New developer commits P1B for economic housing

• Source: http://www.pna.gov.ph/index.php?nid=3&rid=770613
• Tuesday, June 9, 2015

(PNA), LAP/EB/EDS

CEBU CITY, June 9 (PNA) -- A new player in property development is committed to concentrate its future projects to economic housing in three to four years, pouring in roughly P1 billion in investments in Cebu.

One Citadel Homes and Residences, sister company of Worldwide Central Properties Inc., reported that it launched two economic housing projects, one in Lapu Lapu City and one in Mandaue City, within the third quarter.

“We created a separate one (company) for our economic housing projects, the One Citadel Homes and Residences, because we’ve observed a housing backlog in Cebu these days,” said vice president for marketing Sharon Anne Ong.

She said that although there are numerous residential projects today, there remains to be a big number of those who do not have their own homes.

The economic housing project in Mandue, however, will be a condominium, different from the usual economic housing formats which are mostly horizontal developments.

The price, according to the company’s president Alan Kent Ong, will follow the same rates for economic housing at P1.25 million, as classified by the Housing and Land Use Regulatory Board.

The Mandaue project will have a thousand units nestled in five or six towers.

Sharon said they are planning to incorporate retail centers within the development.

The project in Barangay Agus in Lapu-Lapu City will be a house and lot package, still following the same price points.

Officials said they will construct 300 houses for a budget of P300 million.

According to president Kent Ong, being in the business of manufacturing construction materials allows them to minimize the cost of their developments.

The company is under the Worldwide Group of Companies, which include the Worlwide Steel Group and Worldwide Home Depot.

“The savings that we will get will be passed on to the consumers,” said Kent.