PropertyGuru: Cebu piques interest of property investors

CEBU, Philippines —  Organizers of PropertyGuru Philippines are searching for properties to represent the Gold Standard of real estate in Metro Cebu and the wider Visayas region.

Cebu, the most affluent province in the Philippines, has piqued the interest of property seekers and investors anew, according to industry experts with the PropertyGuru Philippines Property Awards.

For its landmark 10th edition in 2022, the PropertyGuru Philippines Property Awards programme seeks to recognize the archipelago’s finest real estate companies and projects across 82 categories, including the sought-after title of Best Developer (Visayas). Other awards at stake include Best Luxury Condo Development (Metro Cebu), Best High End Condo Development (Metro Cebu), Best Affordable Condo Development (Metro Cebu), and Best Housing Development (Metro Cebu).

The programme is also looking for worthy contenders from Cebu and other world-class outsourcing destinations in the country for Best BPO Office Development.

Richard Raymundo, managing director of Colliers Philippines and a member of the independent judging panel of the 10th PropertyGuru Philippines Property Awards, said with more players getting into the market, projects have evolved and improved in Cebu.

 “We have seen regional malls built as the consumer market and its spending power has increased. Residential developments have also evolved from simple house-and-lot developments to luxury high-rise projects in the city and Mactan. Aside from the local market, it is also attracting investors from the VisMin region and even buyers from Metro Manila that are looking to diversify,” Raymundo said.

Transport infrastructure projects are poised to benefit the property sector in Cebu. The newly opened Cebu–Cordova Link Expressway (CCLEX) is boosting interest in SRP (South Road Properties) with projects by PropertyGuru Philippines Property Award-winning companies Ayala Land, SM, Filinvest and Robinsons developing in the area.

Meanwhile, the new international airport in Mactan has magnified capacity for domestic and international flights into Cebu province, leading to more investments in leisure developments.

 “Just like the experience in Metro Manila with infrastructure developments unlocking land values and property prices, the recently completed and planned infrastructure projects would bode well for the real estate industry in Cebu. The new Cebu-Cordova Expressway is unlocking values and easing traffic going in and out of the airport into Cebu City. Moving forward, you will see an increase in the critical mass in the area and greater variety in land uses,” he added.

Likewise, condominium prices have risen from PHP132,000 per square metre in 2012 to more than PHP400,000 per sqm in some of the most expensive villas in Mactan, with several national developers already launching high-end projects in the popular resort destination, according to Colliers Philippines.

 “As a result of the high land values in Cebu, high-rise residential is also a familiar development in Cebu. This has attracted major developers like Ayala Land, Rockwell, Filinvest, Megaworld, Robinsons Land, ArthaLand and HTLand to landbank and launch projects. Homegrown developers like Cebu Landmasters, Innoland and BF Paray have also found their niche in the market,” he continued.

 “Cebu’s strategic location as an education hub in VisMin has meant a pool of talent that has attracted major BPOs and KPOs,” said Raymundo adding that aside from Cebu Business Park and IT Park, he expects expansions in fringes and new mixed-use developments from national and homegrown developers.

Cebu’s real estate and other major cities in the archipelago will be honoured at the 10th PropertyGuru Philippines Property Awards, presented by Kohler and supported by Boysen Paints.

Organized by PropertyGuru (NYSE: PGRU), Southeast Asia’s leading property technology company, the Philippines Property Awards will host its annual black-tie gala dinner and awards ceremony on Friday, October 7, 2022 at the Fairmont Makati main ballroom.

Riding on such momentum of reinvigorated consumer sentiment, the organizers hope to see more Cebu-based developers to take advantage of this esteemed recognition this year.

Founded on a tradition of excellence, the long-running programme in the Philippines is part of the PropertyGuru Asia Property Awards series, now marking its 17th year.

For its 10th edition, the PropertyGuru Philippines Property Awards programme is raising the Gold Standard of real estate with an array of new categories. They include the title of Best Luxury Developer, in addition to many never-before-presented Development categories: Best Completed Condo Development, Best Completed Housing Development, Best Connectivity Condo Development, Best Connectivity Housing Development, Best Waterfront Condo Development, Best Waterfront Housing Development, Best Branded Residential Development, Best Integrated WFH (Work From Home) Development, Best Pet-Friendly Residential Development, Best Health and Wellness Development, Best Eco-Friendly Condo Development, Best Eco-Friendly Housing Development, Best Eco-Friendly Commercial Development, and Best Smart Building Development.

Cebu-based developer Cebu Landmasters, Inc., won 11 awards, including the titles of Best Developer (Visayas) and Best Developer (Mindanao), at the 9th PropertyGuru Philippines Property Awards in 2021. The Cebu-headquartered developer triumphed at last year’s Awards with a portfolio of innovative, ambitious projects across Metro Cebu, including Casa Mira Towers Mandaue, Patria de Cebu and Radisson Red.

Meanwhile, The Suites at Gorordo, a project by Worldwide Central Properties, Inc. in Cebu, clinched the coveted Best High Rise Condo Development (Philippines) award.

As part of the PropertyGuru Asia Property Awards series, main country winners of the 2022 PropertyGuru Philippines Property Awards may qualify to compete for regional honours at the 17th PropertyGuru Asia Property Awards Grand Final on 9 December in Bangkok, Thailand.