inside
Why Invest in Cebu?
Luxury real estate in Cebu is a long conversation – ready-to-move in condo units or building a house from scratch? City views or beachside living? Urban lifestyle or a long drive to town?
Luxury real estate in Cebu is a long conversation – ready-to-move in condo units or building a house from scratch? City views or beachside living? Urban lifestyle or a long drive to town?
When houses in the gated bastions of Cebu’s Maria Luisa Park or NorthtownHomes are priced at a cool fifty million pesos or more, no one bats an eyelash anymore. Although houses in Manila’s old rich enclave of Dasmariñas Village regularly start at three times that amount; at neighboring Forbes Park, the same price gets a measly thousand square meters lot, if anything at all, numbers like these doesn’t happen often in Cebu. It has occurred of course. Ten years or so ago, the one time residence of furniture tycoon Paul Maitland Smith, an estate with fabulous views of the city was listed at one hundred fifty million pesos, or the grand purchase of the Lhuilliers (yes, Monique’s parents) of former governor Lito Osmeña’s iconic Salakot House, which they promptly tore down to build an even more fabulous mountaintop abode.
The country has entered a new era of prosperity, where clearly big is always better. When high-walled properties are rented out at P200,000 or more a month, local residents are more than ready to move out. Renters are typically expats with unlimited expense accounts. Buyers are locals seeking to upgrade, or as is seen lately, affluent foreigners married to someone from here.
The Philippines outdated law on foreigners owning land more than 2,000 square meters is a hindrance for sure, and this is where the big condo developers come in, offering a myriad of choices, ranging from 4 to 40 million peso units. The new reality in the city’s landscape is full of vertical real estate, with three leading developers all offering strong unique character of their own. Ayala Land Premiere started the trend with two projects – the 1016 Residences and Park Point Residences both located around the vicinity of bustling Ayala Mall, followed by Federal Land’s three towers comprising Marco Polo Residences. Megaworld’s masterplanned community of Newtown in Mactan Island is an ambitious mixed used community anchored by an initial offering of two five-storey BPO buildings and four residential towers, patterned after its highly successful township of Eastwood City, in Libis, Quezon City. The 16-hectare community is ideally located close to the international airport and the beaches of Mactan Island. It is marketed to Japanese retirees as well as the expected growing community of workers in the BPO centers. Top management will vie for the penthouse units, of which there are 14 planned per building.
Noli Hernandez, president of Megaworld Cebu Properties says, “Our most expensive units are the corner units in the top floors where there is an expansive view, and a certain premium and prestige attached to ownership.”
Not to be outdone, Cebu’s horizontal developments are competing aggressively for those who want a home with gardens and pools. In the high-end market, there are three big players as well. MRO’s Maria Luisa Estate Park is a well established hillside village of almost 200 hectares, Aboitizland’s Northtown and Pristina North comes next with its tree lined streets and sidewalks, both located in the northern Banilad area of the city. The latest addition to this list of prestigious addresses is Genvi’s Monterrazas de Cebu, an 80-hectare development in the south, with a majority of homesites inclined to great city views.
Why is it the best time to buy in Cebu? Because there are still some good buys to be had. Blessed with both sea and mountain access, the island of Cebu unfortunately has only 30% of livable land, the majority are not conducive to city living. The growing economic boom in BPOs have not shown any signs of slowing, and the need for affordable properties and rentals are being filled slowly as condominiums continue to be built. Still, there is a need for caution in vertical developments. Some lot owners take it upon themselves to be developers without the necessary acumen and resources, and they flood the market with sub-par units. Pricing is also a sticky point. As Alice Plaza, a long time RE broker explained, “there are some developers pricing their units same as those in Manila, at more than P100,000 per square meter. How can that be when the lot prices in Manila are four times higher than the most expensive real estate in Cebu?” she asks. A more realistic figure for high end units with all the bells and whistles, according to her, should hover around P100,000. For lower end units, prices should be P20,000 less. Residential lot prices are more reasonable, with the three top developers offering P12,000 for non-view lots to P20,000 per square meter for prime properties with city and mountain views. Commercial properties in the major hub like the Cebu Business Park and IT Park are set at P40,000 to P50,000 per square meter. Buyers can surely benefit from strong competition and attractive financing offers from both developers and banks with interest rates that are historically lower than ever.
Major developers have come in to create world-class communities that embody an upwardly moving lifestyle, and many homegrown companies have followed suit. Now, real estate companies are finding their own niches and identifying features that address the varying price margins and design preferences that homeowners today are looking out for.
