CEBU CITY – Cebu has sustained its spot as one of the promising real estate markets in the Visayas, with economic recovery expected to generate more jobs as it drives up property demand moving forward, an industry official said.
“The Cebu property market remains to be one of the bright spots in the region with sustained demand and highly resilient property values,” Cebu Landmasters Inc. (CLI) Chief Operating Officer Franco Soberano said during last week’s virtual topping off of the firm’s P3.5-billion high-end tower, 38 Park Avenue, located at the heart of the Cebu I.T. Park.
He said the property sector in general here anticipates the quick recovery of Cebu and the rest of the Visayas and Mindanao regions with the return of greater global mobility, which is expected to boost employment.
“Covid cases in Cebu have been relatively well managed with medical facilities able to accommodate patients affected by the pandemic,” Soberano said.
He said demand for residential properties within the Cebu I.T. Park, deemed to be the highest valued location in Metro Cebu and among the most preferred residential locations here, continues to be resilient despite the pandemic.
Soberano said premium residential offerings in Cebu’s highly active business district have also been in demand.
Joey Bondoc, associate director for research at Colliers International Philippines, also said Metro Cebu continues to be the largest residential hub outside of Metro Manila. “Covid has disputed the region’s economy and property market and we continue to see subdued take-up and completion in the region,” he said.
Bondoc said completion of residential units is likely to pick up this year, as developers brace for pent-up demand beyond 2021.
The Cebu I.T. Park vibrantly rises over the former Lahug Airport, now one of the most prime areas in Cebu. A pioneer in Cebu’s I.T. industry, the integrated, mixed-use development obtained PEZA accreditation as an I.T. Park in 2000—the first in the Visayas and Mindanao.
The Cebu I.T. Park website describes the 27-hectare global gateway is home to a diverse mix of international and local software research and development companies, BPOs, and contact centers, which bring in millions of pesos in investments and employment to thousands of people.
“Complemented with a wide selection of 24/7 dining, shopping, and leisure facilities, Cebu I.T. Park has also grown into a bustling lifestyle destination within the city, integrating innovative lifestyle and retail concepts amidst a burgeoning regional hub,” it said.
Cebu I.T. Park is one of the two unique districts
of Cebu Park District. Along with Cebu Business Park, it is the
address of choice for multinationals and industry leaders open to prime
residential, business and commercial spaces of mixed-use hub. (Carlo Lorenciana, Cebu Examiner)
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