The Cebu property market is expected to maintain its upward momentum. Both land values and condo prices are likely to increase as a number of major infrastructure projects receive approval. The government continues to work on improving connectivity between the cities of Mandaue, Cebu and Lapu-Lapu.
One of the most important projects currently under construction is the 8.25-kilometer Cebu-Cordova bridge that should provide a lift to some areas of the south Cebu property market. David Leechiu, Leechiu Property Consultants Chief Executive Officer, told the SunStar Philippines that the new bridge could convince more developers to build in this area.
“The third Mactan bridge bodes positive news for real estate. The Municipality of Cordova will be seen to reap the biggest economic boom from the third bridge. Land values and property developments will rise,” Leechiu explained.
While real estate and land prices have increased during the past few years, these future infrastructure projects mean there is room for further growth, according to Leechiu. The fourth Mactan bridge, the monorail transport system, Bus Rapid Transit project and the Metro Cebu Expressway are just a few projects in the pipeline.
“We have seen the highest commercial land value inside Cebu Business Park and Cebu IT Park peaking at PHP 450,000 per square meter both located in Cebu City,” Leechiu noted.
New developer targets Cebu property market
New developer ABC Prime is pulling it out all the stops for its first project, ARC Towers. The developer selected Cebu for this initial development based on a number of factors.
“Cebu is more promising in the property scene especially for new developers since Cebuano buyers are more eager on the quality rather than the name of the developer. That is why we decided to put our maiden project here in Cebu,” ABC Prime Chief Operating Officer Amelia Leonardo told the Cebu Daily News.
The three-tower mixed used project in downtown Cebu City will have residential, commercial, retail and hospitality space. The first building at ARC Towers will stand 23 stories and have condominiums and a retail area. It is set to be finished later this year.
And while ABC Prime is a new developer, it is confident in its ability to deliver a high-quality product. The 697 condo units in the development are backed by a one-year, moneyback guarantee. Once the unit is turned over to the owner, they can get a full refund within the first year if they are unhappy with it.
Construction on the second and third phase of ARC Towers has not begun. However, the developer is ready with plans for each project.