AboitizLand earmarks P3B for new project

CEBU, Philippines - Buoyed by the promising real estate sector in Cebu, AboitizLand Inc. will launch its third luxurious residential project in Cebu --- the 59.25 hectares Priveya Hills, located on the hills of Bacayan in the nothern part of Cebu City.

AboitizLand president Andoni Aboitiz said the company will spend about P3 billion for this particular project, a five-phase master-plan with each phase   launched every two years.

This Friday, AboitizLand will launch the first phase of the high-end lot-only exclusive Priveya community, the third posh residential project being offered by the company after North Town Homes and Pristina North.

Because Cebu’s real estate movement is dominated by the construction of residential condominiums and middle-range house and lot packages, Aboitiz said the need to develop high-end residential projects has been overlooked making the market hungry for such developments.

Priveya’s launching comes at an opportune time when demand for such projects is still high. But Aboitiz said the projected 665 residential lots to be offered may not be enough to accommodate the active Cebuano market which is looking for prime residential investments.

In keeping with the “exclusivity and tranquility of the place,”   Priveya will only have 13 lots of between 400 and 1000 square meters in each phase. About 45 percent of the entire project will be allocated to green open spaces, three hectares will be dedicated for the building of parks and ponds. 

Priveya is only 1.2 kilometers away from Pristina North, and is adjacent to Cebu International School, and also near the Ateneo de Cebu.

By the first quarter of 2014, the company is expected to turn over the lots to owners, while it will also start to develop the second phase of the project, said Aboitiz.

Primarily the project is targeted to the Cebuano market which is looking for good and quality residential and exclusive community subdivisions.

But Aboitiz said the company is not closing its doors to non-Cebuano buyers, specifically those wealthy individuals from other regions and cities in the Philippines who are considering Cebu as their second home.--- (FREEMAN)