Bad roads, infra weaken ‘upbeat’ property market

CEBU, Philippines — Amid the rosy prospects of the real estate sector in Cebu, property marketers are calling on concerned government agencies to fix roads and other infrastructure components so as to maximize the returns of an upbeat market.

Real estate broker and Filipino Homes founder Anthony Leuterio made this call as Cebu’s attractiveness to property buyers here and abroad is spoiled by the worsening reports of traffic and inefficient roads.

“My advice is we should fast track the road renovations and road expansion projects. This is important to impress investors and buyers,” said Leuterio in an interview yesterday.

Leuterio, whose network of property agents make frequent sales missions in different countries, expressed apprehensions of infrastructure problems, including traffic, bad roads.

If this problem can be given immediate resolution, Leuterio is confident that Cebu’s appeal to property buyers, commercial property developers will sustain in the long term.

Meanwhile, developers in Cebu right now are having difficulties finding lands for development of integrated, mixed-use projects which everything within the vicinity.

This means that medium to high-rise residential and commercial projects are expected to rise within the Metro Cebu.

Condominium projects posted an increase of 192 percent in 2017 compared to previous year in Central Visayas, a report from Housing and Land Use Regulatory Board (HLURB-7) revealed.

The HLURB-Central Visayas processed and approved license-to-sell (LTS) to 117 developers with new projects in 2017, a 192 percent up from 40 new project applications in 2016.

Most of the residential and even commercial condominium projects are built within the highly urbanized areas, such as Cebu City, Mandaue City, Lapu-Lapu City, and Talisay City.

Of the 117 new projects applied for LTS last year, 39 of which are already given the go signal, while the rest still have to complete necessary documents.

A total of P16.391 billion was added to the region's economy, specifically in Metro Cebu because of these new projects.

These developments also added 3,829 condominium units to the portfolio last year, from 8,062 units available in the market in 2016. (FREEMAN)