AboitizLand invests P350 million for subdivision expansion project

CEBU, Philippines – The positive take up of lots at the North Town Homes prompted AboitizLand Inc. to usher house-and-lot offers in a one-hectare expansion project dubbed as the North Town Residences in Bacayan, Talamban, which will cost P350 million.

In a press conference AboitizLand Inc. vice president for marketing and sales Manuel U. Arbues II said that the company is taking advantage of the active real estate market in Cebu across different segments, especially for the residential products.

The North Town Residences, which will be formally launched a few weeks from now, will provide a total of 50 units of Filipino-Asian contemporary themed townhouses.

"The economy especially in Cebu is better now. People have more money. There is a strong demand for middle-range to high-end residential developments," said Arbues.

These high-end town houses with lot cuts measuring 191 square meters, will be pegged at P8 million to as high as over P10 million.

Even before the company has started to formally launch the project, Arbues said it has already gained strong interest from buyers who already signed for reservations.

The North Town Residences is part of the 32-hectare upscale subdivision project of AboitizLand in the northern part of Cebu.

At present, Arbues said the company is negotiating deals with potential locators in its commercial space that is part of the amenities provided for the residents, aside from the basic facilities like swimming pool, and club house, among others.

The company allocates a 2,000 square-meter area for the commercial component of the subdivision, Arbues said.

Analysts said it is now the best time for consumers to acquire real estate properties, whether it's a condominium, or a house and lot package, because of the low interest rate environment.

Financial institutions, specifically the banks, are notably active in offering housing loan packages to take advantage of the low interest rates and the upbeat market interest.

This year, AboitizLand launched a number of residential projects, including the residential project in Cordova, Mactan called "Ajoya."

The other completed communities of AboitizLand include Briza, Mahogany Grove, and North Town Woods. (FREEMAN)