New Bohol airport drawing in more property developers

CEBU, Philippines — The anticipated opening of Panglao Airport in Bohol among other promising forecasts has encouraged more developers to invest on property businesses on the island.

Latest record from the Housing and Land Use Regulatory Board (HLURB) 7 revealed that more property developers are applying for project registration in recent months.

“Condominium and condo-hotel applications are noted in Dauis and Panglao, as real estate developers take advantage of the island’s potential as a retirement and tourism destination,” said HLURB-7 regional director Francis D. Ordeniza.

Reportedly, the new Bohol Airport in Panglao Island will be operational by June this year.

Ordeniza said the establishment of the airport and the island's international prominence as a resort destination, prompted capitalists and property developers to offer residential facilities including condo-tel projects.

He mainly attributed the province's strengthening appeal to residential developers  due its flourishing tourism sector and the new infrastructure projects to be erected in the island.

In a separate interview with real estate property broker Anthony Gerard Leuterio, he said that Bohol, particularly Panglao Island is one of the most in-demand locations buyers are looking at right now.

Either for personal use or investment purposes, locations like seaside, islands, and tropical tourism hotspots top the list of buyers' requirements.

"Property buyers, especially Filipinos working abroad are interested in putting their money to own properties in Dumaguete, Iloilo, Bacolod, Bohol, Cagayan de Oro, General Santos, and Davao," said Leuterio.

Thus, aside from the sprouting resort projects in Panglao, residential developments are also rising up, developers are desperate to complete necessary requirements in order to meet the demand of the throng of buyers waiting to own a piece of property now, before Panglao Island could become an international market sensation — as a preferred vacation and second home destination.

Panglao Island is part of Bohol Province. It comprises of two municipalities: Dauis and Panglao.

Described as one of the few islands in the Visayas, which is spared from over-commercialization, the island is located southwest of the island of Bohol and east and south of Cebu. (FREEMAN)