PROPERTY values in Cebu could suffer from the lack of urban planning measures that has resulted in a flood-prone and congested metropolis amid the robust local real estate scene here, an expert cautioned.
Ramon Sevilla, a registered environmental planner, raised concerns on the state of urban developments in Cebu which may impact the dynamic real estate ecosystem.
“If you don’t take care of the environment, if you don’t do the proper planning, property values will suffer,” he said on the sidelines of the second national convention of the Philippine Institute of Real Estate Service Practitioners Inc. (PhilRES) at the Waterfront Cebu City Hotel and Casino last Nov. 8.
“Our last CLUP (comprehensive land use plan) in Cebu City was (made in) 1983; that is obsolete. We have been overtaken by events,” said Sevilla, who holds a Ph.D. in urban planning from the University of California, Los Angeles (UCLA).
Instead, he called on all real estate professionals to support and advocate proper urban planning in Cebu and call for the “strengthening of planning institutions,” describing them as “weak” in terms of implementing and executing urban planning measures.
“Planning includes everything from the City Planning and Development Office to the way we enforce, to the way we grant licenses,” he said.
In 2015, the Japan International Cooperation Agency (Jica) concluded the Roadmap Study for Sustainable Urban Development in Metro Cebu for use in attaining the Mega Cebu Vision 2050, which projected that economic activities in the metro will increase by 15 times its 2010 level.
The roadmap study identified 10 flagship projects for implementation until 2020, and outlined 14 anchor programs for implementation by 2050.
Jica also identified seven sub-roadmaps to include the Metropolitan Competitiveness Enhancement; Urban Structure and Land Use; Highway Network and Public Transport; Water Supply, Storm Water and Wastewater Management; Solid Waste Management; Smart SRP (South Road Properties) Development; and Metropolitan Governance.
Land Asia Realty and Development Corp president Ricardo Inting said that while Cebu is suffering from regular flooding, traffic congestion, and transportation woes, among other challenges, property values are rising and Cebu continues to become an investment destination for investors.
The realtor also dismissed speculations of a housing and condominium glut in Cebu with demand for such projects still increasing.
“We are not experiencing a glut because of the demand. If you follow the law of supply and demand, there is demand, and so what happens is, the prices go up,” Inting said.
Mallonga Consulting Services president and chief executive officer Rodrigo Mallonga likewise urged real estate professionals and property industry players to observe environmental compliance in their projects, adopt green technologies and design to mitigate the effects of climate change on properties and lives.
“The potential for property values will be greater if we had better planning,” underscored Sevilla.
The Philippines is a signatory to the Paris Agreement on Climate Change and promised to reduce carbon emissions by 70 percent in 2030. Climate change has been linked to the occurrence of natural disasters and extreme weather conditions. Global efforts in various industries, including property and real estate, are being undertaken to mitigate its effects.