Cebu real estate booming

By Cebu Network
Published March 14th, 2007

A restaurateur in Cebu sees real estate as more lucrative and has decided to invest on more properties instead of adding more outlets to his restaurant.

Efrain Pelaez, part-ower of Cebu restaurants such as Mikado, Grand Majestic, and Café de France, told The Freeman that he is taking advantage of the real estate boom in Cebu and will be developing some of his idle properties in Mactan Island and Olanggo.

“In boom times, real estate can do much better, it provides faster [investment] returns with less hassles,” Pelaez told the Cebu newspaper. His company, Coral Point Development Corporation, recently launched the Coral Point Condominium at Punta Engaño.

The company is also scheduled to start construction of the Gold Point Resort, a four-hectare property to be developed as a major hotel and spa facility in Santa Rosa, Olanggo Island.

The real estate boom in Cebu is evident, what with the number of projects launched and completed in recent years. We here at Cebu Network are covering this booming industry and if you are a real estate developer or agent, you can contact us if you want your properties featured or you can add property listings yourself for free in our Cebu Real Estate Listing.

11 Responses to “Cebu real estate booming”

1. Roger Carlson says:
   1June 23rd, 2007 at 11:52 am

   Dear Sirs: What you say about the Real Estate Boom in Cebu is partially ture. But the long term future is dimmer than ever. When this country gained its independence in 1946, it was the second richest country in Asia behind Japan. today it one of the poorest in Asia and in the world.
   By every measure it is a third world country and matters are likely to get much worse once this little bublle bursts. The reason is simple. You must have global participation to really boom (like Malyasia, Singapore, Thailand). Cebu has no hope because of corruption, extortion etc. In Liloan Cebu I have a friend who invested more than 10 million in building apartments etc in Liloan Cebu. He had plans to invest more than 200 million. This was in spite of the worst constitution in the world (designed to exclude all foreign ownership of land). But once he started construction the municipality of Liloan allowed a public Righ of Way to be closed to the properties which had been opened for 64 years. Supposedly they were friends of the Governor (Gwen Garcia). In order to open the Right of Way he had to pay more than 20,000 pesos per sqm when the zonal value was 580 and the average market value 1000. When this did not work the foreigner was charged with a bogus criminal charge. All of this happened with muncipal assistance. Foreign Investment in the Philippines. Forget it. It is an Africian country. Let foreign investors go to Thailand, Malaysia and Singapore. Don’t hire OFW from the Philippines. Roger Carlson

2. marc francis bautista says:
   2August 19th, 2007 at 1:28 pm

   hi roger, in every part of the world there are those kind of people. i have made much money in my country than anywhere in the world. i got real estate in america, millions of dollars worth. but i will never leave my country. so why don’t you just go back to your country. forget asia. why do you westerners look into asia to invest? what happened to your own country. you sem to be lose with your thoughts. look at yours. there are many foreigners who invest but do not understand how to. so they lose it to thieves. its just plain stupidity….

3. roger Carlson says:
   3August 21st, 2007 at 1:51 am

   Sure, Frances I am sure you know a lot about international investments. Learn Business basics before you repond to comments. What businesses have you invested in? Any?

   Roger

4. philippine real estate says:
   4September 5th, 2007 at 1:43 pm

   to Roger Carlson - independence in 1946, Philippines was the second richest country in Asia behind Japan ?

   second world war was on 1939 - 1945 , a year after which is 1946 Philippines as you said - becomes the second richest country in Asia but for how long ? and how did it become the second richest behind Japan ?

   My friend was the second placer in a contest because there are only 2 players on the game.

   Philippines SEEMED to be the richest country after the war because of the AID from US and other countries and the other ASIAN countries were suffering from the post war.

   Philippines during before 1946 and after 1946 didnt became rich it just that others GO POOR because of the war. Philippines during those times were not exporting Technology and after those times Philippines still are not Top seller of Technology Products.

   After 1946 Filipinos were heard as the best Air Plane Pilots in Asia but before 1946 Filipinos dont even know how to defend their skies from Japanese Attacks because they were not taught of how to drive an air plane or they dont know how to invent their own air plane.

   Before and after 1946 Philippines is a steady exporter of RAW materials , it did not create or invented its own knowledge of technology , discovery of scientific facts.

   Saying that Philippines is the second richest country in asia on 1946 is totally wrong.

