Developer earmarks P1.5B for low-cost housing project
Primary Homes Inc., (PHI) is set to dispense at least P1.5 billion next year to provide over a thousand economic housing units in the countryside.
This capital expenditure will only fund the company's economic housing category, excluding the building of projects targeted to other market segments, as well as its condominium lines.
In an interview with PHI vice president for sales and marketing Ramiro Espina, he bared that the company is looking at Bogo and Toledo as the main expansion pads for next year. These two projects, which will carry the Richwood Homes brand, will provide a thousand affordable housing units by 2019.
This year, PHI, a Cebuano-owned company already built a total of 2,020 houses in Cebu, Bohol and Dumaguete under the Richwood Homes.
PHI built the 709-unit Richwood Homes in Compostela (Cebu), located on a 53,865 square meters property. The project was turned over to home owners since March this year.
In Bohol, Richwood Homes is located in Dauis, in Panglao, Bohol. It offers 414 home units. The company is set to turn over the houses to owners by first quarter of 2020.
Richwood Homes in Dauis is PHI’s fifth project in the island of Bohol.
Likewise, its project in Dumaguete situated in the municipality of Bacong will have a total of 897 units that will be turned over to owners also by first quarter of 2020.
According to Espina, the company is serious in its bid to contribute in minimizing the gap of housing supply in the country, as the economic segment is still considered as underserved.
Espina added that the company is also looking at introducing more projects of this kind next year, not only in the countryside areas in Cebu, but also in the provinces of Negros, Bohol, as well as Leyte.