SM Seaside in Cebu was recognized as the Best Retail Development and Best Architectural Design in this year’s edition of the PPA (CDN FILE PHOTOS).
MORE Cebu property developers are expected to join the 5th Philippine Property Awards (PPA) as the number of real estate developments here continue to grow.
Terry Blackburn, founder and managing director of the Asia Property Awards (APA), said Cebu has become an increasingly important market for them in the last three years due to all the developments here.
“Outside of Manila, Cebu is the biggest market for us,” he said during the launch of the 5th PPA in Cebu City on Thursday last week.
Celebrating its 5th year in 2017, the PPA is part of the APA held across the Asean annually in the last 11 years.
The annual event seeks to recognize the highest quality commercial, residential, hotel, office, and retail developments in the country and the rest of the region.
It will be held at the Fairmont Makati in May next year where C-level executives, architects and designers, suppliers, construction and real estate professionals from all over the country and abroad are expected to attend.
Blackburn said Cebu has been the fastest growing market for them in terms of awards entries, growing to have four categories at present from starting with only two categories five years ago.
The four awards categories specifically for Cebu are for luxury condominium, high-end, housing, and commercial developments.
Blackburn said they are introducing a Best BPO Office category nationwide this year, which he added will probably have a majority of entries coming from Cebu.
He said the awards reflect the current shape of the real estate market in any country as well as its direction of growth.
“Your new president is very focused on growth outside Metro Manila. Cebu is already a great reflection of that,” said Blackburn.
The winners of the 4th Philippine Property Awards show their plaques after the awarding ceremony in Manila (INQUIRER FILE PHOTO).
He added that Cebu can solidify its position as the number two city, next to Manila, and continue to grow while also moving to the rest of the province.
“I see a lot of creativity and innovation among Cebu developers. To have a successful project here takes a lot of work, time, and innovation,” Blackburn said.
The Housing and Land Use Regulatory Board in Central Visayas recorded more than P20 billion worth of real estate projects in Cebu for 2015.
This translates to 88 approved projects last year, a slight increase from the 80 approved projects in 2014 or equivalent to P17 billion in total project cost.
These real estate projects cover subdivision developments, condominium buildings, and memorial parks from Carcar in the south to Danao in the north.
Cebu-based companies that won in last year’s PPA were Apple One for Best Boutique Developer and King Properties for Highly Commended Developer.
Organizers also cited Primary Homes as among local developers that have been recognized in past PPA editions.
SM Prime’s SM Seaside in Cebu was recognized as the Best Retail Development and Best Architectural Design in the 2016 PPA.