Mar­ket boost­ers

Un­der­served mar­ket, OFWs con­tinue to fuel real es­tate de­mand in Cebu

Cebu Daily News - - PROPERTY - By Jose Santino S. Bu­na­chita RE­PORTER MAR­KET

Res­i­den­tial prop­er­ties in Cebu con­tinue to en­joy a high take up even with con­cerns on the coun­try’s econ­omy es­pe­cially with the con­tin­ued in­crease in in­fla­tion.

Lo­cal de­vel­op­ers have re­ported good sales and pre-selling data of their dif­fer­ent projects all over the province.

Among those see­ing huge growth in their pro­ject sales is Cebu Land­mas­ters Inc. (CLI) which re­ported that from Jan­uary to Septem­ber this year, they have reg­is­tered record reser­va­tion sales amount­ing to P6.17 bil­lion.

The fig­ure rep­re­sents 88 per­cent of the com­pany’s goal of P7 bil­lion in 2018. This is also 69 per­cent higher than their reser­va­tion sales for the same pe­riod in 2017.

Prices sta­ble

CLI Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer Jose Sober­ano III said that the real es­tate sec­tor had not suf­fered from the con­tin­ued in­crease in the prices of ba­sic com- modi­ties.

“As far as con­struc­tion ma­te­ri­als are con­cerned, the prices are quite sta­ble and prices of steel prod­ucts have even dipped down of late,” Sober­ano told

in a phone in­ter-

NEWS Casa Mira CEBU DAILY

view.

“This is mainly due to real strong de­mand for homes com­ing still from the un­der­served eco­nomic and mid mar­ket sec­tors which will not ne­ces­si­tate de­vel­op­ers to raise prices on these real es­tate prod­ucts,” he added.

For CLI, they have at­trib­uted their strong per­for­mance to the ro­bust sales from its eco­nomic hous­ing brand Casa Mira as well as their high-end projects in Cebu.

Sober­ano said about 2,500 units were taken up by the mar­ket at an av­er­age of P2.5 mil­lion. Casa Mira con­trib­uted P1.42 bil­lion from sales of 746 units.

Base­line Cen­ter, a high-end mixed-use devel­op­ment in Cebu City chalked in P1.8 bil­lion from sales of 341 units. Mean­while, Me­saVirre Gar­den Res­i­dences, a con­do­minium com­plex in Ba­colod City, sold 427 units to raise P929.93 mil­lion.

CLI has a to­tal of 52 de­vel­op­ments of dif­fer­ent stages in cities like Cebu Man­daue, Davao, Ca­gayan de Oro, Du­maguete, Ba­colod, Iloilo, and Bo­hol.

14 projects

Ac­cord­ing to Sober­ano, they are look­ing at 14 projects serv­ing the mid to eco­nomic seg­ments in dif­fer­ent lo­ca­tions in Visayas and Min­danao like Cebu, Du­maguete, Ca­gayan de Oro, and Davao to con­tinue to boost their sales.

“We ex­pect to see con­tin­ued strong sales per­for­mance in the com­ing years as de­mand for hous­ing from these seg­ments of the mar­ket re­mains firm,” he said.

Other de­vel­op­ers are also not feel­ing the ef­fects of in­fla­tion as well as the de­pre­ci­at­ing peso in the real es­tate in­dus­try.

Grand Land Vice Pres­i­dent Khristina Pes­taño said that they, too, have been ex­pe­ri­enc­ing good take up of sales for their res­i­den­tial units over the year.

“Our read for oc­cu­pancy units and pre-devel­op­ment sales in Amani Grand Re­sort Res­i­dences in Mac­tan and Grand Res­i­dences in Cebu East and North Tow­ers are very good,” she told

Based on their lat­est fig­ures, Grand Land has sold 95 per­cent of their units for their Amani Grand Res­i­dences Build­ing B which is still in the pre-devel­op­ment stage.

On the other hand, for their Grand Res­i­dences Tower 3, their units are al­ready 85 per­cent sold.

Al­though econ­o­mists have been frown­ing upon the con­tin­ued de­pre­ci­a­tion of the peso ver­sus the US dollar, de­vel­op­ers like Grand Land are see­ing op­por­tu­ni­ties in this.

“Our mar­ket fo­cus are the OFWs, who have been con­tribut­ing to the econ­omy of the Philip­pines. Last year, they have con­trib­uted around $33 bil­lion to the Philip­pine econ­omy and part of it goes to real es­tate,” Pes­taño said.

A stronger dollar ver­sus the peso is some­how ben­e­fi­cial for over­seas

CDN.

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