5. fred says:
   5October 29th, 2007 at 1:03 pm

   roger is right. do not invest any money in the philippines. corruption and business do not mix. most pinoys have no clue how to do business. that is why most rich people on the philippines are chinese.

   put your money to work in safe and business-concious countries, even in india and china.

   living in the philippines is good. rent, do not buy, do not spend anything than living cost.

6. cebu real estate says:
   6November 30th, 2007 at 5:22 pm

   chinese went here in cebu cause they are poor in their place ..

7. marc says:
   7December 1st, 2007 at 7:41 am

   mr. pelaez, i hope you really succeed in creating wealth..it is all about wealth creation and there is nothing wrong with that. thank you for contributing to the real estate industry and pushing it forward. these foreigners do not understand culture. when they come here they want to see western culture or impose western culture where they are comfortable in. just ignore them. go ahead and help build the philippines and CEBU. i am from forbes park as a matter of fact i got two homes in forbes park and i have a commercial building in ayala avenue among others. i hate bragging but i believe i got these rights where it should count. so what does these foreigners have that they teach us how to do business in our own land huh? i am into specialty construction too. if you need my expert advice in waterproofing and formworks for concrete casting, i am at your disposal without obligation. this is our culture we help without counting the cost. MABUHAY CEBU, MABUHAY KA MR. PELAEZ

8. marc says:
   8December 1st, 2007 at 8:03 am

   roger, i do not believe the long term will be dimmer. as a matter of fact it will be brighter. you are pinned in time, man. WW2 has gone 60 years. we are now at the info age. the philippines is the 2nd country to benefit from info tech outsourcing next to india, only because of population. therefore the WW2 scenario is an outmoded model. you are static in your outlook. not only static, its 60 years old. so, if you do not believe in our country, hey i respect that but use dynamic analysis instead.

   our labor export continues to push real estate. plus the info practitioners are now becoming middle class and can now afford to amortize homes. our property demend is based on real income rather than speculative. our only drawback is politics. but i believe this even will come to pass. hey, we have been civilized relatively recent.

   here is a scenario, roger. guess what country is going to have the oldest population in 20 years? nope you guessed it wrong. its china because of their one-child-policy. as the world’s manufacturing basin today, in 20 years the manufacturing will flow back to countries like the philippines, malaysia, thailand, vietnam, cambodia, indonesia, etc. then western countries would have moved from negative population to positive population growth and have almost no labor force. then it will transfer technology to asia for their own benefit. there is our bright scenario. ergo the philippines’ future is like the northstar shining bright…..

9. marc says:
   9December 1st, 2007 at 8:16 am

   fred, what do you expect of farmers? the philippines for thousands of years was basically agricultural. when the west was already building armies to conquer the world, we were simple farmers fred. do not expect us to be businessmen. the chinese are traders, they are businessmen. thanks to the chinese who came and married filipinos. they taught us business. come on, please understand history. if you cannot contirbute to the philippines even just one good word, forget even renting and staying here. you say living in the philippines is good? i think you are contradicting yourself.

10. Dapdap says:
    10April 5th, 2008 at 10:00 am

    I purchased a condo unit with Vistamar Developers. I paid my scheduled amortization for the agreed pre construction price and floor area. About 2-3 weeks before my last payment was due, I got urged by the company through my agent that I have to pay P160,000 more than the pre construction price because when the construction was finished, the floor area got bigger by 2 sq meter. I feel I was mislead and trapped. Is this sudden price increase legal? Is there any office I can contact who can guide me on this issue and who protects the rights of foreign investors like me?

11. marc says:
    11April 25th, 2008 at 8:24 am

    hi dapdap, interesting situation. first check the contract if there is any provision that addresses overage or underage in the resulting area. you see construction implementation is done by humans and this human error factor is real. floor area subject to sale is measured from center to center of the walls of your unit. therefore if you measure area based on actual floor area (from wall face to wall face), this will be less. then again, you have the common area which developers also charge to your unit in terms of pricing. you signed a contract and the developer must keep his part of the agreement. if there is no provision on overage or underage in the resultant unit area, then this issue is highly debatable therefore highly NEGOTIABLE. you can however demand them to give you exactly the area you contracted for but you may have to switch units. however, i might not use the words “mislead” and “trapped” loosely. its dangerous because you don’t want to be in a legal issue. its costly and no one wins. many developers here in manila are able to deliver the contracted area given a small + or - to the theoretical area. and this is because of good contractors.

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