Luxury property developer maps out Cebu expansion

CEBU, Philippines —  Luxury property developer Shang Properties Inc. (SPI) is set to build its first high-rise residential tower in Banilad, Cebu City, kicking off its first entry to the residential market outside of Metro Manila.

Now on its early conceptualization, in terms of design and unit sizes, SPI director for the Visayas and Mindanao Herbert M. Herrero said the company is very careful in introducing its flagship residential project in Cebu saying “Cebu is an interesting market, we want to make sure that we build something that the market appreciates. That’s why we are taking our time.”

In 1993, Shangri-La Group, a Hong Kong-based conglomerate known for its excellence in hospitality, made its debut in Cebu by establishing the Shangri-La’s Mactan Resort. This luxurious five-star resort spans across a sprawling 13-hectare property setting new standards for hospitality in the region.

This time, the company is making its flagship residential project in Cebu, which may break ground before the year ends or next year.

“We are touching base with our Cebuano friends. We listen to the market. We do find time to plan very well. Hopefully, if we can do it by next year why not? But we’d like to be ready. We’d like to give Cebu the project that it deserves that matches the charm it gives. Because we know that everybody is waiting for it,” Herrero said.

SPI has formed a strategic partnership with a local Cebuano landowner for the development of the prime Banilad property. As the company delves into the vibrant Cebu market, they are diligently assessing its dynamics to determine the most suitable brand for its inaugural project here.

“Cebu is an interesting market, we want to make sure that we build something that the market appreciates. That’s why we are taking our time,” said Herrero.

“We feel that it’s a location that the market wants us to be. If we can launch something within a year. We’d like to be very careful because it’s a flagship project and we want to make sure that it aligns with the market’s preferences,” he explained.

Herrero, together with Rose Morales, SPI senior director for sales, and Jayme T. Uy, director for marketing, were in Cebu Saturday, September 30, 2023, at the Shangri-La’s Mactan Resort, for an SPI roadshow, showcasing the residential portfolio located in different areas in Metro Manila.

Dubbed “Tailored Spaces,” the half-day roadshow featured four of their premium properties in Metro Manila: Aurelia Residences at the heart of Bonifacio Global City, Taguig; Haraya Residences in Bridgetowne, Pasig; Shang Residences at Wack Wack, Mandaluyong, and their latest development, Layaby Shang Properties, in Pasig City.

The immersive experience showcased the flexibility of each space and its ability to be reconfigured to suit the needs of its residents, along with each property’s distinct interiors, private landscapes, and sustainable living arrangements.

Each property highlighted meticulously designed spaces, from the bespoke and classic Italian elegance of Aurelia Residences, and lush private landscapes of Haraya Residences, to the resort-inspired properties of Shang Residences at Wack Wack, and the thoughtfully crafted modern spaces of Laya.

Aurelia Residences and Haraya Residences are developments of Shang Robinsons Properties, Inc., a joint venture between Shang Properties and Robinsons Land. This collaboration combines the expertise and strengths of these two leading developers to deliver exceptional real estate projects to the discerning market that further enhance the quality and innovation of these luxury residences.

“We want to introduce our properties to discerning Cebuanos considering the vibrant and continuously growing Cebu market. The [Cebu] roadshow shows our commitment to providing exemplary living experiences and exquisite sense of space to more people in the country,” said Wolfgang Krueger, Executive Director of Shang Properties.

Prospective buyers and investors were allowed to learn more about the different residential units and commercial spaces offered by each property, discover its world-class amenities, appreciate its innovative designs, and interact with a team of professionals who can personalize and curate the perfect space, tailored to one’s taste and lifestyle.

According to the study conducted by Colliers Philippines, in the first quarter of 2023, Cebu saw a rising share of upscale and luxury residential segments (P12 million and above) to total condominium launches in Cebu increasing to 15 percent from only two percent in the first quarter of 2022.

Experts at Colliers Philippines believe that the Cebu residential buyers in the upscale segment want to splurge on specialized products such as villas and resort-oriented units.

SPI has been involved in property investment and development in the Philippines since 1987 and was listed on the Philippines Stock Exchange (PSE) in 1991. Its core businesses are office and retail leasing and residential development.