By Richmond S. Mercurio (The Philippine Star) | Updated August 18, 2015 - 12:00am
CEBU City, Philippines – Ayala Land’s high-end arm is expanding its presence in Cebu to tap the rapidly growing Japanese market here.
According to Ayala Land Premier said there is growing interest from foreigners, particularly the Japanese, to make Cebu their second home destination, for foreigners.
ALP managing director Jose Juan Jugo said Japanese arrivals in Cebu have been increasing since 2013.
“As of June 2015, Japan continued to be the third largest foreign tourist group in the country with 267,264 visitors. They are also fourth largest spending market among foreign visitors,” Jugo said.
“Based on the Department of Trade statistics, Japanese tourists now have the fastest growing number of arrivals here in Cebu. So year on year, we have more and more Japanese that are coming to Cebu,” ALP project development head Leya Moya said.
ALP recently launched The Alcoves, its third residential project in Cebu Park District, with unit prices ranging from P9 million to P56 million.
“So we see that they really look at Cebu as a place where they can live. And because of that we developed this particular kind of project that’s really attuned to the culture of this particular market,” Moya said.
The project is scheduled to be completed in March 2020. Turnover of the units will begin by the second quarter of 2020.
To cater specifically to Japanese investors, the Alcoves will offer a one-bedroom Zen unit that will have a large Japanese-style bathroom.
“What is special about The Alcoves is the unique unit offerings geared towards the Japanese market. These features are not present in existing ALP projects in Cebu,” Moya said.