Paramount Earmarks P600M for 3 Residential Projects in South Cebu

Cebu-based developer Paramount Property Ventures Inc., (PPVI) has earmarked some Php 600 million for capital expenditures (capex) this year for the development of three residential projects in southern Cebu.

Arli Arenas-Vergara, sales and marketing head of Paramount Sales Center, said the firm would launched its fifth residential development project, called Francesca Highlands, that will house 600 units in Minganilla town in southern Cebu this month.

This will be followed with the launch of two residential projects comprising 1,200 units of economic and socialized housing in a 12-hectare property and a 250-unit mid-market housing in a five-hectare property, both located in Carcar City, also in southern Cebu.

“Our concentration is in the south because that part of Cebu is booming,” Vergara said.

National and local real estate players have been banking on the city’s development of the South Road Properties (SRP) in Cebu City’s south side as its operation will boost business activities, generate jobs and eventually increase housing requirements in the south.

The heightened tourism promotions for the south also contribute in making the towns in that area of Cebu a potential retirement destination.

PPVI will be launching next week its first mountain resort living project, Francesca Highlands, that sits on a 30-hectare development in Minglanilla.

The new project, which will be developed in four phases, will be completed in five years. It sells both lot-only and house-and-lot units.

Engineer Roy Vincent Lumayag, the firm’s technical operations head for planning and engineering designs, said they will initially develop the first and second phases of the project, which will cover six hectares.

The lot-only units are priced from Php 1.5 million to Php 3 million with a lot cut of at least 250 square meters (sq.m). Prices of the house and lot units, on the other hand, range from Php 5 million to Php 7 million.

Buyers have the choice of four house models that are all two-storey home units with lot sizes of 120 sq.m. to 156 sq.m.

Mar Relampagos, the firm’s business development officer, estimates the development of Phases 1 and 2 will cost them Php 200 million.

Francesca Highlands will have facilities like landscaped lagoon and pocket gardens, solar-powered street lights, village clubhouse with swimming pool and viewing decks and cafe.

PPVI has four existing residential projects, three of which are beach-front developments.

The firm currently has at least 1,000 units in its portfolio, of which more than 80 percent has been sold. (PNA) RMA/EB