More residential units out in market
The residential market component of the real estate industry in the region continued to expand with at least 757 residential units to be launched and offered to the market this year.
This developed with Megaworld Cebu Properties launching this year of its third residential cluster in their 20 hectare Mactan Newtown Center called the One Manchester Place.
“One Manchester Place is a three tower purely residential cluster development in the township center. The first tower, which is actually the third residential tower we have launched since 2011, will have 157 residential units,” said Hernandez.
Megaworld launched Mactan Newtown Center, a mixed used development in Mactan, Cebu, in mid-2011. The center will house residential, commercial, hotels and office buildings.
In August 2011, they launched the first residential cluster called 8 Newtown Boulevard which was followed by One Pacific Residences in May last year.
“All 772 units in 8 Newtown are sold out as well as all 573 units in One Pacific which prompted us to launch the first tower of our third cluster which is One Manchester Place,” said Hernandez.
For the first tower, Hernandez said they expected the same uptake rate as their two earlier launched projects and around P1 billion in revenues.
The first tower is targeted for completion by December of 2017.
Meanwhile, local developers are also aggressively launching projects for Cebu like Primary Homes Inc. which recently launched its 23rd residential project called South Glendale located in Talisay City, Cebu.
Ramero Espina, Primary Homes vice president for sales and marketing, said the project would add 54 more residential units in Cebu’s property market.
“Within the year we are expecting to launch five projects and this (South Glendale) is the third project we have already launched. We expect around an additional 600 units this year,” Espina said.
PHI launched Colorado Homes in Bohol earlier this year which was followed by Mabolo Garden Flats.
They will be launching Liloan Colorado Homes next month with over 300 units, and in the fourth quarter of the year, the Banawa Courtyard with 130 units.
Expected delivery of South Glendale units is 18 months from now or November 2014.
“For all our projects this year, we expect a total investment of P700 million. We are focusing more on the mid to upper class market which will continue to expand fueled by a continued robust economy,” he said.
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