(The Philippine Star) | Updated July 22, 2014
- 12:00am
MANILA, Philippines - Commercial real
estate consultancy and advisory CBRE Philippines highlighted Cebu as one of the
fastest-emerging real estate markets in the country during the Philippine
Capital Markets Investment Conference organized by the Philippine Stock
Exchange (PSE).
“Exciting expansions and new developments are
coming into Cebu in the following years. Current economic conditions are
opening more opportunities for local and foreign investors across real estate
sectors,” said Rick Santos, founder and chairman of CBRE Philippines, at the
conference held recently at the Cebu Marriott Hotel.
In terms of office developments, Cebu
continues to be a solid BPO (business process outsourcing) destination as well
as a choice for expansion of traditional firms—ranking in global research firm
Tholons’ top ten list of outsourcing locations. While office space developments
are typically concentrated in Cebu Business Park and Cebu IT Park, activity can
also be seen in surrounding areas.
Cebu’s retail sector is likewise
seeing solid demand from international investors with the continued entry of
global brands, seen as a driver in positioning Cebu as a sought-after shopping
district in the ASEAN region.
On another note, Santos mentioned the
opportunities that can be explored from Cebu’s other resources.
“Global players from the industrial
sector are taking advantage of Cebu’s large dedicated land area and local
manpower for the expansion of their operations,” he explained. “Despite the
continued expansion of light industries, heavy industries are now being pushed
to drive the market. Efforts from regional government agencies aimed at forging
alliances and solidifying negotiations with investors are currently underway.”
Santos also cited the proliferation of
expatriates and outsourcing companies in Cebu, which further encourages
developers to focus on resort community type of projects, especially in Mactan.
In line with accommodations, hotel occupancy is also on an uphill trend due to
increase in tourism and market activities.
“Sustaining the demand and supply is
paramount in helping Cebu maximize its potential. Especially with the
congestion of Metro Manila, Cebu is proving to be a viable option for
practically all real estate segments,” added Santos.
The PSE Philippine Capital Markets
Investment Conference brought together experts from various fields such as
government, real estate and finance in a discussion about the economic
prospects of the country and the outlook for capital markets.
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