Demand for bigger condos on the rise

CEBU, Philippines – While Cebu is flooded with studio type condominium inventories, Primary Homes Incorporated, noted the growing demand for more spacious condo units.

PHI vice-president for sales and marketing Ramiro Espina said that the market now has moved up to demand for much spacious condominium units and in this connection, the company was quick to respond to the market movement, and initially announced the introduction of Penthouses at Woodcrest.

These larger units, called the Penthouse at Woodcrest, would add to the 160 condominium units at the nine-story building located in Guadalupe, this city.

PHI is building a total of 20 loft type penthouse units to address the rising demand for bigger condominium units.

According to Espina, the company also noted that buyers of these type of condominium products are foreign nationals who want to make Cebu as their second home, and significantly the growing number of expatriates brought about by the big multinational companies setting up operations here.

Espina said the units are set to be ready for occupancy in the next six months, as they accelerate the construction schedule in order to keep up with the demand.

PHI is one of the largest Cebuano-owned property developers in Cebu. It has built thousands of condominium units in Cebu over the years, including Avalon at the Cebu Business Park, La Guardia Flats 1 and 2 at the Cebu IT Park, among others.

To date, there are 10 available regular loft units priced at 9.1 to 9.2 million pesos, Deluxe Loft and Premium Loft units go at 9.5 to 9.6 million pesos and 10.7 to 10.9 million pesos, respectively. There are also two Den units available at 3.6 million pesos. All units mentioned generate a rental yield of six percent for investors and eight percent for end-users.

Over the years, the company has built at least 1,500 condominium units spread in its different projects all over Metro Cebu, while ongoing projects are also located in other parts of the province.