CDN PHOTO/CHRISTIAN MANINGO
The real estate sector in Cebu has never been more vibrant, with several developers launching and breaking ground for game-changing projects throughout 2017.
With the administration’s aim to ramp up infrastructure spending across the country through its ambitious “Build, Build, Build” program expected to go full swing in 2018, local and national developers have taken advantage of the opportunities it brings by laying the groundwork for their projects as early as now.
Cebu, in particular, has seen its fair share of project launches and groundbreaking ceremonies in 2017. Let us take a look at the biggest real estate ventures that were unveiled during what property players call the most vibrant year yet.
Woodlands Resorts Communities
Local developer Duros Land Properties, Inc. (DLPI) launched this P5-billion resort project in February, set to rise in the northern Cebu town of Liloan. It will include five residential towers, several villas and an 18-hole golf course.
The first of five residential towers is One Tectona, which the developer broke ground for during the same month. The tower will stand 14 storeys high with 165 residential units and 21 duplex villas.
This project will be targeted to Japanese retirees. Woodlands is expected to be completed in 2018.
38 Park Avenue Cebu
Four homegrown companies formed a consortium in October 2016 to undertake what is primed to become the tallest condominium project within the Cebu IT Park. The joint venture, El Camino Developers Cebu, Inc., comprises Cebu Landmasters, Inc., Gothong Southern Properties, Acrissor Development Corp., and RKD Property Holdings, Inc. The group formally launched 38 Park Avenue in March 2017, estimated to cost P5 billion to P6 billion and will be divided into two phases.
Phase one of the project will include the high-rise residential condo and The Plaza at Park Avenue, an open green retail park, while phase two will feature an office building.
Of the condo’s 745 units in a 1,280-square meter building floor plate, there are 440 studio units, 211 one-bedroom units, 75 two-bedroom units, 11 three-bedroom units and eight penthouse units with balcony on selected units, as well as 495 parking units.
It will also feature a garden atrium, lounge areas, and sky gardens on various floors. The sky club amenity deck will have a swimming pool, fitness gym, lounge areas and a multi-function hall.
Minglanilla Highlands
Sterling Land Residences and Development, Inc. earmarked P2 billion in the next 14 years to develop a 25-hectare hilltop community in Tubod, Minglanilla. The developer broke ground for the project in April.
Phase one will include the construction of around 330 of the planned 1,140 units which include townhouses, duplex and single detached units, as well as a portion of the Minglanilla Lifestyle Hub, where major institutional amenities like a religious shrine, a wedding chapel and a mountain resort clubhouse will be located.
Aside from being positioned as the next lifestyle destination in the south, it is also primed to become a cradle of spirituality, with the colossal image of Our Lady of the Miraculous Medal inspired by the Christ Redeemer in Rio de Janeiro, Brazil, to be designed by top Cebuano sculptor, Architect Vic Gulani.
The Emerald Resort and Casino
Last July, the Dennis Uy-led Udenna Development Corporation officially broke ground for The Emerald Resort and Casino in Lapu-Lapu City after securing its provisional license from the Philippine Amusement and Gaming Corporation (Pagcor).
The $341-million master-planned property on a 12.5-hectare lot in Punta Engaño will feature modern buildings surrounded by greenery and infinity pools, a skydiving center on a pier, commercial retail complex, convention center, luxury hotels, condotels, villas and plush private residences.
Initially, the project was set to operate in 2019 with expected completion in 2022.
Resort casino by Pan-Asia Millennium
In August, Pan-Asia Millennium Hotel and Resort, Inc. disclosed that it had secured the provisional license from Pagcor for its casino resort project in Mandaue City. The yet-to-be-named project is estimated to cost $300 million or around P15.3 billion, and is expected to generate 4,000 jobs.
The developer said the project is poised to become a “world-class entertainment center and the most popular place in Cebu.” The project was initially targeted for completion by the third quarter of 2020.
Mandani Bay Quay
The P12-billion Mandani Bay Quay within the Mandani Bay complex is a four-tower development comprising three residential towers and one office building.
HTLand, a joint venture between Hong Kong Land and Cebu-based Taft Properties, introduced the newest addition to its master-planned community in Mandaue City last October.
Among the Mandani Bay Quay’s amenities is the Active Zone, located right in the middle of the property’s enclave, which is exclusive to residents of Mandani Bay. It will feature a 50-meter lap pool, cabanas, a clubhouse, multi-purpose court, a sports hall, adventure playground and an outdoor fitness facility.
It will have one- and two-bedroom units, two- and three-bedroom suites, three-bedroom penthouse units and garden units that come with private gardens ideal for al fresco dining.
As of October, the 600 open units for Mandani Bay Quay have almost been sold out with more than 600 units already reserved as well.
Seagrove
The saying “two heads are better than one” takes on a whole new meaning in real estate, with three big property players teaming up to venture into what could be one of the biggest projects launched in Cebu in 2017.
Ayala Land, Inc., its subsidiary Cebu Holdings, Inc., and the Gaisano-led Taft Properties entered into a partnership to build Seagrove, a 14-hectare mixed-use development in Punta Engaño, Lapu-Lapu City.
The estate is designed around central water amenity and open spaces leading to and highlighting Magellan Bay as well as the existing mangrove area.
It will house several hotels with Holiday Inn Resort as its main anchor, along with waterside retail, entertainment and outdoor recreation components.
The initial phase of the project, which will consist of a boardwalk, support restaurants and shops, a portion of the lagoon, an events ground and the pedestrian corridor, is planned to open in 2020.
The developer has set aside P4 billion to develop the property in the next five years and a total of P35 billion for the whole project expected to be completed in 10 to 15 years.
Northside Beacon
Duros Land Properties, Inc. ended the year with a bang as it launched Northside Beacon in Liloan, the biggest project introduced to the public in 2017 in terms of cost.
The developer will spend P8 billion over a 15-year development period for this 200-hectare integrated master-planned project, which includes two central amenities: The 18-hole par 72 Liloan Golf Course and full-fledged elementary and senior high school, Divine Life Institute of Cebu (DLIC).
Woodlands Resorts Communities, which was launched earlier in the year, Fairway Estate, and a still-unnamed low-cost housing project, are residential components within this township development.
Cebu’s transformation
Property management and research firm Colliers International Philippines had said that over the past few years, it has observed the transformation of Cebu’s skyline with large-scale residential, commercial, retail and hotel developments.
Colliers said the property boom in Cebu offers an alternative metropolitan-paced business lifestyle at a discount to Metro Manila.
Its real estate sector is particularly unique as it is actively participated in by both local and national developers.