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AboitizLand launches phase 2 of Cebu town home project

Posted on June 30, 2014 09:30:43 PM [ BusinessWorld Online ]

CEBU CITY -- Aboitiz Land, Inc. (AboitizLand) has placed on the market 30 more town homes and a commercial center under the second phase of its master-planned residential development in northern Cebu City.

Audie Villa, assistant vice-president for sales and marketing, said the aim is to create a complete community with a walkable design.

“There’s no need to travel away for basic necessities. We’ve even included spaces for professionals to practice their craft inside the residences,” he told BusinessWorld.

Pristina North is a 32-hectare gated community in Talamban. The second phase of development includes 30 three-bedroom housing units in addition to the existing 30 units launched in 2011.

A total of 91 terraced town homes are expected to be completed in the second phase of development. Phase 1 of the planned community sold out at 26 units.

Mr. Villa said a commercial and retail center will be at the heart of the development. The commercial space is expected to open with restaurants, cafes, groceries, as well as office spaces.

The housing units, aimed at the AB market segment, will be offered at between P9 million and P13 million. Since beginning the project in 2003, Mr. Villa said that housing investments in Pristina North Residences have appreciated by 166%.

“In 2003, units were valued at P6,200 per square meter. Now, in 2014, we have seen that number almost triple at P16,800,” he said.

“From 2010 to 2014, value appreciation has gone up 37%,” he added.

He said the growth of the middle class in the metropolis has exposed a multitude of problems, ranging from traffic to poorly planned drainage systems.

“That’s why the focus of AboitizLand is to create master-planned communities. Our planning and even property management teams are in constant dialogs with local government units to address these problems and to ensure our designs match with legislation and other requirements,” he said. -- John Paolo G. Bago           
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