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Freeman Cebu Business

Realtors pouring investments on retirement homes, facilities

Ehda Dagooc - The Freeman

CEBU, Philippines - Cebu is slowly gaining ground as a preferred retirement destination as developers start to pour investments on retirement village projects in the province.

Real estate developers Syntech Properties, Incorporated, Duros Land Properties, Incorporated, and EverJust Realty and Development Corporation, are among the companies that formally announced their plans to build retirement communities in Cebu. 

"There is a growing number of active foreign retirees who are seeking for good retirement properties in the Philippines, and Cebu is one of their top favorites, especially for the Japanese, " said DLPI chairman Rafaelito Barino.

Barino's company will spend about P4 billion to build a five-hectare retirement village in Lilo-an, Cebu.

Meanwhile, Singaporean developer Syntech Properties, Incorporated, has already started developing the 37-hectare Retirement Village in Balamban, Cebu.

Earlier, capitalist Justin Uy announced plans to enter into an integrated retirement facility, which will take advantage of the highly-skilled medical professionals in Cebu.

Uy, who has been successful as processed food exporter for years now, has recognized the fertile ground of real estate development, thus the inception of the EverJust Realty.

Development Corporation.

Uy said the company is drawing up long plans including the future development of hospital and other projects geared towards attracting the retirees and the medical tourists.

"We have an overflow of nurses. We have the property already,’ said Uy, who owns the export firm Profood International, the J Center mall, and JPark Island Resort and Waterpark Cebu formerly known as Imperial Palace Resort, among other businesses.

Uy said part of the long term plan, is to invest on a hospital development that will cater the medical tourism market.

Uy reiterated the good pool of medical professionals in the country, and the over-supply of nurses should be maximized, thus helping the “brain-gain” bid of the Philippines.

On the other hand, although the muti-sectoral groups in Cebu have been trying to market the province as preferred “retirement hub” for international retirees, Cebu still has to build appropriate facilities to attract this potential dollar-earning market.

Department of Trade and Industry Cebu Provincial Office director Nelia F. Navarro in an earlier interview said that good coordination between the government and private sectors in Cebu should be strengthened to maximize the Province’s attractiveness to retirees around the world.

“We do not have assisted living or a nursing home where retirees needing constant attention can live, or a group of private-retirement homes where active retirees can rent a room and share facilities such as laundry kitchen bathroom and common living areas with other residents,” said Navarro.

This time, developers have responded to this call, sensing the actual demand from the market.

Recently, Philippine Retirement Authority general manager Veredigno Atienza said that the government will aggressively promote the country as a retirement destination for the world’s retirees.

Atienza said that the agency must do more roadshows and conferences which are rifled at distinct focused audiences.

PRA is now focusing on the country’s leading source countries such as China, South Korea, and Japan.

“PRA is leveraging developments in age-friendliness, tourism, healthcare and Department of Tourism’s ‘It’s more fun in the Philippines’ campaign to boost the Philippine position further in the international retirement rankings,” Atienza said.

He said the Philippines needs to compete with global competitors which are offering more aggressive retirement programs.

Because of this, PRA is expected to launch more product innovations designed to lure more retirees to the country.

He said the Philippines hopes to attract one to 10 million foreign retirees in the next six years. (FREEMAN)

ATIENZA

CEBU

DEPARTMENT OF TOURISM

DEPARTMENT OF TRADE AND INDUSTRY CEBU PROVINCIAL OFFICE

DEVELOPMENT CORPORATION

DUROS LAND PROPERTIES

IMPERIAL PALACE RESORT

RETIREES

RETIREMENT

SYNTECH PROPERTIES

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