By Ehda M. Dagooc Updated January 24, 2009 12:00 AM
Despite the threat of consumer spending tightening, residential developer Primary Homes is ready to splurge P2.7 billion for at least five condominium and subdivision projects in Cebu this year.
“I believe that demand for housing is going to continue for Cebu. Compared to other parts of the world, our economy [Cebu] is pretty much okay,” said Primary Homes president Stephen Charles Liu.
This year, Primary Homes, formerly known as Commonwealth Estate Inc.(CEI), is going to introduce five new residential development projects, including two pocket-size subdivisions to be built in Talamban, and Banawa.
Following the strong take up of its condominium project, Wood Crest Residences located in Banawa, the company will be introducing another condominium project to be called “La Guardia Flats” in Lahug.
According to Liu, spending for residential acquisition from the Overseas Foreign Workers (OFWs) is going to sustain, amid the ongoing massive retrenchments in the United States, and other countries.
He expressed confidence that Filipino workers especially those that are working in the United States, will be the least affected amid the lay-off and job streamlining, because majority of them are employed in
the education and healthcare sectors.
Education and healthcare have immunity to crises as these are very important sectors, and massive job streamlining in these areas are unlikely to happen. Besides, Liu said Filipinos are the most sought-after workers in the world, so they are the “last ones” to be ditched out, in times of difficulties.
Thus, spending for residential acquisition in both subdivision and condominium projects are seen to stay dynamic in Cebu.
The booming Business Process Outsourcing (BPO) sector, as well as tourism will also help strengthen real estate products’ take up in Cebu, in both residential and commercial developments, Liu said.
Primary Homes’ parent company Primary Structures Corporation (PSC), the region’s largest general contractor and builder, also operates the Primary Properties Corporation (PPC), the well known name in
commercial building leasing and one of the major building owners at the Asia Town IT Park here.
While the local market still opts to buy subdivision-based properties, the expatriates and Filipino and foreign migrants to Cebu are the consumer backbone of condominium products, he said.
In the next few months, Primary Homes will introduce Casa del Rio, its pocket-size subdivision in Highway 77, Talamban, that will offer 24 housing units targeted to the middle to lower-high-end consumer base.
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