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Construction is ongoing and the development remains on schedule. The Chancellor Hotel from Global-Estate Resorts, Inc , a subsidiary of Megaworld, is another tourism-focused real estate project making waves in the country. Located in Boracay, this condotel is perhaps the most ambitious to date.
Tourism-focused real estate can help the Philippine property market rebound, but it is only one part of a larger equation. Ultimately, this sector serves as a link between the property and tourism industries that can elevate both. However, it could help the Philippine property market reach new heights once the current situation has passed. Overseas buyers are already active in places like Cebu, but there are many more on the sidelines waiting for condotel projects that provide a hands-free form of investment.
There is likely to be greater demand for tourism-focused real estate from both domestic buyers and OFWs. That is because it ticks a lot of boxes in terms of what they are looking for. The potential for returns is good, there is no need to worry about management and it doubles as a holiday property. That being said, it is necessary to mention the risk which we are living through now.
Another global pandemic would harm tourism-focused real estate more than traditional properties. Both developers and investors will be keenly aware of that. Both Bali and Phuket have overcome catastrophic events to maintain their upward momentum. As we have seen elsewhere in the world, doing so may benefit everyone.
lifted from: DOT PROPERTY. Residential demand in Cebu is expected to increase this year with lower real estate prices and key infrastructure projects driving the market forward. The city has been the preferred investment destination outside of Metro Manila and that trend will continue in The proliferation of both local and national developers in Cebu has raised land and property values. Research from Colliers Philippines found that new project launches and take up both fell in due to the COVID pandemic.
However, the consultancy believes both will recover this year on the back of strong residential demand in Cebu. Two key factors have been responsible for driving residential demand in Cebu over the past ten years. Firstly, home prices are significantly less than those in Metro Manila which is appealing to buyers. Several key infrastructure projects remain in the pipeline and these could support the growth of the Cebu and Davao property markets. In Cebu, the Cebu-Cordova expressway, Cebu bus rapid transit, Cebu monorail, and Metro Cebu expressway are a few of the possible improvements.
There are still overseas foreign workers OFWs are buying property, although the number is less than it had been in previous years. And with prices falling and discounts widely available, OFWs with cash in hand may be able to take advantage of some favorable deals. That is valuable time you could be spending with friends and family. Here are five things OFWs need to know before buying property. If you are living outside the Philippines, there are a number of websites where you can search for properties back home.
You can search for a property based on your budget, location and multiple other factors making easier to find the right condo or house no matter where in the world you happen to be.
These days, some property developers and real estate agents specialize in working with OFWs. If you want a smooth process, it is best to find one of these sellers. If you want to buy a property, you will need to have all of these documents:. Chances are, you want your property to generate income while you are overseas. A number of condo developers now offer property management services meaning they will find someone to rent your unit and take care of it for a percentage of the revenue generated.
Alternatively, the are several companies who can do this as well. In fact, it can be a very hands-off affair if you hire the right real estate agent. The key is knowing what to do and when to do it. There are two important things you should note. This is about getting the best price during real estate negotiations, not making new friends.
Second, you should have an idea of what is acceptable regarding terms before starting any negotiation. This will ensure you can reach a positive result. Your real estate agent is more than capable of fighting to get you the best possible deal. A lot of buyers end up costing themselves money by being in the room. If a seller names a price or gets back to you with a counteroffer, respond as soon as possible. The more time you take allows them to field other offers from potential buyers.
You have no idea how negotiations will play out. It is vital you keep your options open or at least appear to be doing so. If you really want to get the best price during real estate negotiations, sometimes it pays to walk away. If the process has reached a standstill where no progress is being made on a deal, stepping away from the table may be a way to break the deadlock.
This is risky and it is a strategy you need to discuss with your real estate agent beforehand. Some sellers may not come back, especially if they have other offers out there. However, those serious about selling and without other buyers will likely return willing to negotiate. LEADING Visayas-Mindanao developer Cebu Landmasters, through joint venture firm Cebu Homegrown Developers, Inc. The P3-billion development Mandtra Residences is managed and developed by CLI and offers condo units from 21 sqm.
to 41 sqm. ranging from P2. It began pre-selling its first tower in March and was close to 60 percent sold after three weeks. Our exceptional sales velocity indicates we are indeed meeting a highly felt need. With construction already underway, Mandtra Residences is a three-tower development on a landscaped 12, sqm property with a lush tropical theme.
A retail podium, a sky garden, clubhouse with adult and kiddie pools, jogging paths, fitness gym, and chapel have been designed to provide homeowners a multi-faceted urban sanctuary. According to CLI executives, planning for this project took place at the height of the pandemic, so the design placed a premium on healthy living and balanced well-being with its generous array of amenities and lush open spaces. The first tower with a lobby and three passenger elevators has 26 floors with units ranging from studios to one-bedroom units with selected units of both sizes offering balconies.
