Manila-based firm earmarks P4-5B for Cebu project
Manila-based Primeworld Land Holdings is investing some P4-5 billion for its maiden project in Cebu.
The company launched on Saturday the Primeworld District, a 4.6-hectare development on Mactan Island.
Company president Nelba Pangilinan said the development will have seven towers, each with 10 storeys.
"We target to start construction by end of this year," she said in a press conference.
Aside from the seven condominium towers, the project will also feature a hotel and a handful of standalone villas around the complex.
The company will also soon launch a project in a 2-hectare lot at the South Road Properties (SRP) but project details weren't available yet.
Pangilinan said the firm is still keen on acquiring lots in Cebu for future developments.
Towns of Liloan and Minglanilla were cited as potential sites.
Primeworld has origins in Manila and has expanded since 2010. The company has presence in Luzon, Mindanao and Visayas.
In a recent report, property consultancy firm Colliers International said the property industry will continue to benefit from robust tourist arrivals, particularly tbe city's hotels and residential condominiums that are being offered to the short-lease market.
Cebu houses a wide range of accommodation facilities that cater to both young, urban professionals on a weekend getaway and investors on a short business trip.
Colliers believes that aside from the influx of local and foreign tourists, the demand for more leisure investments such as hotels and serviced residences should be fuelled by Cebu's thriving outsourcing and industrial sectors. Medical tourism is another bright spot for the island-province's hospitality segment.
Colliers sees tourism becoming a major plank of Metro Cebu's economy moving forward. "We expect the sector's growth spilling over to other sectors such as retail," it said.
Colliers believes that Cebu has the potential to be at par with neighboring destinations such as Bali and Phuket in terms of hotel and resort development. At present, Cebu has only a fifth of Bali's and Phuket's room count. But we see Cebu becoming a major leisure investment destination in the region given its improving infrastructure backbone and sustainability of traditional demand drivers such as outsourcing and industrial operations.