MEMORIAL properties are emerging as an alternative investment, attracting younger buyers who see columbarium vaults as long-term assets rather than simply spaces for storing the remains of loved ones.
Cebu-based property developer Cebu Seven Fields Realty Inc. is betting on the trend with a P150-million investment in True Vine Garden Columbary, a one-hectare memorial estate in L. Gabuya Street, Basak San Nicolas, Cebu City.
The project, located about 10 minutes from SM Seaside City Cebu, can accommodate up to 20,000 vaults.
“Most of our buyers today are millennials. They’re buying not because they intend to use it anytime soon, but because they see it as a practical long-term investment,” Joseph C. So Jr., the company’s treasurer and managing director, said.
Nearly 20 percent of the project’s inventory has already been sold, although only about 50 vaults are currently occupied, So said. This suggests that much of the demand is coming from pre-need buyers and investors rather than immediate users.
So estimated that memorial properties typically appreciate by eight to 15 percent annually. He said they also generally entail lower maintenance costs than conventional real estate and do not usually carry recurring association dues or property taxes.
The market is also benefiting from the growing acceptance of cremation in the Philippines, particularly among younger Filipinos.
A traditional private burial can cost close to P800,000, including the lot, casket and funeral expenses, while columbarium vaults start at P125,000, excluding cremation costs that can begin at around P30,000.
A premium vault can accommodate up to four urns, making it a more economical option while requiring considerably less land than traditional burial lots.
Cebu Seven Fields is also departing from the conventional memorial park model by positioning True Vine Garden as a lifestyle-oriented destination. About half of the property will be devoted to landscaped gardens.
The company plans to add chapels, cabanas, coffee shops, flower and keepsake stores, and event spaces where families can hold birthdays, anniversaries and other gatherings in remembrance of loved ones.
“We want people to celebrate life, not death,” So said. “The goal is to create a place families will want to visit throughout the year.”
The developer is also preparing to enter the pet memorial market, including a dedicated pet columbarium and cremation facilities.
So said the business could eventually generate recurring revenues from memorial events, chapel services, floral arrangements and family gatherings, moving beyond one-time property sales.
“We’re building a generational business,” he said. “Eventually, it won’t just be about selling memorial properties. It will be about providing services that families continue to need for generations.”
The company plans to replicate the model in other municipalities once the concept is established in Cebu, targeting areas where modern memorial developments remain limited. / KOC