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Makati City 1229 Philippines 
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November 27, 2018

Benedictos to build condo tower in lahug

NEWS

Benedict Ventures, Inc., the property arm of Enrison Holdings Inc. is now developing its residential segment by allocating P5 billion for its projects in the next two to three years. Initially into resorts and office projects, the Benedicto family will now build its first condominium tower out of the five residential developments in the pipeline. The pre-selling “Be Residences Lahug” will offer 600 units with prices ranging from P3.1 million to P25.1 million. Project construction will start by the first quarter of 2019 and completion is expected by the second quarter of 2022. 

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RESEARCH VIEW

Demand for upcoming residential developments will hinge on several factors including the thriving BPO sector. Remittances from Overseas Filipino Workers (OFWs) is also likely to contribute to increased demand since Cebu was one of the major sources of migrant workers in 2017 according to the Philippine Statistics Authority. Colliers sees these new condominiums complementing the upcoming new office supply of about 173,900 sq m in 2019 and 143,000 sq m in 2020. Among the notable office developments are Cebu Exchange in Cebu IT Park District (2020) and One Montage in Cebu Business Park Fringe (2019).

Dairy Queen in Cebu

NEWS
After 12 years, PPI Holdings, Inc. finally brings in the soft serve ice cream brand Dairy Queen (DQ) to Cebu. On November 6 PPI, the local franchisee of DQ, opened one outlet in SM City Cebu and one in Robinsons Cybergate. This will be followed by the opening of two more branches in Ayala Center Cebu next month. At present, there are 108 DQ stores in the Philippines. 

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RESEARCH VIEW

Infrastructure projects will be among the major drivers of Cebu’s hospitality and retail sectors, especially food and beverage (F&B). The opening of the Mactan-Cebu International airport terminal 2 has more than tripled the annual capacity of the airport to 12.5 million from 4 million previously. This should result in greater tourist arrivals which should help drive foot traffic within Cebu’s malls. Other infrastructure projects we see benefitting Cebu’s retail and hospitality segments are the Metro Cebu Expressway, Cebu-Bohol link bridge, Cebu-Cordova bridge, Cebu-Negros link bridge and the Cebu BRT project. 


Warehouse complex to rise in Danao City

NEWS
Double Dragon Properties Corp. will further develop its industrial warehouse leasing arm by acquiring a 5.2-hectare property in Cebu. The property acquired in October will soon house CentralHub Cebu, CentralHub’s third site after Iloilo and Tarlac. The 27,212 sq m of industrial space in Danao city will cater to logistics, commissary, cold storage, distribution, manufacturing, and e-commerce companies.  The firm is planning to construct eight CentralHub sites by 2020. Four of which will be in Luzon, two in Mindanao, and the remaining in Visayas. All warehouses are expected to have a capacity of about 400,000 sq m of leasable space

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RESEARCH VIEW
Demand for warehouses in Cebu is driven by logistics and fast-moving consumer goods (FMCGs) sectors. The emergence of e-commerce is also starting to contribute to this demand. Lazada has opened its own high velocity scale warehouses in different locations including Cebu. With bigger companies opting to build their own warehouses, Colliers believes hubs that offer more flexibility in terms of floor requirements will be able to cater to more tenants.   

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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