Real Estate Projects and Developments in Cebu to Watch out for
The most recent Whitepaper from global real estate portal Lamudi reported that the Philippines has now become a real estate hotspot in Southeast Asia. With the realization of regulatory reforms for the past 15 years, the Philippines has now become a haven for both local and foreign investors who are now purchasing real properties all over the country.
The rising trend of urbanization in big cities such as Metro Manila is now pushing real estate developers to continue their projects outside of the nation’s capital. Among the chosen location that is rapidly transforming into a highly urbanized area is Cebu City.
Known as the “Queen City of the South,” new real estate projects and developments are slowly being launched in the city itself and within the larger Metro Cebu area (composed of the cities of Cebu, Mandaue, Lapu-Lapu, Talisay, Naga, Carcar, and Danao, and the municipalities of Compostela, Consolacion, Cordova, Liloan, Minglanilla, and San Fernando). All these developments make Metro Cebu a very attractive location, not just for tourism, but also for investment opportunities.
The start of the year 2017 already looked very positive for Cebu, and several big-ticket projects have already commenced. Among the upcoming real estate projects and developments in Cebu that we should watch out for are the following.
1. Expansion of the Mactan-Cebu International Airport
A vision that is now slowly unfolding into a reality, this huge and ambitious project involving the construction of a new passenger terminal was all over the news and it is now set for completion in 2018. In addition, renovations for the existing terminal are set to be completed in 2019.
GMR-Megawide Cebu Airport Corp. (GMCAC), which is the consortium leading this project, sees this much-needed upgrade as part of an effort to improve the Philippines’ image in terms of airport facilities. In addition, it is an image that will vastly improve Cebu’s reputation as a top tourist destination. Mactan-Cebu International Airport is in fact being touted to become the world’s first airport resort, and once improvements are completed it will be able to accommodate up to 12.5 million passengers per year (compared from its present capacity of 4.5 million passengers per year).
2. Cebu Port Projects
The Cebu Ports Authority recently announced eight medium-term projects that will enhance Cebu Province’s seaports and provide a more efficient sea travel. These projects will provide safer and faster means that will surely be more convenient for all sea travelers.
Pier 4 Construction – Location: Cebu Domestic Port
Fast Ferry Passenger Terminal Construction – Location: Berth 13
Berths Upgrade and Dredging – Location: Cebu International Port – Cebu Channel
Pedestrian Overpass Construction – Location: Cebu Baseport
Construction of Malapascua Jetty (with Covered Walk) – Location: Malapascua Island, Daanbantayan
Extension of Maya Port Rock Causeway – Location: Maya Port, Daanbantayan
Repair and Extension of Existing RC Deck with Provision of Roro Ramp – Location: Pilar Port, Camotes Islands
Construction of Kinatarcan Jetty and Covered Walk – Location: Sitio Pasil, Kinatarcan Island, Santa Fe, Bantayan Island
Similarly, the Department of Tourism and the Philippine Ports Authority, together with the Cebu Ports Authority, are eyeing to make Cebu as the next international cruise ships’ hub. At the moment, there are still a lot of things that are being put into consideration and one of which is to transfer all cargo ships in order to allow Cebu International Port’s Pier 6 to focus on cruise liners.
3. Residential Condominiums, Mixed-Use Projects, and Mass Housing
With new housing projects that are continuously being built, Cebu is now considered as a prime residential location. As evidence to this, Lamudi already showcases new developments that are ready for occupancy. Among the top real estate companies who have already ventured in Cebu are Taft Properties, Filinvest, Ayala Land, SMDC, Robinson’s Land, Rockwell Land, and Megaworld.
Also, according to an article published in the Philippine Star, Cebu Landmasters Inc., a Cebu-based real estate developer, has broken ground on new residential and mixed-use development projects. On mass housing front, the Cebu Daily News reported that real estate property boom continues and there is in fact a backlog for housing in the city. This is why more real estate players such as 8990 Holdings Inc. are encouraged to address this issue. Projects will be concentrated in the socialized and economic housing segments, and also in building developments in areas outside of Cebu City.
4. BRT, Railway, and Subway System
The Bus Rapid Transport (BTS) system is a transport project being considered for Cebu. Projected to be launched in 2019, it is a planned mass transit system that will allow buses to run in segregated bus-ways in the middle of the road wherein bus stations will also be located and accessible either via footbridges or pedestrian crossings.
Apart from the BRT system, Cebu’s old railway system of Cebu (which was built in the 1900s) will have a major comeback. This improved railway system is projected to be 25 kilometers long and will provide a viable mass transit option for passengers.
Another proposal that is being considered by the National Economic and Development Authority (NEDA) is the LRT-Subway system. According to initial plans, this underground mass transport system will initially run as an LRT line from the south of Cebu City and will transition into a subway line traversing the city’s downtown area. It will then transition again into an LRT line as it enters north of city.
Numerous real estate projects and developments are being planned and proposed not just for Metro Cebu but also for the towns that surround it. New roads and highways are being built, and new economic zones outside the city are also being considered. This decentralization plan will help decongest Cebu City and will allow outlying towns to develop as well. Indeed, this place that is home to friendly and happy people is making its way and rising further toward economic progress. It will not be too fantastic that the metropolis will be nicknamed “Mega Cebu” in the future.
