Demand for condos hit 67% in Cebu

12:50 pm on 17 October 2022, Monday

By Romeo Braceros Jr.

In the first half of 2022, residential condominium takeup in Cebu increased 67 percent, signaling a buoyant post-pandemic market.

According to a survey by Colliers Philippines, key developers reported solid sales performance, indicating that Cebu's residential industry is gradually rebounding.

In Cebu, Colliers reported the sale of 2,800 condominium units, an increase of 67% from the first half of 2021.

The demand is still dominated by the low- to middle-income sectors (Php750,000 to Php6 million).

However, the proportion of upscale to luxury developments (Php6 million and above) to the total takeup rose from 8% to 14% in the first half of 2022.

Colliers claims this encouraging development was partly aided by the resurgence of interest in leisure assets and demand from domestic and international end-users.

Joey Roi Bondoc, associate director and head of research for Colliers Philippines, stated at a recently concluded property briefing held in Cebu that the solid design and branding elements of Cebu developers, as well as the planned infrastructure building, are just a few of the factors that draw more buyers for condominium properties.

Colliers advises developers to diversify their projects further and determine which pricing ranges appeal to investors and end-users to capitalize on the considerable market interest for vertical villages in urban areas like Cebu City.

Gokongwei-led Robinsons Land Corporation (RLC), for instance, recently announced that it is pursuing LEED (Leadership in Energy and Environmental Design) and BERDE (Building for Ecologically Responsive Design Excellence) certifications for all of its upcoming office buildings.

This is a strategic move as developers and landlords should adopt and highlight their projects' green and sustainable features to differentiate themselves in the market.

The difficulty for developers is creating sustainable structures for commercial and residential uses.

A method to give purchasers what they deserve, in the words of Miguel Bengzon, assistant manager of Colliers Philippines, is for residential developers to push the boundaries of what is possible by investing in sustainability and livability in their buildings.

Bengzon emphasized the significance of creating green structures, even for the residential market, as purchasers' considerations for sustainability are becoming increasingly important.


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