Tall & Urban News

Construction is underway for Priland Development Corporation’s first residential condominium project, Northwoods Place.

The 312-unit high-rise project is slated for completion in 2021, said Priland general manager Marcelino Relampagos.

“We are now almost sold out,” he said, adding that the value of the units has appreciated from the pre-selling price of P1.7 million (US$33,000) in 2017 to P1.9 million (US$37,000).

“Sales of our condo project are doing well. In fact, our fastest-selling units are those at P2 million (US$39,000),” he added.

Northwoods Place will target the student market and is located close to Sacred Heart School-Ateneo de Cebu in Barangay Canduman, Mandaue City.

Next year, the company is building another tower that caters to the same market, a 700-unit tower along Sanciangko St. in Cebu City named Paseo Highstreet.

A big portion of that project will be studio units, which are ideal for students and young professionals.

To date, Priland has launched four residential condo projects within Cebu, with at least 3,400 total condo units. With the addition of Paseo Highstreet, Priland will have approximately 4,000 condo units under its residential condominium portfolio.

“The market remains strong,” said Relampagos, attributing the positive performance to the increasing number of Chinese buyers, a robust inflow of overseas remittances, and the expansion in the middle-income market class.

“We will continue to carry developments that would answer to the great demand of the real estate market,” said Priland president Ramon Carlo Yap, in an earlier interview.

 “We are always on the lookout for more opportunities, especially since there is a big housing backlog that the industry is tasked to fulfill,” he said.

A 2016 study by the University of Asia and the Pacific revealed that the housing backlog in the country could reach 12 million in the next decade, including the over six-million-unit backlog from 2001 to 2015, unless action was taken.

For more on this story, go to SunStar Cebu.