Sunday, April 11, 2010 [ sunstar.com.ph ]
By Katlene O. Cacho
IN response to what it described as the strong demand for beachfront residential units, property developer Paramount Property Ventures will be launching another beachfront project in Inayagan, Naga City next month.
Paramount Property, which focuses on developments in southern Cebu, said the Mazari Cove in Naga is its third beachfront community project after Coral Bay and Fonte Di Versailles, which are both in Minganilla.
The company invested up to P50 million in Coral Bay and P130 million in Fonte Di Versailles. Coral Bay has 74 housing units that cater to the middle-end market. Fonte Di Versailles, on the other hand, has a total of 166 housing units that cater to the high-end market.
“For Mazari Cove, we are eyeing roughly P75 million as investment for the development of the project,” said Paramount Property Ventures president Abelardo Cañedo Jr. in a press briefing last Thursday.
Paramount Property Ventures sales and marketing head Gerald Lim Suan said they are targeting the middle-end market for the project. He said the price of the house and lot units ranges from P1.2 million to P2.5 million.
Trend
Mazari Cove is a 6.5-hectare beachfront community project that will have 371 housing units. The pre-selling of units is scheduled next month.
“We have ventured into beachfront development because this is now the trend in the residential developments particularly in the United States. We wanted to inject the same trend in the country since the province is surrounded by beautiful beaches,” Cañedo said.
Beachfront developments, he said, are most preferred by buyers in the retirees’ market.
Paramount Property Ventures, which has been in the real estate business for five years, expressed optimism in the real estate industry this year.
“This is because of the strong uptake in real estate business, tourism and the expansion of business process outsourcing (BPOs) in the city,” Cañedo said.
He added that aside from Mazari Cove, the firm will set aside P210 million to finance three other projects in the pipeline.
He said this will include a P120-million investment on four midrise condominium buildings in Mactan; a P40-million investment on a 3.5-hectare residential development and P50-million investment on another 2.5-hectare beachfront development all situated in the south.
“With the development of South Road Properties, the south part of Cebu province will now become the new residential haven,” he said.
Published in the Sun.Star Cebu newspaper on April 12, 2010.
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