Developer to pour P250M for new projects this year

Residential developer, Primary Homes Inc., (PHI) gears up to pour additional investment of at least P250 million this year to build over 300 housing units, a combination of middle-range and low cost packages.

PHI vice president for sales and marketing Ramiro Espina said that aside from Bohol, the company--the builder of Villa del Rio subdivisions and over 30 residential projects in Cebu, is now looking at other provinces in Central Visayas, like Dumaguete in Negros Oriental, and Siquijor.

While the company is active in building condominium units in Metro Cebu, and its current countryside second home project in Argao, PHI aims to pioneer in the introduction of gated community concept with chic lifestyle amenities in other provinces in Central Visayas.

In Bohol for instance, Espina said PHI will launch two projects this year, the expansion of Royal Palms Panglao, and the construction of low cost subdivision-Colorado Town in Baclayon.

Espina said the company has seen the rise of demand for gated community subdivisions in the provinces, Bohol for instance has starting to embrace this type of living.

The growing number of families with dollar-earning breadwinners lead the pack among the top buyers of housing units in subdivisions specifically in Bohol, he said.

Among the other three provinces in Central Visayas, Bohol provides big potential for residential real estate business, because of its upbeat tourism, and improving purchasing power of Boholanos.

The company has at least 10-hectare landbank in Bohol for further development, but Espina said additional investment will depend largely on the development of the Panglao International Airport.

In other provinces like Negros Oriental and Siquijor, the company is currently doing market studies.

In an earlier interview with PrimaryHomes president Stephen Liu, he said that company is allocating P10 billion capital expenditure to build more residential projects in Cebu.

This will also include the company’s plan to venture into residential developments in other areas in Visayas and Mindanao.

The company currently has a total of 20-hectare property land-bank, including its acquired property in Davao, which the company will soon develop for another residential project, and northern Mindanao, in Cagayan de Oro.

According to Liu, PrimaryHomes’ long term plan is to build more houses across the country, indicating its serious intent to become one of the giant developers of residential projects. —