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August 23, 2018

Cebu-based businesses expects to invest P6 billion in a 100-hectare reclamation project in Minglanilla

NEWS

A consortium of Cebu-based businesses led by property developer Cebu Landmasters Inc. expects to invest P6 billion in a 100-hectare reclamation project in Minglanilla, Cebu, which will pave the way for the group’s entry into the industrial park development business.

In an interview last week, CLI founder and president Jose Soberano III said the consortium that proposed the Ming More Reclamation and Industrial Park four years ago was now just awaiting an environment compliance certificate (ECC) from the Department of Environment and Natural Resources (DENR).

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RESEARCH VIEW

National developers with limited land bank in Cebu should be on the lookout for ongoing reclamation projects. Strategic acquisition of land in reclaimed areas should significantly raise the land bank of national developers in Metro Cebu. Land in reclaimed areas is much cheaper than those in established business hubs, thus enabling national developers to offer residential projects at a discount. The large parcel of land available should also allow firms to develop more mixed-use communities. The lack of developable land within Cebu’s established business districts constricts national developers from expanding their respective portfolios. Meanwhile, Local developers that own large parcels of land but are constrained by their lack of expertise in developing integrated communities should consider selling individual lots to national developers while retaining the greater part of the land holdings. These developers with massive landbank should allow other firms to pursue their own pockets of developments as long as the projects are aligned with the local developer’s design guidelines. This should result in a more interesting development mix and landscape for the entire integrated community.

SunKai Land adds hospitality to list of ventures

NEWS

Following its first condominium project SunVida Towers, Cebu-based developer SunKai Land Inc. is building another high-rise tower, this time with a hotel component.

The company has set aside some P1.2 billion to erect the upscale Sun Park Royal Hotel and Residences along Juan Luna Ave. in the North Reclamation Area.

The 37-storey mixed-use development will have 200 hotel rooms and 448 residential condominium units. The condominium project will offer studio, one-bedroom and two-bedroom units.

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RESEARCH VIEW

The completion of the second terminal of Mactan-Cebu International Airport (MCIA) should further boost Cebu’s attractiveness as a tourist destination. The opening of the new terminal also comes at an opportune time given the national government’s decision to close the popular Boracay island for six months to pave the way for its rehabilitation. Colliers believes that demand for more leisure investments such as hotels and serviced residences will also be fuelled by Cebu’s thriving outsourcing and industrial sectors. Medical tourism is another bright spot for the island-province's growing hospitality segment. Colliers sees tourism becoming a major plank of Metro Cebu’s economy moving forward. As such, we would expect the sector’s growth to spill over to other sectors such as retail and food and beverage and the associated supply chains.

7 residential towers to rise in Lapu-Lapu

NEWS

Real estate developer Primeworld Land Holdings, Inc. is investing an estimated P5 billion to develop a mixed residential development in Mactan Island.

To be developed in five years, Primeworld is going to erect seven residential condominium towers and 36 private villas in a 4.6-hectare property in Barangay Agus, Mactan.

The project, which will offer a “highly desirable resort-style living experience,” is named Primeworld District. It will have 2,023 condominium units composed of one and two-bedroom types.

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RESEARCH VIEW

Colliers believes that business and employment opportunities generated within Cebu and its environs propel the demand for both vertical and horizontal residential developments. These are complemented by the Overseas Filipino Workers (OFW) remittances-receiving households. The continued demand for condominium units is also fueled by the influx of high-spending foreign tourists. The presence of direct flights from Japan, Korea, and China to Mactan-Cebu International Airport has catapulted Cebu to become one of the Philippines’ most preferred tourist destinations. Some of the foreign visitors who initially stay in Cebu for short vacations eventually decide to retire and invest in the city and its neighboring areas due to the comforts of an urban landscape balanced with natural attractions. These foreign retirees and investors contribute to higher take up of residential condominium units in Cebu.

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Philippines
Colliers International | Manila 11F Frabelle Business Center, 111 Rada Street Legaspi Village, Makati City 1229 Philippines | Tel: +632 888 9988