Saturday, September 23, 2006 Realtors foresee more growth in real estate
The Cebu Board of Realtors (Cereb) is optimistic about the prospects of Cebu’s real estate industry this year.
Cereb vice president Raffy Toledo said property development projects have mushroomed in the province and this is due to the confidence of several developers in the local economy.
“(A) spur (in) development (of projects, such as) residential condominiums, memorial parks, high-end to low-cost housing, indicates that the industry is growing,” Toledo said.
He added that Cebu’s hosting of the Association of Southeast Asian Nations (Asean) Leaders’ Summit in December is a “contributing factor” in the success of the industry.
In an interview with Sun.Star Cebu, Toledo reported that several developers are looking for possible properties the northern part of Cebu as “progressive areas” for residential housing.
Residential property development projects in Lilo-an now include, among others, the Amara, a 46-hectare seaside residential project of Ayala Land Inc., and Pueblo el Grande, which is a 3.2-hectare residential subdivision designed for the middle-income market.
Toledo said the average price for socialized housing is between P400,000 to P500,000 while high-end housing is priced at P3 million and up.
Many lots
“Cebu still has many available lots for development,” he said.
Cereb secretary Emily Cabillada said there is an increase in demand for residential condominiums in the metropolis, as well as in Mactan, due to limited space in these areas.
These developments include, among others, the ongoing construction of the 20-story residential and condominium Tower Palace in Cebu Business Park, and Fuente Tower Complex.
Fuente Tower 1 houses Club Ultima, Tower 2 is home of the 300-room Crown Regency Hotel while Tower 3 is a 342-unit residential condominium that sits on a 2,000 square meter lot.
Toledo said even memorial park lots are considered “good investments.”
He added that healthy competition among memorial park developers in Cebu is a manifestation of the province’s acceptance of the market.
Major memorial parks in Metro Cebu now include Manila Island Memorial Garden, Angelicum Garden of Angels, Golden Haven Memorial Park, Evergreen Memorial Park, and Celestial Meadows.
Overseas Filipino workers and Filipinos married to foreigners remain to be the industry’s top market because of “their willingness to invest in quality housing,” Toledo said.
Managers
Meanwhile, Cabillada also revealed that the industry wants to have more “quality” professional property development managers to ensure continuous growth of the industry.
“These managers will make sure the building are in proper condition, and the their staff are working efficiently,” she said.
This, as Cereb encourages building owners, property developers and real estate brokers to attend the seminar program on property management on Sept. 30 and Oct. 01.
The program will teach participants basic skills, knowledge and discipline needed to execute specific duties and responsibilities of building and property management professionals.
Cabillada said the group is targeting 50 to 60 participants. (MMM)
