BOOMING REAL ESTATE INDUSTRY IN CEBU

Cebu is a long-narrow province in the Philippines located in the Visayas Islands. Its capital, Cebu City is the Philippines second most significant metropolitan center and more popularly known as the oldest settlement established by the Spaniards in the country.

Being a main center for commerce, industry, and trade, the province’s Cebu International Port is the country’s main shipping port and home to about 80% of the shipping companies. It has the second largest international flights arrivals in the Philippines with Mactan-Cebu International Airport as the second busiest international airport in the country.

Cebu is one of the top tourist destinations in the Philippines and is always competing with Camarines Sur for the top spot. Figures from Department of Tourism show that Cebu was visited by 1.77M tourists, mostly foreigners who opted to stay for a longer time, and since 2006, their average growth is 14.5% while local tourists averages at 7.32%. Both tourist arrivals have been progressively growing at an average of 9.5%.

The reason why foreigners keep coming back to this Visayan island is because of its beautiful beaches and scenery, good image, activities, friendliness and warmth of the people, clean lodging, and its restaurants serving delicious dishes.

Image

Cebu City skyline. (Photo source: http://3.bp.blogspot.com)

The province is also becoming as the second largest hub for Business Process Outsourcing in the country, next only to Manila. Many BPO buildings and Information Technology Centers have been mushrooming in the province.

Analysts said Cebu is now becoming a major tourism and ICT destination and the real estate industry in the province is also in a boom as many developers have been taking advantage of the province’s growth to build BPO buildings, shopping malls, hotels, condominiums, and residential areas.

SM Prime Holdings Inc. has recently opened its second shopping mall in the province, SM City Consolacion, which is also the fourth SM Mall in the Visayas.

SM Prime Holdings Inc. has other mall in Cebu, SM City Cebu. It is the 4th SM mall, the first mall outside of Metro Manila, and the 11th largest mall in the world. The strategic location of SM City Cebu near the city’s port attracts them large number of transient shoppers.

After these 2 malls, the Sy family-owned Corporation is now planning to open its 3rd Cebu mall- SM Seaside City Cebu, the biggest shopping mall there, and there are reports that the corporation is in talks to acquire a site for their 4th Cebu mall.

Not to be outdone is the Robinsons Land Corporation, owned by the Gokongwei family. The family started their business empire in Cebu and is now returning back to the place amid a strong competition from SM Malls.

The company is now starting their plan to build the Robinsons Galleria Cebu in which they considered as the largest commercial development outside of Manila and it is slated to open 2014.

Located in North Reclamation Area, the project is a seven-story mixed-use building that includes a shopping mall, BPO offices, hotel, and a residential condominium.

Aside from these 2 corporations, other developers are also building their projects in Cebu, Filinivest Land Inc. is developing residential areas and BPO complex. Ayala Lang Inc. has also its own shopping mall and residential projects.

I salute the provincial government of Cebu in their efforts to make Cebu a premiere destination for investors. The seeds of their hardwork is now reaping fruit.

(With sources from Wikipedia, Cebu Daily News, and Business Mirror)

THIS BLOG OR ARTICLE IS OWNED BY MR. RAMON C.F. CUERVO AND MAY CONTAIN LEGAL PROPERTY WHICH IS RIGHTS-PROTECTED. IT IS INTENDED FOR PUBLIC READING ONLY. COPYING, DISTRIBUTING, OR RE-PUBLISHING THE ARTICLE OR BLOG WITHOUT THE APPROVED CONSENT OF THE WRITER IS PROHIBITED. ANY ENTITIES WHO WANT TO SHARE THIS BLOG OR ARTICLE, PLEASE CONTACT THE WRITER AND ACKNOWLEDGE THE SOURCE: www.cuervopropertyadvisory.wordpress.com  AND WRITER: MR. RAMON C.F. CUERVO, WITH MR. RAPHAEL D. TORRALBA

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