Paramount launches third beachfront project

CEBU, Philippines - Residential developer Paramount Property Ventures Inc. (PPVI) has formally launched its P75 million beachfront residential project in the southern part of Cebu.

Located on a 6.5 hectare seaside property in barangay Inayagan, in Naga City, PPVI pioneers the introduction of affordable residential units situated in a resort environment.

Called the Mazari Cove, this project is the third residential development created by this Cebu-based company, and will strengthen its thrust to create series of pocket-residential beachfront developments around the Island province.

PPVI president Abelardo “Junggie” Cañedo Jr., said that the company is going to provide affordable, yet chic beach-front housing units to Cebuanos and “investor-vacationers” taking advantage of Cebu’s paradise-like environment.

For as low as P6,500 a month, a family can already enjoy a chic tropical resort-living not far from metropolis.

Mazari Cove is the latest lifestyle community project of PPVI, a contemporary Asian-inspired development along the shores of Inayagan, Naga.

The company has already developed two residential properties, mostly in the Southern part of Cebu—these are the 1.5 hectare Coral Bay, a pocket-residential project with 74 units; the Fonte Versailles, a nine-hectare Italian-designed beachfront housing project;

Mazari Cove will have a total of 600 house and lot and lot only units, with lot-cut of 35 square-meters to 96 square-meters.

PPVI, a residential property arm of Ancesa Aselco Ventures, has readied its capital expenditure (capex) of at least P120 million for development of three residential properties, one in Mactan Island, and two in the southern part of Cebu.

This year, the company will spend at least P120 million for development of resort homes, mixed with condominium and lot and lot choices. This is to mostly attract foreign buyers, making Cebu the ultimate second-home destination for international vacationers.

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

Aside from the three projects being lined up for development starting this year, Cañedo added that the company is also on the look out for more beach-front properties in the entire province and neighboring islands.

Developing resort-home projects in the far-flung municipalities in the province, could drum-up interest from the retirees all around the world, seeking for quite and rural-like environment within a world-class village facility.

One of the three projects, being planned by the company is the creation of a retirement homes in the farther south of Cebu. Although, the joint-venture deal is not yet final, Cañedo reiterated that the company is committed to invest on projects that will re-enforce Cebu’s bid becoming a second-home destination.

In its joint-venture deal on Mactan Island, PPVI will establish four mid-rise condominium buildings this year, providing a total of 150 condominium units, with a total investment of P120 million.