Developer to pour P16B into VisMin

Local developer Primary Homes, Inc. (PHI) will invest a total of P16 billion for more residential projects in the Visayas and Mindanao to be launched starting this year until next year.

Since the beginning of the year, PHI had already launched seven projects and now have a total of 37 projects already launched to date.

Of the 37 projects, 34 are in Metro Cebu, two in Bohol and one in Argao in south Cebu.

Their inventory is now at 5,000 house and lot units and 2,000 condominium units.

“Two more projects are set to be launched before the year ends which includes a third project in Bohol and a walk-up development in Banawa, Cebu City,” said architect Stephen Charles Liu, PHI president.

The Bohol project will be house and lot development targeting the middle class market with at least a hundred units while the Banawa development will be a condominium project that features 12 three-story buildings.

For their total nine projects this year, the company is set to invest from P5 billion to P6 billion.

Another P8 billion to P10 billion is set to be invested next year with PHI planning to launch at least 12 projects next year.

“The 12 projects will include projects outside of Cebu and a good combination of house and lot and condominium projects,” said William Christopher Liu, Jr., chief executive officer and president of Primary Structures Corp., a sister company of PHI.

first wave market

The company still has a land bank of at least 20 hectares that they will develop in the next two years.

The company’s aggressiveness in the market only shows how confident they are of Cebu and the country’s economy.

Liu said they continue to see stronger demand for house and lot projects with the country’s market still on the “first wave.”

“First wave meaning these are people who buy homes for their use and not for investments. Most are first-time home owners who still prefer the house and lot property,” said Liu.