NEDA sees busier construction, property sectors for rest of 2021

CEBU, Philippines —  The National Economic and Development Authority (NEDA-7) is looking at busier days for the rest of the year for the construction and real estate sector in the region, as players are gearing up to launch more projects.

According to NEDA-7, for the rest of 2021, construction and real estate sector is seen to get more buoyant as substantiated by the Bangko Sentral Ng Pilipinas’ (BSP) Business Expectations Survey.

NEDA-7 noted that major players especially in the real estate sector see growth momentum accelerating in the last half of the year on the back of sustained demand from buyers across all spectrum.

As a result, the sector is gearing up for the development of new projects and to raise inventories in anticipation of another round of robust selling.

In Cebu alone, major developers have announced robust expansion plans in place for the rest of the year, moving forward to 2022.

The developer of 12-hectare “Tambuli Seaside Living”, Tytans Properties and Development Inc., readies P4.5 billion capital expenditure (capex) for 2022.

The Cebu Landmasters Inc. (CLI) has invested P8.7 billion in capital expenditures in 2021 with acquisitions for new land amounting to P1.2 billion. CLI company purchased over 40 hectares in key VisMin areas bringing the firm’s landbank to 105 hectares. An additional 70 hectares are currently under negotiation.

After noting a positive outlook for recovery, Be Group president and chief executive officer (CEO) Grand Benedicto said more projects will be pursued starting this year.

Likewise, the Aboitiz InfraCapital Inc. announced to build more office buildings, residential condominium components as part of its expansion plan of the West Cebu Estate, which houses the West Cebu Industrial Park (WCIP) in Balamban, Cebu.