Paramount to invest P45M for Vizkaya

CEBU, Philippines - Taking advantage of the dynamic property market in Cebu, Paramount Property Ventures Inc., (PPVI) adds another investment to its subdivision project portfolio with the introduction of the 2.2 hectare Vizkaya Subdivision in Calajoan, Minglanilla, Cebu.

PPVI, which is operated and managed by the Ancesa Aselco Ventures, is spending at least P45 million for the horizontal development alone of this chic housing community, which is envisioned to provide residents with wellness and tropical living lifestyle.

The company’s head for sales and marketing Arli Arcenas-Vergara said that this fourth residential project of PPVI will offer a total of 121 units, mixed with house and lot, and lot only packages.

Expected to be completed in two years, PPVI will start its development by November this year. As the company also bared its plan to enter into the condominium market probably by 2013.

 At least two projects had been planned to be introduced by next year in Cebu, while it is currently negotiating for its expansion plans to build residential developments in Bohol, and Davao.

At present, PPVI has a total residential (house and lot) projects of over 1,000 units. In the next two years, the company projects to add 400 to 500 residential units.

The company has already developed three 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; and the latest Mazari Cove a six-hectare middle-end housing project located at Inagayan, Minglanilla.

In an earlier interview with PPVI president Abelardo “Junggie” Cañedo Jr., he said that the company has decided to maximize the potential of Cebu to attract property buyers from all over the world, highlighting the island-province’s strong attraction in sun, mountain and beach environment.

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

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-home, 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.

Educated in the United States, Cañedo expressed his faith in Cebu’s real estate industry, saying there is limitless growth potential in this industry, provided that the market will not be limited for local property buyers, but will include the foreign property investors, and vacationers. - THE FREEMAN