Cebu, the most affluent province in the Philippines, is piquing the interest of property seekers and investors anew, according to industry experts.
Upmarket residential developments are now commanding high price points in Cebu as the pandemic reinvigorates demand nationwide for homes with bigger cuts. The rise of transport infrastructure developments has also unlocked real estate values across Cebu.
Today, Cebu is the biggest real estate location outside Metro Manila, with more than 1.3 million square meters of leasable office space alone, according to data from Colliers Philippines. It is also the wealthiest province in the Philippines in both pure and net assets, according to a recent report from the Commission on Audit (COA).
“With more players getting into the market, projects have evolved and improved in Cebu. We have seen regional malls built as the consumer market and its spending power has increased. Residential developments have also evolved from simple house-and-lot developments to luxury high-rise projects in the city and Mactan. Aside from the local market, it is also attracting investors from the VisMin region and even buyers from Metro Manila that are looking to diversify,” said Richard Raymundo, managing director of Colliers Philippines and a member of the independent judging panel of the 10th PropertyGuru Philippines Property Awards.
Transport infrastructure projects are poised to benefit the property sector in Cebu. The newly opened Cebu–Cordova Link Expressway (CCLEX) is boosting interest in SRP (South Road Properties) with projects by PropertyGuru Philippines Property Award-winning companies Ayala Land, SM, Filinvest, and Robinsons developing in the area. Meanwhile, the new international airport in Mactan has magnified the capacity for domestic and international flights into Cebu province, leading to more investments in leisure developments.
“Just like the experience in Metro Manila with infrastructure developments unlocking land values and property prices, the recently completed and planned infrastructure projects would bode well for the real estate industry in Cebu. The new Cebu-Cordova Expressway is unlocking values and easing traffic going in and out of the airport into Cebu City. Moving forward, you will see an increase in the critical mass in the area and greater variety in land use,” said Raymundo.
Condominium prices have risen from PHP132,000 per square meter in 2012 to more than PHP400,000 per sqm in some of the most expensive villas in Mactan, with several national developers already launching high-end projects in the popular resort destination, according to Colliers Philippines.
The Gold Standard of Cebu real estate
Riding on such momentum of reinvigorated consumer sentiment, organizers of the PropertyGuru Philippines Property Awards are searching this year for properties that represent the Gold Standard of real estate in Metro Cebu and the wider Visayas region.
For its landmark 10th edition in 2022, the PropertyGuru Philippines Property Awards program seeks to recognize the archipelago’s finest real estate companies and projects across 82 categories, including the sought-after title of Best Developer (Visayas). Other awards at stake include Best Luxury Condo Development (Metro Cebu), Best High-End Condo Development (Metro Cebu), Best Affordable Condo Development (Metro Cebu), and Best Housing Development (Metro Cebu).
The program is also looking for worthy contenders from Cebu and other world-class outsourcing destinations in the country for Best BPO Office Development.
“Cebu’s strategic location as an education hub in VisMin has meant a pool of talent that has attracted major BPOs and KPOs,” said Raymundo. “Aside from Cebu Business Park and IT Park, expect expansions in fringes and new mixed-use developments from national and homegrown developers.”
Cebu’s real estate and other major cities in the archipelago will be honored at the 10th PropertyGuru Philippines Property Awards, presented by Kohler and supported by Boysen Paints. The Philippines Property Awards will host their annual black-tie gala dinner and awards ceremony on Friday, October 7, 2022 at the Fairmont Makati main ballroom.