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Cebu developer forms unit for low-cost housing

Posted on September 01, 2014 11:07:00 PM [ BusinessWorld Online ]

CEBU CITY -- Contempo Property Holdings, Inc. is set to offer low-cost and socialized housing projects in Cebu through a newly formed affiliate.

“Hopefully, (we’ll get the approvals) before the year ends. Then we’ll hold groundbreaking ceremonies,” Ms. Dayanan told reporters at the launching of the new company last week.

The first Sunberry Homes will rise on a 2.5-hectare property in Lapu-Lapu City on Mactan Island.

“Before we finish this (project), we’ll have a new one,” Ms. Dayanan said, without disclosing additional details.

She said the new company, with an initial capital of P100 million, was created in response to the high demand for low-cost and socialized housing units in Cebu. A socialized housing unit has a price ceiling of P450,000 while a low-cost unit can carry a price of up to P2 million.

“The demand (for socialized and low-cost units) is still so high although there are a lot of pocket developments,” Ms. Dayanan said. She estimated that Cebu has a housing backlog of about 300,000 units, mostly in the low-cost and socialized segments.

She said the challenge for developers is how to keep the cost low, considering the rising prices of land in the urban areas. Most socialized housing projects are located outside Cebu City.

Ms. Dayanan said Sunberry will strive to go beyond affordability and functionality by providing aesthetic value.

Contempo, one of the new developers in Cebu, is undertaking a three-tower condominium project for the middle-market segment. The first tower was launched in November 2012 while the second was launched two months ago. -- Marites S. Villamor  
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