PHI allocates huge chunk of 2023 capex for Bohol

CEBU, Philippines — Residential property developer Primary Homes Inc., (PHI) is putting a bigger chunk of its capital expenditure (capex) in 2023 in Bohol, betting on Panglao Island’s potential to attract vacation home unit buyers from all over the world.

Of the total P5.55 billion capex allocated by the company for 2023, P3.2 billion will be spent on building a total of 1,291 residential resort condominium units, which will carry the brand Royal Oceancrest Panglao.

Ramero Espina, PHI vice president for sales and marketing, said that while the company is continuously building residential projects in Cebu and other parts of the Visayas, it is stretching its attention on Bohol, joining Panglao Island’s aggressive post-pandemic economic recovery efforts, banking on its major driver—tourism.

According to Espina, the province of Bohol has one of the country’s most promising real estate industries with tourism as the main market drawer.

“Tourism here is booming. Incomes are rising. These are some of the factors that fuel our optimism towards Panglao, Island,” Espina said.

PHI is one of the first non-Boholano companies that entered the gated subdivision development on Panglao Island 10 years ago. Today, it has a portfolio of 10 residential projects spread not only in the Panglao Island vicinity but also in some places in Bohol province.

With the introduction of Royal Ocean Crest Panglao Island, PHI is again trailblazing in the condo-living lifestyle on the island, highlighting sophistication in a rustic-resort setting.

The P3 billion expenditure will fund the construction of Royal Oceancrest Panglao 2, a five-tower medium-rise residential project situated in Dao, Dauis, Panglao Island, that build a total of 1,291 units, targeted to complete in 2026.

After the success of Royal Oceancrest Panglao 1, which was introduced at the height of the pandemic, the sequel Royal Ocreancrest Panglao 2 is currently being built.

Espina reported that the Ocreancrest Panglao 1 is already 80 percent sold and is now in its final stage of development.

PHI’s commitment to joining Panglao’s economic strength building is also marked by the opening of its first condominium showroom on Jan. 26, 2023. The showroom will allow Boholanos, and even vacation-home buyers to better appreciate condominium investment and vacation rental properties.

Royal Oceancrest Panglao 2 offers one-bedroom units with floor areas of 30 square meters to 44 square meters pegged from P3.2 million.

"We have seen how our Royal Oceancrest brand has been well perceived by the market. First, we successfully launched this in Mactan, Cebu. We eventually brought this brand to the Bohol market,” explained Espina.

According to Espina, building these residential condominiums is not only targeted to end-users but will meet the high interest among investors and buyers wanting to take advantage of the fertile tourism business in Panglao Island.

Vacations rentals, Espina said are seen to provide good money-making ventures to investors or unit owners. With the rising tourism arrivals the Island only has 10,231 hospitality rooms. It will soon be needing more accommodation facilities and residential condominium units are a good alternative for short or long-stay rentals.

Royal Oceancrest developments are designed to offer resort-inspired amenities like a swimming pool, clubhouse, fitness gym, children’s playground, function halls, multi-purpose court, grilling stations, and commercial spaces.

Like the other Royal Oceancrest developments, the Royal Oceancrest Panglao 2 also features massive open spaces -- its other amenities are a meditation garden and koi pond, sunken garden, jogging trail, and events garden. In addition, its buildings also feature viewing decks and garden pods.

Primary Homes’ Royal Oceancrest developments have well-constructed towers that highlight open lobbies, wide hallways, and well-ventilated staircases. Its security features include closed-circuit television (CCTV) system, a fire alarm and sprinkler system with fire exits, and a standby generator set. Each unit is also equipped with a smart door-lock system.