Priland pushes ahead with P2-billion Vertex Coast project in Lapu-Lapu City

LAPU-LAPU CITY — Priland Development Corporation is advancing construction of its P2-billion Vertex Coast condominium project in Punta Engaño, Lapu-Lapu City, as the Cebu-based developer maintains a positive outlook on the local property sector amid economic uncertainties.

The development is expected to create more than 600 jobs once construction reaches its peak, with the company prioritizing qualified workers from surrounding communities.

Workers needed for the project include steelmen, masons, painters, tile setters, and other skilled construction personnel.

Priland Vice President for Technical Engineer Roy Vincent Lumayag said the company is coordinating with local barangay officials to facilitate the hiring of residents, in line with commitments made during consultations for the project.

“Our priority has always been to hire locals whenever possible, especially those with the necessary skills,” Lumayag said.

He noted that employing workers from nearby communities also helps contractors minimize logistical concerns, including transportation and worker accommodation.

Despite economic challenges and geopolitical tensions, Priland President Ramon Carlo Yap said the company continues to see room for growth in Cebu's real estate industry.

“We are very optimistic. Despite the Middle East war, we still see a very positive real estate industry in Cebu and in the Philippines in general,” Yap said.

While market activity has moderated, Yap said demand remains sufficient to support new developments.

He also clarified that Vertex Coast was not abandoned, but its construction was put on hold during the COVID-19 pandemic because of the uncertainty surrounding the economy at the time.

The company has since resumed the project despite the current challenging environment.

Yap said Priland remains committed to completing the development according to its timetable.

Vertex Coast is being built in Punta Engaño, a major tourism and leisure area in Mactan known for its beaches and growing concentration of residential and hospitality developments.

Yap said the project's location presents an opportunity for Priland to participate in the area's continuing transformation into a residential and investment destination.

The condominium will be Priland's 11th residential development in Cebu. It is positioned as a mid-market project combining residential units with small office/home office spaces.

The development will consist of 735 units spread across two 27-story towers. Planned facilities include infinity and children's pools, a gym, function rooms, a game room, garden deck, commercial areas, basement and podium parking, and eight elevators.

Construction is expected to take between 42 and 48 months, with unit turnover projected at around three and a half years, according to Lumayag.

The project, however, presents several engineering considerations, particularly the site's hard-rock terrain and its proximity to an electrical substation.

Lumayag said excavation activities require stringent safety measures because of the site's geological conditions and the need to protect the nearby substation throughout construction.

The developer is also keeping a close watch on construction costs, particularly the prices of steel reinforcement bars and cement, which Lumayag described as volatile.

To manage potential increases in material costs, project contracts include escalation provisions designed to address substantial price movements during construction.

Yap said the company has likewise adjusted unit prices progressively as the project moved through different pre-selling stages, consistent with prevailing industry practice.

Beyond its residential portfolio, Priland is broadening its business interests.

The company has recently started work on its first mall and first hotel in Consolacion, signaling its move into commercial and hospitality developments.

Priland is also planning Vertex High Street, while future projects may include additional commercial, hotel, and office components.

Yap said the company intends to regain the pace of expansion it had established before the pandemic, although its immediate focus remains on completing its existing projects in Cebu.

Expansion opportunities in other areas of the Visayas and Mindanao are also being considered as part of Priland's longer-term growth plans.

For now, the developer is betting on Cebu's continued property demand and the sustained development of key growth areas such as Mactan. | Carmel Pedroza