More homes with Build Build Build!

With the country’s housing backlog of 5.7 million, private developers in the Visayas bank on the administration’s P3.6 trillion infrastructure roadmap as catalyst for housing developments in the region.

Slated to meet for the third annual Central Visayas Housing Summit at the Grand Convention Center Cebu, private property developers and officials from key shelter agencies are set to discuss ongoing and future opportunities and concerns in the industry.

Generally, the Duterte administration’s “golden age of infrastructure” from 2018 to 2020 is expected to reduce travel time as well as improve road quality and safety. But more importantly, the economic gains that the Build Build Build! program will bring to the local economy cannot be overemphasized.

“Those with existing land banks on or along the key areas admittedly have a leg up in terms of how soon real estate and housing projects can be rolled out either planned ahead, or done in direct response to the massive infrastructure program,” said Subdivision and Housing Developers Association-Central Visayas (SHDA-CV) president Dennis Quiokeles.

“But that does not preclude other real estate and housing players from taking advantage of the developments with proper planning and differentiated project offerings,” he said. Related projects in the pipeline in Central Visayas include the terminal expansion of the MactanCebu International Airport, New Bohol Airport, Cebu BRT Line and the New Cebu International Container Port, which were already approved by the National Economic and Development Authority (Neda) Board and are in various stages of implementation. In addition, the Cebu-Bohol Interconnection Project and the Talisay-Naga Coastal Road are yet to be approved by the Neda Board; and the Metro Cebu Expressway and Talisay-Naga Coastal Road will be undergoing feasibility studies.

“When there are economic opportunities and convergence of a critical ritical mass of people,people real estate and housing development go lock-instep with them. That’s another big area of opportunities for real estate and housing players,” the SHDA-CV president noted.

Developers are also anticipating the government’s Convergence and Rural Road Development Program. As one of the components of the Build Build Build! initiative, bad roads leading to tourist destinations, or industrial and commercial corridors, will be rebuilt and/or repaired to spur economic growth in these areas.

As a result of all these government-planned developments, Quiokeles believes the housing players will be pressed on to become more innovative and flexible with their projects at more competitive price points.

“I wouldn’t be surprised if real estate and housing developers and players are rethinking some of their plans to be more responsive and to take more advantage of the infrastructure program and how that will impact the movement of people, of goods, of jobs—or the availability of the local market for our project offerings,” said Quiokeles.

Although city centers remain to be the most preferred locations for housing projects, emerging towns and cities are gradually becoming attractive locations for developers. In Cebu alone, Compostela and Danao City are becoming new homes to some developers, while housing developments are also increasing in the City of Naga, San Fernando and Carcar City in the south.

“More players, more choices, more projects—that is usually better for the consumers or intended market,” said Quiokeles.

In this business, you need to be where the action is, he quipped.