In Real Estate Developments: Cebu To Outperform Other Cities

[Mr Lee]

In Real Estate Developments: Cebu to outperform other cities By Ehda M. Dagooc Updated January 01, 2009 12:00 AM While the rest of the Philippines is generally bracing for the worst to come in 2009, Cebu on the other hand is expected to emerge on top of the country's other cities in terms of real estate developments.Big developers will continue to keep an eye on potential properties to develop in Cebu. "Banks are lending again, and friendlier again, this allows developers to push for projects especially in Cebu in 2009," said CB Richard Ellis Group, Inc., chairman Rick Santos.Aside from office building developments, more tourism-oriented projects are expected to rise in Cebu starting this year, despite the looming global recession that is seen to affect the Philippine economy in the middle of 2009. Ayala Land Inc. (ALI) chairman Fernando Zobel de Ayala for his part said that the company is constantly looking at opportunities in Cebu, to build more projects, saying "there will be more to come."Zobel said that with or without crisis, Cebu will continue to be a good area for ALI expansion, adding that more projects in both residential and commercial projects are coming.Based on a study made by CB Richard Ellis Group, it bared that the number of residential condominiums is expected to rise starting 2009 as Cebu is now becoming a home to businessmen, expatriates, executives and Business Process Outsourcing (BPO) companies, among others.Developers, who are targeting the upper middle and high-end markets, see the need for building condominiums since the costs of properties, like house and lots in subdivisions, are rapidly increasing."There are more residential buildings in the pipeline, which are presumed to start construction in 2009," the study further revealed.For his part, Cebu Holdings Inc. (CHI) president Francis O. Monera said that although Cebu offers a tempting opportunity to speed up plans in pursuing residential and commercial projects in 2009, developers are also very careful in calibrating the Cebu market. Read more, click the below link http://www.philstar.com/Article.aspx?Artic...bCategoryId=108