HLURB: Condo projects in Central Visayas up by 192 percent

CEBU, Philippines — Development of condominium projects in Central Visayas posted an increase of 192 percent in 2017 compared to the previous year, the Housing and Land Use Regulatory Board (HLURB) reported.

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

In an interview with HLURB-Central Visayas regional director Francis D. Ordeniza, he said that the increase is due to the high demand for economic residential condominium within the Metro Cebu area.

Although Ordeniza's office is also covering the Eastern Visayas (Region 8) area, he said 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.

Ordeniza explained that the market is now more active in the economic condominium level, which categorized as projects which per unit cost is pegged not less than P1.7 million to P4 million.

With the problem of traffic within the Metro Cebu area, more and more people opt to buy a condo, thus developers are bullish and continuous to build more projects.

A small portion of the new condominium projects are being built in Bohol, but mostly are situated within the Metro Cebu.

As of February 2 this year, HLURB granted LTS to two new condo projects in Cebu that provide another 1,199 condo units to be available in the market this year.

Cebu Landmasters Inc. (CLI) has recently been given the go signal by HLURB to market the 537 units of Casa Mira Guadalupe's economic condominium project, and 662 totals of Grand Land Residences Tower in barangay Kasambagan Cebu City. The 227 Grand Land Residences Tower will be offered by condotel concept.

According to Ordeniza the real estate development is sustaining its high momentum in Cebu as the market is still buying, and developers including those from outside of Cebu like Manila, are actively making their presence here.

Based on HLURB standard, there are three classifications of condominium projects; socialized (P400,000 to P1.7 million); economic condo projects (P1.7 million to p4 million) and the open market, which are those projects targeted to middle and high end markets or those units sold more P1.7 million level. (FREEMAN)