Condo projects in Cebu surge in 2007

Following the rising consumer demand for urban living lifestyle, Cebu’s real estate industry received a deluge of investments poured towards condominium projects in 2007.

Big realty developers penetrated Cebu in 2007 offering high-end to medium range residences while some opted to develop high-end subdivisions with additional offering of medium to high rise condominium buildings.

Sta. Lucia president and chief executive officer Exequiel D. Robles believes that there is a strong and good demand for condominiums in Cebu. Like in progressive cities in the country, Cebuanos are expected to embrace the lifestyle living in high-rise condominiums.

With the high-rise Sentinel Condominiums already established in Cebu, Robles said Sta. Lucia is bent on developing more high-rise projects in the area in the next few years.

Despite Sta. Lucia’s initial interest in developing more subdivisions here, the limited land area in the metropolis prompted the company to diversify its concentration on residential condominiums and condo-tel projects, which is also backed up by the good market take up for this kind of realty product.

“The condo market in Cebu is very good,” said Robles thus the company is up to put more money in building condominium units in Metro Cebu, including its plan to build high rise condominium building at the Cebu Business Park (CBP).

Meanwhile, AboitizLand Inc., announced early 2007 that for the first time it will venture into condominium development projects.

The company is currently building five high-rise condominium buildings, all of which are eight-stories tall, to address the demand for affordable condominium units in Cebu.

AboitizLand vice president for sales, marketing and customer service Pia Mantecon said the company will accelerate this condominium project, located in Mabolo area, to take advantage of the strong demand for middle-range condo units.

“This is what the market is asking for. We see a strong demand for affordable residential units, which includes condominiums,” Mantecon said.

From developing middle to high-end subdivisions in northern to southern parts of Cebu, as well as some industrial development projects, this is the first time that AboitizLand ventured into condominium offering.

Cebu’s condominium market has suffered for years immediately after the 1997 regional economic crash. Condominium projects that were constructed before the 1997 crisis were heavily affected, while some developers stopped the construction, others eventually dumped condo developments.

 In the last couple of years, the market for condominiums in Cebu started to pick up, fueled by the robust growth of BPO investments, and other industries wherein executives and workers need this kind of residential product.

Gokongwei Group’s Robinson’s Land Corporation (RLC) launched its first project in Cebu late this year to offer over 800 high-end condominium units, a five-star resort called AmiSa located in Mactan Island.

The five-hectare AmiSa project is the first leisure development of RLC in Cebu, and its major and biggest development project here.

Frederick D. Go, RLC president and chief operating officer (CEO), said that the company is very bullish about the condominium market in Cebu as well as the tourism sector in general.

He said the six towers that will be built by the company will supply an additional of 800 upscale, seaside condominium unit facilities in Cebu.

Likewise, Landco Pacific Corporation, one of the largest residential developers in the country, also included plans to build medium to high-rise condominium projects to its P10 billion integrated residential development in Cebu called Monterrazas.

Moreover, Senator Manny Villar-led real estate development company, Vista Land Development Corporation, aims to be a major player in the real estate development in Cebu, as it plans to launch more projects starting next year, with emphasis on building condominium units in Metro Cebu starting 2008.

According to Villar, the company is going to enter into the high-rise condominium development projects in Cebu, including high-end leisure facilities, such as resorts, and commercial complex.

Aside from these big condominium projects introduced in Cebu this year, and in the previous year, there are also local developers which introduced pocket-condominium developments around Metro Cebu to capture the interest for condo units among new generation professionals that have learned to embrace the urban living lifestyle.