A strong local demand continues to fuel the healthy growth of the Cebu residential property market. And the proof is in the numbers.
Latest data from Colliers International Philippines showed that the take up of residential condominium projects in the province rose by 26 percent to about 1,300 units in the third quarter of 2016, from about 1,030 units a year ago.
According to the property consultancy firm, this stronger take up can be attributed to robust international sales of recently-launched projects, while the favorable overall demand from locals can be due to increasing household incomes among families of overseas Filipino workers (OFWs).
In Cebu City alone, there is a continuing demand for larger condominium cuts (two- to three-bedroom units), partly driven by foreigners residing in major business hubs like Cebu IT Park and Cebu Business Park.
Meanwhile, the take-up for studio and one-bedroom units is fueled by the demand from local and foreign investors, business process outsourcing employees, and affluent college students from the city and neighboring towns and provinces, it added.
“Cebu City attracts a lot of students as it is the Central Visayas’ center for academic excellence. Take up in Mandaue and Lapu-Lapu cities are expected to rise over the medium-term given their status as emerging business hubs,” Colliers Philippines said.
“In the medium term, Colliers sees more luxury and leisure condominium developments in Lapu-Lapu City while affordable projects are expected to proliferate in Mandaue City,” the firm added.
Among the luxury developments that are currently benefiting from the robust residential property market in Cebu include the 32 Sanson, Rockwell Land Corp.’s first development outside Metro Manila.
This charming garden development, set amid a sprawling 3.2-hectare lot in Cebu City has already started a progressive turnover in December last year and will continue throughout the first three months of 2017.
Aside from the units, some of the amenities will also be ready by next month, allowing Cebu residents to experience the famed “Rockwell lifestyle.”
As it is, the first stores to open at 32 Sanson—Kayu Kitchen + Bar Restaurant and Marisse Patisserie—are already living up to the hype, helping ensure the customers’ satisfaction, and completing that distinct community experience.
There is also a budding retail strip along Sanson Road, which looks highly promising, as several shops are in the works—the first of which would be the furniture store, The Homemaker.
According to Rockwell, the company is well on its way in building a signature community in Cebu through 32 Sanson, with the first phase of development already 96 percent sold, while the take up for the second phase stood at about 50 percent.
This warm acceptance is because Cebuanos are now seeing a concrete development of Rockwell, the company added.
Rockwell’s 32 Sanson will have only a little over 350 units to ensure that the development will be Cebu’s most exclusive garden community. It also boasts of 70 percent open space, thus providing residents sprawling gardens, fresh air, lush landscapes, and a beautiful setting to come home to.
This dedication of open space formed part of the Rockwell signature that 32 Sanson embodies, apart from its promise of safety and security
Its pedestrian-friendly roads also make it easy to explore the verdant scenery, have a cool drink by the pool, and make use of the various amenities.
By: Amy R. Remo | Philippine Daily Inquirer | January 14, 2017