Real estate exec in awe of Cebu’s quality homes

CEBU, Philippines - Cebu's reputation as good developer of housing products could very well support the province’s positioning as a second-home destination, a Manila-based real estate executive said.

"Cebuano developers impressed both national and foreign real estate players and buyers, specifically in their passion to build quality buildings," said Cyndy Tan Jarabata, president of Tajara Leisure and Hospitality Group, and founding chairperson of Philippine Property Awards.

Jarabata said Cebuano developers have this unique passion to build quality homes not only to impress buyers, but also tends to attach their integrity and name on every project they build.

This type of reputation, she said could heighten the interest of buyers to make Cebu as their second home destination, not only for the quality residential developments Cebu is offering, but also for its location, the urban-resort come-on coupled with a vibrant economic standing.

She said wealthy people in Manila, and even in other parts of the country, would want to own a residential property in Cebu. This makes the real estate sector in the province stand out, notwithstanding the strong interest from buyers all over the world.

Cebu, which is also tagged as the modern paradise, blessed with robust economic growth, also has the largest portfolio of retirement homes in the Philippines that can cater from budget-conscious buyers to the wealthy discriminating billionaires, said real estate consultant, and property specialist Dr. Tomasito Z. Academia

On an average, property prices are pegged from as low as P1 million depending on the size and location, and facilities offered.

A seaside condominium property for instance in this city costs only around P3 million to P12 million with area ranging from 36 square meters to 100 square meters.

A city view, fully-furnished studio unit could fetch in an estimated ownership cost of P2 million.

Cebu offers a wide array of retirement homes, from condominium to horizontal chic integrated retirement villages, duly registered with the Philippine Retirement Authority (PRA),— for their foreign retirees.

The Philippine government intentionally installed an authority office to oversee the standard, facilities of a retirement village, to make sure retirees are protected, and given their basic needs such as medical, leisure/entertainment, shopping, among others.

Academia, also agreed with Jarabata, saying Cebu's good quality residential units, from subdivision to condominium add to the already attractive location of Cebu as a second home destination.  (FREEMAN)