Developer launches The Courtyards-A A +A
Wednesday, March 5, 2014
LOCAL real estate developer Primary Homes Inc. is adding 129 condominium units to Cebu’s lineup of residential projects with the launching of The Courtyards in Banawa.
The P300-million condominium project will introduce “Cebu’s first walk-up condominium,” a seven-cluster low density condominium project with each building having only three to four storeys.
Primary Homes vice president for sales and marketing Romero Espina told reporters the launching of the new concept was spurred by the rising demand, especially now that people from areas hit by calamities are coming to reside in Cebu.
Although people from neighboring provinces prefer single detached houses, Espina noted that the high price of housing units would make condominiums more preferable.
The Courtyards is marketed to people who do not want to confine themselves in medium-rise to high-rise buildings, Espina told reporters.
He said the project is being positioned by the company as an “income-producing property or IPP.,” especially for investors who want to cash in on the booming property rental business in Cebu. Espina recorded six to ten percent annual returns for condominium rental.
He cited, in particular, students from other provinces who study in Cebu and who are looking for a temporary place to stay while studying.
Before the launching held last week, Espina said the project was already at 60 percent sold.
The Courtyards in Banawa is the seventh condominium project of Primary Homes. It is equipped with an ISO-Certified Property Management system.
The Courtyards is built in a half-hectare property on J. Fortich St., Banawa. Unit prices range from P1.7 million to P4 million. It is set for turn over to unit owners in the fourth quarter of 2015.
Recently, Primary Homes announced it is allocating P1 billion for the development of five projects this year.
Published in the Sun.Star Cebu newspaper on March 06, 2014.