Cebu City’s condo market not yet saturated, says Soberano

Jose Soberano III, Cebu Landmasters, Inc. chairman and CEO, leads the topping off ceremony of the firm’s Casa Mira Towers in Barangay Labangon, Cebu City.
CDN PHOTO/LITO TECSON

CASA MIRA TOWERS TOPPED OFF

Contrary to what some real estate experts say about the slowdown in the condominium market, homegrown property developer Cebu Landmasters, Inc. (CLI) believes the local scene is still not as saturated as in Manila.

Jose Soberano III, CLI chairman and chief executive officer, said that while the industry may be affected by the influx of new players whose projects may not be well received, the glut is not felt in the middle and economic segments.

“This is the case especially with house and lots, there’s no question about that. I also feel that the condominium market has not been fully saturated like in Manila,” he told reporters during the topping off ceremony for Casa Mira Towers Labangon on Wednesday.

Located at CLI and AB Soberano International’s former office along Salvador Street in Labangon, Cebu City, the two-power project stands tall at 17 storeys and 19 storeys, respectively.

All 686 units were sold one year after it was launched in August 2015, signifying the strong appetite for affordable condominiums in Cebu.

Professor Eric Soriano, executive director and corporate turnaround advisor at the Asean-based Wong+Bernstein Group (W+B), earlier warned aspiring entrants into the condominium market to reconsider their plans while they still can.

He noted an alarming influx of new players venturing into the real estate industry and riding on the sector’s burgeoning expansion, even with limited or no experience at all.

Soberano, on the other hand, said established and credible brands will not have a problem with this.

He added that Cebu as well as other areas in Visayas and Mindanao still have a lot of potential for growth.

“Especially with a lot of economic activity, sprouting of condominiums will still be around,” the company president said.

He said that people will soon be able to adjust to vertical living in the city, which will be made even more convenient with planned improvements on mass transport such as the Bus Rapid Transit and the Light Rail Transit projects.

Others who are comfortable with living outside the city, meanwhile, also have the option to invest in house and lot properties there.

Soberano said that following the success of Casa Mira Towers Labangon, they plan to bring the same concept to another location in the city.

“Due to the continuing demand for these affordable living spaces, we will soon launch Casa Mira Towers Guadalupe,” he said.

He said he expects the demand for their Guadalupe project to be just as much as that for their Labangon venture.

The Casa Mira series includes two horizontal projects namely Casa Mira Linao in Minglanilla and Casa Mira South in Naga.

The developer will also soon launch Casa Mira Coast in Sibulan, Negros Oriental.

Casa Mira Towers Labangon is the series’ first vertical project, which features 20-sq.m. studio units and 37-sq.m. one-bedroom units expected to be turned over by the third quarter of 2018.

The property also offers roof-deck amenities, a swimming pool, fitness gym and lounge, 24-hour security system, reception and lobby, property management services, and its very own retail arcade.