The growing demand for housing projects for the middle and low-end markets prompted a developer to invest on several projects for these particular market segments this year.
Optimistic with the robust real estate industry in Cebu, 8990 Housing Development Corporation behind housing projects such as Deca Homes Minglanilla, Deca Homes Mandaue, and Deca Homes Danao will be undergoing expansion phases of their existing housing development and will also be coming out with more development projects in the southern and northern parts of the province.
This weekend will be the launching of their 6.6 hectares Deca Homes Prime Mandaue located in Jagobiao that will accommodate about 912 two-story units and 29 of which will be special units.
In an interview, 8990 Housing Development Corp.’s AGM- for Legal and Administration Atty. Anthony Vincent S. Sotto said that they started marketing for this development last December and they have generated 95 reservations as of press time.
Compared to upscale housing developments, Sotto said economic housing has a huge demand in terms of volume. He said that aside from their aim of providing affordable houses to the less privileged sectors of society, this is one of the reasons why their company is very much bullish in investing on this type of housing development.
“There is a huge demand for economic housing development because these days there are still a lot of people who do not own a house especially migrants from nearby islands who came to Cebu for either work or studies,” said Sotto.
He added that this particular segment of the market composes one of the largest portions of their customer base aside from the 20% mix of balikbayans and overseas Filipino workers.
And because the demand for economic housing is increasing, 8990 will be expanding their existing projects in the northern and the southern parts of the province. In the South, Sotto said that they will be working on their Deca Homes Minglanilla phase 3 which will accommodate about 168 units while they will be constructing the third phase of their Deca Homes Danao and Deca Homes Mactan Phase 3 with over 474 units in the north.
Having achieved a significant 80% growth of sales in their inventory last year, 8990 will venture into other new projects in the middle of this year such as the Minglanilla Homes, a housing project that will provide about 187 single detached units. Their medium rise condominium development plan will also push through after they are done with their planning and study phase.
Eyeing more housing projects this year, Sotto said that they are still in close negotiations with land owners in Talisay, Talamban and Mactan areas for other potential economic housing projects to be undertaken.
Still with lower loan interest rates these days at 7%, Sotto urges the market to invest as he said that, “this year is still a very good year to invest in real estate because the prices are continuously going up. Now is the time to buy a house because later on it will become more expensive and not many people might afford it.”