercial, office district amid a residential environment.

"I think the market is ready for this new trend of residential and commercial development in Cebu, as the real estate industry in general has been slowly improving," said AboitizLand chief operations officer (COO) Andoni F. Aboitiz in an earlier interview.

Residential owners of Pristina North need not go to the city's commercial districts to hold office, and shop because it will be made available in the vicinity.

This development is expected to decongest the heavy traffic going to the downtown, and uptown areas in Cebu, where shopping centers, and offices are usually located.

Mantecon added that there is a good market for high-end residential products in Cebu, thus, it is not hard to sell good value products, such as the Pristina residential lots.

Currently, the per-square meter price of this chic subdivision is pegged at an average of P10,160. AboitizLand is offering from 300 square meters to 700 square meters, in one unit-cut in the lot-only package.

The company recently completed the project's commercial road and main entrance. In June this year, the subdivision's clubhouse will be unveiled.

Part of the 10-year development plan is the establishment of medium-rise condominiums within the property, Mantecon added.