Despite Economic Crisis: Developer sees growth of residential projects

Newly incorporated Cebu-based real estate firm Prime Homes Development Corporation sees a growth potential here in Cebu for residential developments despite looming crises in the world market.

The company has just launched Henaville, its first residential development in Estaca, Compostela.

In an interview, Prime Homes Development Corp. project general manager Rey Alfonso N. Aguilar said that they are currently working with acquiring and processing all necessary permits in their development site in Estaca, Compostela.

“Compostela is a good area for any residential development because it is fast moving and a lot of investments are also coming in. There is a plan for a reclamation area, construction of a port and other commercial areas. Other real estate players are also establishing presence which shows its potential,” said Aguilar.

He said that Henaville will provide 286 units in a 2.9 hectare property which is just 200 meters away from the National Road.

He said that with their company’s thrusts to provide affordable and quality homes to buyers, they will be pricing their units from P900, 000 to as high as P1.2 million.

The units in Henaville will be composed of townhouses and duplex units with two to three bedrooms and a garage.

Henaville’s target markets include casual workers, OFWs and their families, junior executives and start up families.

After its ground breaking last September, the company will push through with other activities in their time table for Henaville.

By December this year, they are targeting to finish their show houses for Henaville at the site and launch the project for pre-selling by January next year.

Aguilar said that at the moment they are still accepting letter of intents (LOI) from prospective buyers which can receive discounts on the pre selling period.

Prime Homes Development Corp. was incorporated May of this year and its market segment is the middle cost market under the economic or low cost housing provided by the presidential Decree 957.

Aguilar stressed that their company saw the huge housing backlog of the country and the demand to provide affordable homes to Filipinos.

‘The housing backlog in the country is very big so there is a need for new players in the housing industry,” said Aguilar.

He also said that, “Cebu’s housing industry is peaking up despite issues of global crises. Everyday there is entrance of new migrants from other provinces who look out for job opportunities and there are new start-up families looking for homes and these contribute to the need for housing developments.”

Despite being a new player, Prime Homes Development Corp. had already lined up several upcoming projects.

Next year, they are targeting to build a 12-storey condominium building along the area of Archbishop Reyes Avenue near the bustling and fast growing district of the Cebu Business Park.

They are also under negotiations in acquiring another property in Compostela that measures around five hectare for a socialized housing project with units that will be priced at P300, 000.

“With low interest rates, a house is still a good investment especially in times of crises because it’s a solid investment worth your money,” Aguilar said.