ProHomes to invest P1.2 billion for Cebu projects

CEBU, Philippines - Economic housing developer ProHomes Development Corporation is going to build at least 1,200 units of affordable house and lot packages next year in Cebu, to take advantage of the strong residential demand.

This project, will incur the company more or less P1.2 billion investments for 2010 that will involve six residential subdivisions that will be introduced next year.

“The demand for economic housing is big. It seemed that the market is not being affected by the global economic crisis. In fact, with our newly introduced project in Mactan, the St. Dominic’s Place, we have gotten over a hundred reservations already on pre-selling stage,” said ProHomes Development Corporation marketing manager Glenda A. Tupaz.

For every development, the company stands to spend an average of P210 million developmental costs (excluding land investment). With the six projects being lined up, the company is looking at spending a little over a billion pesos for capital expenditure in 2010.

Next year, the company will be providing six more residential projects in Metro Cebu, including its entry to the economic-condominium market, which is also seen to have a good demand for the young professionals.

While, most of the residential developers are looking at the OFWs (Overseas Filipino Workers) as primary market, ProHomes on the other hand, is banking on the local working community, especially those Pag-ibig members as its major market.

ProHomes, a sister company of Iligan-based Johndorf Ventures Corporation, has already built seven residential subdivisions in Cebu, most of these are located on Mactan Island.

These projects include; Aldea Buena, Simplex 1, Saint Bernadette Homes, Genesis Homes, Saint Anne’s Lane, La Bienvenida, and Corinthian Homes.

According to ProHomes assistant vice president Adonis P. Sencio the six projects that will be built next year, will make use of the total 10-hectare to 12-hectare land-bank of the company in Metro Cebu. While it has also constantly looking at adding its properties especially in the Southern part of the Metropolis.

Recently, the company introduced the 3.8-hectare economic residential project called St. Dominic’s Place in Basak, Lapu-Lapu City.

Tupaz said this newest project of the company provides a total of 536 housing units, 17.5 percent of which are offered as socialized housing package.

Cost of house and lot package for socialized housing offer only pegged at P400 thousand, this is already a ready-for-occupancy one-story house with 32 square-meter floor area.

Economic housing package in St. Dominic’s Place, which is a two-story house, cost at least P900 thousand with a total of 54 square-meter floor area.

This is the 8th project of ProHomes, since the company started its operations in Cebu in 2004.

Johndorf Ventures Corporation, is one of the leading providers of decent and affordable housing in the country based in Iligan-Cagayan de Oro City. To cater to the Cebuanos’ growing demands for affordable and quality homes, ProHomes Development Corporation was established to penetrate the Cebu market. — Ehda M. Dagooc