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PIC Invests Millions In Multiple Residential Projects

Company is negotiating metro-area lot for $200 million, 1,100-units devlopment


September 6, 2001
Copyright © 2001 CARIBBEAN BUSINESS. All Rights Reserved.

Pulte International Caribbean (PIC) Corp. is in negotiations to acquire land in the San Juan area to develop 1,100 housing units with a total price tag of $200 million.

In addition, PIC is currently developing another five projects totaling 1,481 units worth $299 million.

PIC President Francisco Arrivi said Pulte Corp.–the world's largest housing-construction company–has a long-term commitment with Puerto Rico that dates back to 1966. Since taking over the company two years ago, Arrivi has concentrated on middle and upper middle-class projects.

The company’s flagship project is Paraiso de Coamo, a $62.7 million, 229 single-family smart home development on a 72-acre site bordering the Coamo River, directly across from the Coamo Springs Golf Course.

One-story, three-bedroom, two-and-a-half-bath units on a 544 square-yard lot start at $249,000. Two-story houses, starting at $320,000, have up to 1,203-square-yard lots.

Smart homes are wired throughout for high speed Internet, cable television, music systems, and phone access.

"Since the project is five minutes from the Luis Ferre Expressway, 20 minutes from Ponce, and 28 minutes from Cayey, it targets primary and secondary home dwellers who want to take advantage of its outstanding amenities, such as the golf course, the thermal waters, the putting green, swimming pools, and tennis & basketball courts," Arrivi said.

Other PIC projects include Paraiso de Carolina and Paraiso de Mayaguez.

The Carolina project, worth $29.7 million, comprises 67 townhouses with individual yards, three bedrooms, family room, and two and a half baths, each selling for an average $174,500. Pre-sales and construction start in October with deliveries in mid 2002.

The Mayaguez project has a $64 million price tag and comprises 200 houses from $175,000 to $190,000 as well as 200 walk-ups averaging $140,000. Pre-sale will start in November with construction slated for January and delivery for yearend 2002.

PIC also has two joint venture projects with local developers.

One is a $86.5 million, 590-unit development on PR-3 in Canovanas. Its first phase–Estancias del Rio–comprises 130 social-interest units being delivered now. The second phase, already under construction, is River Plantation. Its 144 single-family houses have three or four bedrooms, family room, and two baths, with prices ranging from $154,000 to $175,000 and delivery set for January. A third phase is yet to be named. It will have 316 detached dwellings at an average $170,000 cost, slated to begin construction in January 2002 and delivered in October 2002.

The second joint venture will be in Trujillo Alto's Las Cumbres Ave. and has a sale cost of $57 million. Its 195 detached houses will be built in mid-2002 with an average price of $295,000.

PIC completed Paraiso de Gurabo–a 93-single-home development with a sales cost of $18 million–last year.

PIC’s parent company Pulte Corp. is a 50-year-old, publicly traded, Detroit-based company. Last year, it reported revenue of $4.2 billion, net income of $188.5 million, and $2.3 billion in assets, with 5,200 employees. It sold 27,781 houses in 29 states, Argentina, and Mexico.

This Caribbean Business article appears courtesy of Casiano Communications.
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