Moreover, several units have been designed so partitions and walls can easily be knocked down and spaces combined. The first tower is set for completion in Mandtra Residences will be the first in a planned series of projects from Cebu Homegrown Developers Inc. One of the most beautiful islands in the Philippines, Mactan, is starting to gain attraction from people all over the archipelago, both local and investors alike. Aside from its rich cultural history, the island has progressed over the years and is looking very optimistic about the future.
It drives further growth in passenger traffic, which translates to a more robust tourism environment for the region. The number of flights was increases and MCIA caters to direct international flights to China, Japan, Korea, Australia, Europe, the USA, and other Southeast Asian Countries.
It is also said to target new flights in North Asia, the Middle East, North America, and Europe. Traveling within the island has been made quick and easy as it connects Mandaue City via two bridges: Osmeña Bridge and Marcelo Fernan Bridge. And because of traffic congestion experienced during rush hour, a third bridge called Cebu-Cordova Expressway CCLEX is in the works. This will connect Cordova Town in Lapu-Lapu City and Cebu City.
And on January , they will start the planning for the 4th bridge. Also, traveling to Camotes Island from Mactan is now possible through fast crafts of Jomalia Shipping Lines Mactan located at the Mactan Wharf same location as Cebu Yacht Club. Mactan is not only known for industrial businesses but now becoming a hub for quality jobs stimulating the local economy, thanks to the rising BPOs in the area. With more developments in infrastructure, it caters to more office spaces and allows more people in the area to get jobs and generate more income.
Mactan is a very diverse island and recently announced that there will also be a school opened in the Mactan Newtown Compound called the Newtown School of Excellence as a result of their partnership with La Salle. The renowned and equipped with state-of-the-art-facilities, the International Academy of Film and Television is also found in Mactan. Two colleges specializing in Aeronautics is also located in Mactan, namely, Indiana Aerospace University and Philippine State College of Aeronautics.
will open a room beachfront luxury hotel-resort at the northern peninsula of Mactan by It will be a venue for premier regional destinations for leisure, gaming, and MICE meetings, inventives, conventions, and exhibitions.
Many developers continue to strive and build quality yet affordable homes to address the growing housing needs of the area. Being an Overseas Filipino Worker is not easy. It takes a lot of sacrifices and you can only imagine how difficult it must be to work in a foreign land away from your loved ones. OFWs endure the loneliness and hardships just to give their families a better future. As the years go by, you realize that you cannot be an OFW forever. You eventually want to rest and retire but of course, you need to make sure you have enough funds to do this.
Saving is most people do but is it enough? Here are the reasons why investing in real estate is the best way to go:. Whether you own a condominium, townhouse, duplex or single-family home, maximizing income is always a high priority for any investor.
Doing the minimum will usually lead to minimal returns in terms of money and time of tenant occupancy. How you market your rental determines the number and quality of applications you receive for your property. There is a number of marketing strategies you can use to increase exposure and get more tenants. Look for different real estate investing websites and list your property on more than one platform. The internet is the first place tenants search for properties so be sure to strategically market online.
Depending on the location and type of rental property you own, you can also target a specific group of tenants that may be likely to rent out your property such as university students if your property is near schools, or employees if your property is near businesses. Choosing qualified tenants to rent out your property is vital to maximizing the ROI of your rental.
Having an unqualified tenant can cause problems and can be one of the most draining mistakes any property owner can make. In your screening process, include a background check, verification of income and employment, rental history, criminal check, and reference check. It all starts at the curb, the first impression of a home and a spot most investors neglect.
Many forgo the fresh coat of paint, leave the dilapidated fence up, forget to wash the driveway, and spruce up the yard. This is not a good sign of potential renters and is a reflection of how they see your maintenance style. While some property maintenance is generally out of your hands when it comes to condos or townhouses, you have to ensure your monthly homeowner fees are put to good use and funds are allocated to exterior maintenance.
The most important areas of the house to good tenants will be the kitchen and the bathrooms. Invest in good, high quality, matching appliances as it is among the first things a renter usually looks at after entering a potential new home.
Older appliances may require unending maintenance and will cost you more in the long run. A little paint goes a long way, and fresh paint on the walls and cabinets will make your rental look new and welcoming.
Use neutral colors that will match any furniture that your incoming tenants may have. Investing in higher quality light fixtures, adding new ceiling fans, upgrading all faucets will give the rental property a more polished pulled-together look. Tenants notice door handles, locks, and window blinds. If your condominium is set up with a laundry area, you can add a washer-dryer set to increase the value of your property.
