Cebu Real Estate News

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Cebu Traffic Congestion Driving Demand for Condominiums

THE Housing and Land Use Regulatory Board (HLURB) yesterday said the traffic problem in Cebu is one of the reasons development of condominiums has increased.

HLURB 7 Director Francis Ordeniza said the approved applications for certificate of registration/license to sell (CR/LS) for condominiums rose 128 percent in 2015.

Ordeniza said that the increase in approved CR/LS applications for subdivisions was 24 percent in 2013, 50 percent in 2014, 65 percent in 2015, and 51 percent as of September 2016.

The development of subdivisions with traditional single house-and-lots have been adopted by Cebuanos in the past decades.

But Ordeniza noticed that CR/LS for condominiums also increased from 17 percent in 2013, 22 percent in 2014, 25 percent in 2015, and 20 percent as of September 2016.

The cost of the condominium projects are P5.65.7 billion in 2013, P13.8 billion in 2014, P8.3 billion in 2015, and P12.1 billion as of September 2016.

Ordeniza is confident that the approved CR/LS for condominiums at the end of the year will surpass the 25-percent record in 2015.

“Heavy traffic is a big factor in the increased condominium development. Imagine if you are residing in Consolacion town and it will take you two hours to get home after your work. You may think of buying a condominium near your place of work,” Ordeniza said.

For subdivision projects, the approved CR/LS applications for house and lot 7,761 as of September 2016 while approved CR/LS applications for lots reached 605.

While the number of subdivision house-and-lots and lots are higher than the number of condominium units, subdivisions are spread all over Region 7 while condominiums are concentrated in Metro Cebu.

Ordeniza also noticed the aggressive development of memorial or cemetery projects three years in a row, starting with 6,284 plots at the P299.4 million in 2014; 2,047 plots at the cost of P14.3 million in 2015; and 18,240 plots at the cost of P303.6 million as of September.

As of September, a total of P19.3 billion in real estate projects are pending in Central Visayas.

By ELIAS O. BAQUERO | Sun Star Cebu | November 09, 2016

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