COLLIERS International Philippines sees more resort-themed developments in Cebu as the second terminal of the Mactan Cebu International Airport comes near completion.
In its Philippine Property Q3 report, the property management and research firm noted the development of more three and four-star hotels in resort destinations in the country visible over the next two to three years.
“Most of these projects will be built in Cebu, which is among the most visited destinations outside of Manila,” said Colliers.
The opening of MCIA’s second terminal is expected to boost Cebu’s tourist arrivals. Slated for completion in June 2018, the new terminal’s capacity will rise to 12.5 million passengers, from the current 4.5 million.
Terminal 2 spans approximately 45,000 square meters. It will serve all international flights starting mid-2018.
“New airport infrastructure is essential in further expanding both local and foreign tourism... This should raise tourist arrivals in the country which results in higher hotel occupancy rates and thus entice local and foreign businessmen to ramp up their leisure-related investments in the country,” it said.
One of the most recent and largest tourism-related investments in Cebu is the P35-0billion Seagrove in Punta Engaño, Lapu-Lapu City by AyalaLand subsidiary Cebu Holdings Inc. and the Gaisano family’s Taft Property Venture Development Corp. (TPVDC).
The project, spanning 14 hectares wide, will house a mix of several hotels, retail, entertainment, and outdoor recreation starting 2022, as part of the project’s first phase.
Another giant that is riding on this Cebu’s heightened tourism potential is Filinvest Group, which is investing P1.5 billion to develop Grafix, a 308-room lifestyle resort on a 2.8-hectare property located in Duawon Beach, Lapu-Lapu City. Construction will begin this year and is slated for completion by 2020.
In addition, Colliers said Double Dragon will be building a Jinjiang Hotel in Cebu. Other upcoming developments include The Ascott Limited’s opening of Citadines Cebu City in 2019 and Somerset Gorordo by 2021.
There will also be Duros Land’s 23 Minore Park Hotel; Grand Land and Dusit International’s Dusit Princess Hotel; Udenna’s integrated casino-resort; and Megaworld’s hotels under the Belmont brand.