Find quality long-term tenants that take care of your property and pay consistently. When you find these people, do what you can to keep them. Keep in mind that rent is not the only factor that keeps tenants from moving out. The other key is customer service. Whether you personally manage your properties or have a property manager, make sure your tenants feel respected and heard.
If your tenants inevitably leave, start posting ads and spreading the word about your vacancy the minute you get a word in order to keep the transition period to a minimum. Moving costs tenants money too. If the value of their current rental is significantly better than the value of a new rental plus the cost of moving, you still have the upper hand.
Do a little research on other rentals in the area by checking out sites such as Locanto. ph, OLX, or Lamudi. Consider the following: let your tenants know about an increase in monthly utilities and amenities fees, and have that coincide with an upgrade to your property.
For instance, you may plan to upgrade the windows from single to dual pane. If you schedule the work to coincide with a lease renewal, the tenant feels they are getting something out of the deal. You may even ask your tenants what they would like to have upgraded. In other words, make improvements that are necessary for maintenance or have an immediate return on investment. Offer extra house cleaning, landscaping services, or mineral water delivery to tenants.
You can negotiate the rates with suppliers, contract them out, and collect a fee as a contractor. The benefits of upgrading your property extend beyond appearances.
Most importantly, it allows for a healthy relationship between you and your tenant. In such an active and competitive market, you need to find ways for your property to stand out in the listings. Quality upgrades will get your rental filled fast and maximize the income on your investment.
CEBU CITY, Philippines — A proposal to reclaim land up to 1, hectares in the fishing town of Cordova on Mactan Island, Cebu will push through. This after local officials announced that SM Prime Holdings Inc. SMPH renewed their commitment to invest in Cordova town during an online meeting with them and officers from concerned government agencies last Thursday, July 9, SM Prime Holdings Inc.
SMPH is the real-estate arm of SM Investments Corporation, which is founded by the late tycoon Henry Sy. Cordova is a third-class municipality that borders Lapu-Lapu City on the south of Mactan Island. It owns around 3, hectares of foreshore land, making it one of the biggest seagrass beds in the country. Cordova Mayor Mary Therese Sitoy-Cho, in a phone interview with CDN Digital, confirmed that consultants from SMPH informed the municipal government of their plans to proceed to the detailed engineering design DED stage of the project.
READ MORE: A long way to go for Cordova reclamation. The project, according to local officials of Cordova, is targeted to be completed by and is composed of four artificially-made islands with a total land area of 1, hectares. The project, which is pegged to estimate billions, will be done through a public-private partnership PPP arrangement, said Cho.
The mayor also said they are projecting that actual civil works for the multi-billion project, whose rough estimates are yet to be determined, to start within to A Project Description Report PDR from the Environmental Impact Assessment team of the Environmental Management Bureau EIA — EMB identified the coastal barangays of Alegria, Bangbang, Buagsong, Catarman, Cogon, Dapitan, Day-as, Ibabao, Gabi, Gilutongan, Pilipog, Poblacion and San Miguel will be affected by the reclamation.
Under the law, a proposed reclamation project would have to be supported by an area clearance, a feasibility study, an environmental impact statement and environment compliance certificate ECC , and local government resolutions posing no objection to the project, among others.
When buying a property during this pandemic, the overall environment is one of the key factors that home seekers are now looking for. With the expectation that a similar situation may happen in the future, the address becomes as important as the actual home. A crisis-ready neighborhood with access to essentials; a place where you can work, play, live and shop; a community that provides access to all your needs yet keeps you close to the hustle and bustle of the city.
You want a home that allows you to embrace a lifestyle that offers everything within reach and mixed-use developments are the answer to the current dilemma of homebuyers in this age of quarantines, lockdowns, and border controls. It features a cross-section of a community where people gather to work, live, and thrive. These types of developments provide a more comfortable work-life balance for its residents, reducing the need to go far for work or recreation, as the residents can do work, social and personal activities right inside the mixed-use community.
During a pandemic, it provides security and convenience. After a crisis, it rejuvenates the different components within the community. One of the very few key projects in Cebu that provides a holistic life approach in mixed-use developments is Astra Centre located in AS Fortuna St. It features residential and office spaces, as well as a lifestyle mall and a hotel.
With its unique features, such as a multi-deck, bold canopy, punched windows, and articulated glass, Astra Centre sets a standard for other mixed-use developments in the metro that boasts of being a future-forward development.
With stunning amenities within the community, as well as a promising location, future dwellers can experience a modern, dynamic lifestyle in which they can live, work, and thrive, all in one place.
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