U.S. roadshow eyes R300- M in condo sales in Cebu
CEBU CITY, Cebu—Capitalizing on the promotion of Cebu as a “second home” destination, a 48-men delegation from Cebu announced it has started its 15-day sales mission to the United States, encouraging Filipinos there to buy condominium properties in Cebu.
Leuterio Realty and Brokerage Inc. (LRBI) a leading property brokerage firm in Cebu, led the group of licensed brokers and sales agents to visit at least five states in the US for the next two weeks in a roadshow covering New Orleans, Los Angeles, New Jersey, New York, and San Francisco.
The group expects to generate at least 200 to 300 million in deals that would translate to an estimated 80 to 100 condominium units.
“The demand is very strong. Filipinos residing and working in the U. S., as well as foreigners are looking for good properties in Cebu, and condominiums are a popular choice,” Anthony Leuterio, LRBI president and chief executive officer said in an interview.
According to Leuterio, the U. S. has always been one of the most effective marketing and sales venues for the real estate sector, specifically for developers, brokers and sales people, as actual sales and closing of deals are immediate.
He says there are over 6,000 condominium inventories in Cebu that are up for sale, including those that are scheduled to be completed in the next two to three years.
“Brokers usually endorse condominium properties that are on the pre-selling stage because prices are still affordable,” Leuterio adds.
Last year, he notes that the same group generated an estimated sales of
150 million from similar promotional events held in the US.
Leuterio said 80 percent of the demand in real estate in Cebu are for condominium units priced 60,000 to
75,000 per square meter. The increase in demand comes from the overseas Filipino workers and foreign buyers from the U.S., Europe, Australia, Japan and Korea.
In addition, Leuterio points out that the cost of real estate is up to four times cheaper in Cebu than in Manila. He says the relatively low cost of living in Cebu makes it more viable for international buyers to consider Cebu because of its balanced business and leisure mix, where from the work place, one could go to the mountain or the beach in 30 to 45 minutes.
He says English is widely-spoken in Cebu and there are a number of education and medical facilities here. Cebu’s cost of living, he adds, is 30 percent lower than that of Manila.
Supported by seven property development companies like Apple One, Contempo, King Properties, Duros Land Properties Inc., Primary Homes, Landmasters and Tambuli Properties, Leuterio says the group also scheduled an international convention in New York next week, where developers will be allowed to present their products to prospective U.S. buyers.
To date, about 300 to 400 buyers have already registered to attend the Real Estate International Convention organized by Leuterio's company.
Licensed brokers and sales persons participating in the sales mission will not only promote properties in Cebu but also those in Bohol, Davao, and neighboring cities and provinces.