AboitizLand: P3B for Priveya Hills project

ABOITIZLAND Inc. will pour in P3 billion more in investment for another high-end lot-only residential project in Cebu that will start development next month.

In a press conference last Monday, Aboitiz Land Inc. chief executive officer Andoni Aboitiz said that the investment would be for Aboitiz lot-only project called Priveya Hills in barangay Bacayan, Cebu City.

“The whole project measures about 59.25 hectares development, which is double the size of our other project nearby, which is Pristina North Residences,” said Aboitiz.

The project will have five phases of development that will each be launched every two years. This means that the Priveya Hills project will be completed by 2022.

Aboitiz said the firm would start accepting reservation during the formal launching of the project on March 16.

The project’s first phase, which covers about 25 percent of the whole project area, will start next month. It’s expected to be completed by the first quarter of 2015.

“There will be 113 lots for the first phase with lot cuts averaging from 400 square meters to 1,000 square meters. Majority, however, are cut into 400 square meters to 500 square meters that we are selling at P12,500 per square meters,” he said.

Priveya Hills is the third high-end lot-only project of Aboitiz Land Inc. Other residential projects include North Town Homes in Cabancalan, Mandaue City, North Town Residences, North Town Woods, Mahogany Grove and Briza, Molave Highlands.

There’s still a large local market in Cebu for projects like Priveya Hills, said Pia Mantecon, AboitizLand Inc. vice president for sales and marketing.

She said since most developers were now focusing on vertical projects like condominiums, this had caused a shortage of lot-only horizontal projects like the Priveya Hills project.

She said the new investment would cater to this market./Reporter Aileen Garcia-Yap