LISTED property developer Shang Properties Inc. is gearing up to enter Cebu.
Herbert Herrero, director for Visayas operations, on Saturday, Sept. 30, 2023, said the group has already found a site for Shang Properties’ flagship project along Gov. Cuenco Avenue in Cebu City.
He, however, declined to disclose specific details of the upcoming project but said this will be the firm’s first expansion outside Metro Manila.
“It’s in that good stretch of that area and we feel that it’s a major artery of the city… We feel that it’s a location where the market expects us to be. We are proud of finding it,” said Herrera.
Herrera said the project is still in the conceptual stage, which means they are still determining the size of the units and amenities, among others.
“We’d like to be very careful because it’s a flagship project and we want to make sure that it’s aligned with the preferences of the market,” he said. “We are targeting those who are looking for a vibrant community and live in a very exemplary way. Cebu is a haven for a businessman. So we keep the Cebuano businessman in mind.”
The Shang Properties Inc. team was in Cebu for an exclusive roadshow dubbed “Tailored Spaces” that showcased the company’s luxury residences to Cebuanos at the Shangri-la Mactan Cebu Resort and Spa last Saturday.
“We’re in the right place to be. The Cebu market has an eye for urban comforts and Shang Properties provides just that with modern and convenient curated spaces perfect for work, play and relaxation,” said Wolfgang Krueger, executive director of Shang Properties.
The event featured four of Shang Properties’ premium projects in Metro Manila—Aurelia Residences in Bonifacio Global City, Taguig; Haraya Residences in Bridgetowne, Pasig; Shang Residences at Wack Wack, Mandaluyong, and its latest development, Laya by Shang Properties, in Pasig City.
The firm said the immersive experience showcased the flexibility of each space and its ability to be reconfigured to suit the needs of its residents, along with each property’s distinct interiors, private landscapes and sustainable living arrangements.
“We want to introduce our properties to discerning Cebuanos considering the vibrant and continuously growing Cebu market,” added Krueger.
Herrera said the roadshow is also an opportunity for the company to get to know the preferences of Cebuanos when it comes to buying properties. He said the projects featured in the roadshow will give Cebuanos a glimpse of the type of developments that they can do in Cebu.
“We want to plan it well. Hopefully, if we can do it next year, why not? But we would like to be ready. We would like to give Cebu the project that it deserves that matches the charm it gives because we know that everybody is waiting for it,” he said.
While the luxury residential segment is once again taking center stage in Metro Manila — the demand for which is partly driven by an affluent and discerning market — Colliers has been seeing this trend in key residential hubs outside of the National Capital Region, with some of the most expensive projects located in master-planned developments in Pampanga, Bulacan, Cebu, Davao, Bacolod and Iloilo.
Condominium prices in these locations now range from P185,000 to P262,000 (US$3,400 to $4,800) per square meter, Colliers data show.
“We project the attractiveness of luxury and ultra-luxury residential projects sustaining pace, and we see this trend even outside of Metro Manila. Offering luxury condominium units in key areas outside of the capital region will be more pronounced beyond 2023 and we see an aggressive differentiation among property firms’ projects moving forward,” said Joey Roi Bondoc, director of Research Colliers.