The Philippines’ Mactan Island, which is home to the international airport, is seeing an uptick in demand for condominium units despite the coronavirus pandemic, a real estate industry leader here has observed.
“The lockdown last year greatly affected businesses but surprisingly sales for condo units picked up, quite significantly considering the challenging times,” Ramero Espina, vice president for sales and marketing of Cebu-based builder Primary Homes Inc. (PHI), said in a press briefing.
A surge in demand for value-for-money condominium units is bolstering the sales performance of homegrown developers here, he said.
Despite the difficulties and uncertainties brought by the coronavirus pandemic, Espina said they saw a high take-up of units in their company’s new resort condo project — the Royal Oceancrest Mactan — an indication there is a strong demand these days for such types of properties.
This PHP2-billion residential development is performing well above expectations with more than 60 percent sold at the height of the pandemic, he said.
“With billions worth of new industrial and world-class developments, Lapu-Lapu City is arguably the perfect choice to settle or invest in Cebu,” he added.
Mactan is potentially growing as an attractive real estate hub in Cebu, buoyed by the modern international airport here, the soon-to-finish Cebu-Cordova Link Expressway (CCLEX), export zones, first-class resorts and hotels, export-oriented manufacturing companies, and business process outsourcing companies setting up shop in the city.
When asked for comment, Joey Bondoc, associate director for research at Colliers International Philippines, stated that critical infrastructure projects such as the CCLEX and the Metro Cebu Expressway are fueling demand for residential condominiums in Cebu.
By the end of 2025, Colliers sees total condominium stock in Metro Cebu reaching 73,900 units, up 48 percent from the inventory at the end of 2020.
Colliers believes that completion of residential units in Metro Cebu is likely to pick up this year.
In Cebu’s pre-selling market, the global realtor projects a slight recovery as developers prepare for pent up demand beyond 2021.