December 2019 – InfoCebu

As we draw this decade to a close, let us look back to the past ten years of Cebu’s Real Estate industry.

Cebu's 2019 skyline

The 10’s decade (2010-2019) is the most progressive time in Cebu’s history by far. The skyline and the transformation of its landscape will tell you that. But what, and who defined Cebu’s growth during this period?

The rise of homegrown developers

After the 1997 Asian Crisis and during the early years of the new millenium, the industry was only growing moderately in mostly horizontal projects, but when an upstart local developer, Fuente Triangle and Realty Development Corp. started offering a series of high-rise condominiums in the uptown area, a sudden condominium frenzy was ignited and has not slowed down since then.

New local developers like Cebu Landmasters, AppleOne Properties and Innoland sprouted up and even the big companies from other industries were also inspired to diversify to real estate business.

From Metro Gaisano, TAFT Properties was born. It constructed Cebu’s tallest building today, Horizons 101, and also developed Taft East Gate.

Duros Land Properties is an offspring of a construction powerhouse while King Properties and Priland Development Corp. are from Heavy Equipments and Food.

Optimism of national developers

It did not take long for Manila based developers to notice that Cebu is ripe for more vertical projects and getting ready for a condominium lifestyle.

Ayala Land brought down its four brands altogether. Ayala Land Premier developed 1016, Park Point Residences and now, The Alcoves. Alveo Land had Sedona Parc then the Solinea series. Avida Land focused in I.T Park area, building its 7th tower now while Amaia is establishing a hub in Mandaue City.

Federal Land took advantage of its landbank adjacent to Marco Polo Hotel and built a series of upscale towers overlooking the city.

Robinsons Land built a signature Galleria Mall and built condominiums on top, while another mixed-use development, Isla dela Victoria is just being started at the SRP.

Megaworld had its eyes fixed in Mactan island with a multi-billion township, Mactan Newtown.

By a similar strategy, Filinvest also pooled its resources around City di Mare, its massive township in South Road Properties.

Meanwhile, Rockwell, Arthaland and DMCI are also beginning to establish their own footholds in the city.

World-Class Cebu

Aside from the homegrown and the national developers, Cebu’s charm has also caught the eye of international property builders.

Hongkong Land, one of Asia’s oldest and biggest developers is building a game-changing sea-front development in Mandaue City called Mandani Bay. (In joint-venture with local TAFT Properties).

Another Chinese group, City Clou is investing in a 5-tower project in D. Jakosalem St. while a Korean group, Saekyung, also joined the fray as well with its affordable condominium projects in Mactan island.

Other proposals from a Singaporean firm and a large Dubai based developer are also now pending approval.

Strategic Alliances

Instead of engaging in cutthroat competition, developers have smartly combined their forces when necessary, to maximize productivity especially in a place like Cebu where land is getting scanty and scarce.

TAFT Properties for instance, has partnered with Hongkong Land for Mandani Bay in Mandaue City and Ayala Land for Sea Grove project in Mactan.

On the other hand, Ayala Land also has a consortium with SM Group for a 27 hectare project across SM Seaside City and another partnership with Aboitiz Land for a business district development in Mandaue reclamation area called The Gatewalk.

Aboitiz Land also inked a deal with Cebu Landmasters for a multi-tower residential project in another part of Mandaue City.

Cebu Landmasters, meanwhile, has a joint-venture with the Borromeo family in an office building project in Cebu Business Park and another with the Gothong group in a residential project inside I.T. Park.

Value of dormant land unlocked

Even church-owned estates in key areas of the city are now developed by private developers under a usufruct agreement, effectively unlocking the value of the land.

23 Minore Park by Duros Land Properties is an example and more recently, the Patria de Cebu re-development of Cebu Landmasters.

All these things happened in the last decade, where Cebu will be after another ten years is anybody’s guess.

Homegrown developer Duros Land Properties had a banner year for 2019 as it sold-out three of its projects in Cebu City and Liloan, Cebu.

This was announced by its president, Fe Mantuhac Barino during the Broker’s Appreciation Night party held in IC3 Convention Center.

In front of Cebu’s top real estate brokers and sellers, Mrs Barino, together with husband Lito Barino, the founder and chairman of Duros conglomerate announced the successful 2019 campaign that depleted the inventories of two residential subdivisions in Liloan and that of its condominium project in Lahug, Cebu City.

The Padgett Place is a 26-storey premium condominium with luxurious amenities and ultra-spacious units is located in Molave st. Lahug.

Woodland Park Residences Phase 1 in Upper Yati, Liloan, with its more than 150 units were likewise sold-out.

Another project, Bay-Ang Ridge which was launched only last December 2018 also saw its inventories wiped-out within the year.

Due to the rapid take-up of its projects, The Barino couple divulged that Duros Land has prepared an exciting line-up of new developments for 2020.

First in the list is a high-end 74-hectare lot only subdivision in the famed Lataban Hills in Barangay Lataban, Liloan. With amenities like an orchard forest, communal garden and access to Liloan Golf among others, it is certainly going to be another blockbuster in the making.

Then there’s a 20-storey residential condominium project in the highly sought-after area of Imus, Cebu City. It is conveniently located halfway between University of San Carlos and Robinsons Galleria Cebu.

Also in the company’s pipeline for next year is a midrise condotel project in Panglao, Bohol adjacent to the new international airport. It is the first Duros Land project in Boholandia and its second outside Cebu after the Gana Siargao Resort in Siargao Island.

Project Development Head Ian Mantuhac and Architect Lester Banzon both revealed that more projects are in the drawing board both inside and outside Cebu with the company’s considerable land bank.

Minore Hotel, another Duros Land project right in the heart of Cebu’s business district is also set to open in the second quarter while One Tectona Condominium in Liloan, Cebu will top-off in the third quarter, both of next year.

A busy year that was and an even busier year ahead for Duros Land Properties.