Home-based Pros, Startups Targeted

WITH the growing number of home-based professionals and startups in Cebu, a local developer is configuring some units of its newest condominium project for small office home office (SOHO) use.

In a press conference yesterday, Cebu real estate developer Priland Development Corporation introduced Northwoods Place, a two-tower condominium project on H. Abellana St. in Canduman, Mandaue City, and the company’s first venture in condominium development.

Pouring P300 million for the construction of 312 condominium units slated for completion in 2020, Priland sales manager Irvin Paul Pastoriza said 18 units are configured for SOHO.

“We are targeting them (self-employed and startups) right now. In fact, should the demand be higher, since we are offering one floor of home office, we might convert the second and third floor, in case the demand is really high,” said Pastoriza.

The first tower of Northwoods Place will stand 17-storeys tall while the second tower is a nine-storey building. The floor area of Northwoods Place SOHO units range from 23 square meters to 53 square meters.

By 2018, the developer is slated to launch two condomium units in Cebu City. Both projects will have SOHO units, albeit in small number, said Priland president Ramon Carlo Yap.

Priland joined Cebu’s real estate industry in 2013 and pledged to build 10 horizontal and vertical residential projects from 2017 to 2019.

According to Colliers International senior research manager Dinbo Macaranas, takeup of horizontal and vertical developments in Metro Cebu will continue to rise on a healthy level, but with a slight bias for condominiums, considering the business activity in the metro.

“Takeup of condominiums has totaled twice as much as house and lots,” the official said in a Colliers report on Cebu’s residential market for the second quarter of 2017.

About 75 percent of condominiums are in Cebu City, while 15 percent are in Lapu-Lapu City, and 10 percent are in Mandaue City.

From SunStar Cebu