Investment in condos in Central Visayas seen to surpass the PHP13.8B in 2014

By Eddie O. Barrita

CEBU CITY, Oct. 25 (PNA) — Investments in condominiums in regions 7 and 8 this year are expected to surpass the PHP13.8 billion total investment in the sector last year, an official said.

Director Alixes Roy Lopez of the Housing and Land Use Regulatory Board (HLURB) 7 and 8 said investments in condominiums already reached PHP11.5 billion in the first 10 months of the year.

Lopez said there should be more than PHP2.2 billion more worth of condominium projects in the region to surpass the investments poured in 2014.

Lopez said there are more projects to come, citing three from Filinvest Land Inc., which is expected to apply for licenses with HLURB soon.

He said they already received 35 applications from January to late October this year for condominium projects alone.

In contrast, 22 condominium projects were issued licenses to sell by HLURB in 2014, he said.

Most of the projects are in Cebu, one of the fastest growing provinces in the country.

Subdivision and Housing Developers Association (SHDA) Central Visayas chapter president Julie Castaños said there are no records that show any downswing on residential developments, particularly condominiums.

Castanos, who is also the project development manager of Filinvest’s City de Mare project at the South Road Properties in Cebu City, cited an HLURB report that there is a 65 percent increase in the number of residential units from the approved horizontal projects in 2015.

Castanos said there is also a 59 percent increase in the total number of condominium projects applied this year compared to last year. (PNA)