Priland fast tracks projects due to fast condo take-up

CEBU, Philippines — Local real estate developer Priland Development Corporation is set to add 701 units to the condominium inventory in Cebu with its P1.5 billion Vertex Central project.

The project, which was officially launched yesterday, is a 33-storey building located at Archbishop Reyes Avenue in Cebu.

In a press conference, Priland president Ramon Carlo Yap revealed that because of the fast take up of real estate properties in Cebu, the company has to accelerate its planned projects, and Vertex Central is one of the six new developments that will be introduced by the company this year.

This upscale condominium set to be completed in 2022 is Priland Residences’ latest addition to its numerous projects that accommodate different lifestyles.

About 200 units will be built for SOHO (Small Office, Home Office) market, and the rest, (including the eight penthouse units), is for residential buyers.

This year, the company estimates to spend about P4 billion to P5 billion capital expenditure for the five remaining projects, which include a six-tower development in Mactan Island, near MEPZ 2.

Priland is a member of a diversified group of companies engaged in the business of manufacturing, distribution, and retail for more than 20 years.

Among these companies include Prifood, Conceptology, Da Vinci’s Pizza, and most recently Pricon, the construction business arm of the group. The group formerly owned the Three-Sixty Pharmacy chain before it was sold to Lucio Co, owner of Puregold and SnR.

Yap added that the company is continuously expanding its landbank in Cebu to take advantage of the lucrative real estate sector.

From The Freeman