Developer earmarks 15% of P18B capex for Cebu
Real estate developer Pueblo de Oro Development Corporation (PDO) allocates P18 billion capital expenditure (capex) in 2024, to fund new projects in key areas across the Philippines, including Cebu.
In an interview with PDO-Visayas vice president Ronald Allan Uy, he said the company has lined up at least two new projects in Cebu this year. These include the Pueblo de Oro Storeys, a mid-rise condominium inside the 27.4 hectares Townscapes Mactan, located in Babag, Lapu-Lapu City, and the 10-hectare Pueblo de Oro Townhomes in southern part of Cebu, in Carcar.
Uy, however said that PDO-Visayas, has yet to determine the total project cost of its Cebu expansion. However, he added that Cebu gets an estimated 15 percent of the total capex set by the company this year.
Another 450 condominium units will be added to PDO’s vertical village portfolio in Cebu with the development of its four-building, six-story condominium that will offer 23.8 square meter studio units with balconies overlooking the Mactan Channel.
Meanwhile, its townhouse project in Carcar, will build a total of 920 house and lot units, located in barangay Can-asujan.
Uy said the Carcar project will be formally launched in the market before the end first quarter this year.
In a report, PDO stated that it is also putting its money to develop more residential projects in Cagayan de Oro City, and Batangas.
A total of 12 project are lined up to be launched by PDO in 2024 including the two new residential developments in Cebu.
Meanwhile, Uy reported that the company’s Townscapes Mactan is on track to complete the 27.4 township project. The P1.63 billion township project has now transformed into one of the most desirable neighborhoods in the province because of its proximity to the Cebu Cordova Link Expressway T-intersection.
In March 2023, PDO inaugurated the 3.7-hectare Park Place II– the third exclusive subdivision in Townscapes Mactan. Park Place II offers 194 single attached housing units, with three bedrooms and a provision for a mini office. The regular lot size is 88 square meters with a total area of 106.5 square meters.
Likewise, in November last year, Park Place II opened two new house model units -Tanya and Hazel.
Besides Park Place II, the township also houses the 13.5-hectare La Aldea Del Mar and eight-hectare Park Place.
PDO’s aggressive stance in cashing in new projects post-pandemic is largely fueled by the active Overseas Filipino Workers (OFWs) market.
In Cebu, Uy added that the company is focusing on attracting active OFW buyers, who have been supporting its growth even during the pandemic.
Uy’s statement is backed by the report released by the Bangko Sentral Ng Pilipinas (BSP) which showed that money sent home by OFWs from January to November 2023 grew by 2.9 percent to US$33.6 billion. November remittance alone stood at $3 billion.
According to BSP, the growth in personal remittances during the month of November (2023) was driven by increased remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year.