It’s progress that isn’t hard to understand, considering the growth of Cebu’s other industries, providing an estimate of 11,000 new jobs in the past year alone. Tourists continue to come in, growing exponentially every year. Cebu is clearly in the throes of becoming a global city, and the sprouting up of world-class residential units are an indication of the improving standard of living to come. Of course, if you can afford to shell out the money for a Maria Luisa estate, go right ahead. The rest of the population will just have to pretend they’re not green with envy.
inside
The Homes of Zee–Holiday Edition: Christmas House No. 3
Christmas House No. 3
Check out why this holiday home is on our list of 12 Cebu homes this season. Zee.ph offers a glimpse of Cebu’s holiday homes from far and wide. Please follow our series as we bring you a different home in the next few days!
Welcome to Christmas Home No. 3, where the season’s spirit is adorned in elegant white hues. This cozy abode is nestled near Cebu’s bustling IT Park, which radiates tradition and festive cheer. The homeowners, a delightful couple, eagerly await the arrival of their only daughter and her family from Manila.
As you enter this winter wonderland, a white Christmas tree takes center stage, adorned with glistening ornaments that shimmer in the soft glow of fairy lights. The white decor creates an atmosphere reminiscent of a snowy holiday retreat. Opting for a white-themed Christmas isn’t just a stylistic choice; it’s an invitation to embrace simplicity, purity, and serenity during the festive season. The neutral palette provides a canvas for creativity, allowing each ornament to stand out and making memories more vibrant. It offers modern living and timeless elegance, creating a perfect backdrop for family celebrations. Peek inside the magic of a white Christmas as this welcoming home awaits the joyous reunion of loved ones.
inside
The Homes of Zee–Holiday Edition: Christmas House No. 1
Check out why this holiday home is on our list of 12 Cebu homes this season. Zee.ph offers a glimpse of Cebu’s holiday homes from far and wide. Please follow our series as we bring you a different home in the next few days!
This sleek house seamlessly blends into its natural surroundings while exuding a modern aesthetic that sets it apart as one of the most stylish homes in Cebu. Upon entering, the interior’s clean lines and minimalistic design immediately capture the essence of contemporary living. The couple’s home reflects their impeccable taste and dynamic lifestyle, which revolves around work and travel. Every corner of the house seems to narrate a story of the couple’s journey through fashion and design.
The living area is adorned with carefully selected holiday decor that complements the overall simplicity. Large glass windows invite abundant natural light, seamlessly connecting the indoor and outdoor space from day to night. The choice of neutral tones enhances the sense of tranquility within, offering a retreat from the bustling energy of Cebu below. The residence is decked out in restrained holiday cheer, a curated canvas that mirrors the couple’s artistic inclinations. Every element, from bespoke furniture to curated art pieces, is thoughtfully chosen to create a harmonious environment that speaks volumes about the occupants’ creativity and global influences.
inside
LONDON IN FULL BLOOM: An Exclusive Look at the recent Chelsea Flower Show
The Chelsea Flower Show in London, one of the most prestigious horticultural events in the world, returned in full glory in May 2023, captivating visitors with its stunning displays and landscape designs. Held annually on the grounds of the Royal Hospital Chelsea in London, this year’s show proved to be a true feast for the senses, showcasing an array of breathtaking gardens, vibrant floral arrangements, and innovative landscaping. The 3-day event showcased 36 outdoor gardens, including four balcony gardens for small spaces. Inside the giant pavilion, blooms compete with each other, exotic flowers, roses, and many more.
The 2023 Chelsea Flower Show embraced a Nature’s Harmony theme, with a strong focus on sustainability and mental health. The show’s organizers emphasized the importance of sustainable gardening practices and biodiversity conservation, inspiring attendees to create beautiful outdoor spaces while preserving and protecting the environment.
What’s Cebu got to do with the Chelsea Flower Show in London? One person. James Doran Webb (https://www.jamesdoranwebb.co.uk), an Englishman working with driftwood, has been displaying his artworks for several years. James collects cast-off driftwood and shapes them into beautiful animal shapes that find places in some of the most iconic gardens. Leaping horses, owls, reindeer, and the occasional dragon, James Webb’s creations are avidly collected by landscapers to add accent to gardens in all sizes, using cast-off wood, fitting perfectly with the sustainable element—something Mr. Webb has done quite well for the last decade.
***
The Philippine International Flower Festival will be held at the PICC in Manila from January 14 to 18, 2024. Watch out for more info from our website!
-
The Homes of Zee3 months ago
The Homes of Zee–Holiday Edition: Christmas House No. 12
-
Fashion2 months ago
The Qipao As Interpreted by Innovative Filipino Designers: JC BUENDIA
-
Fashion2 months ago
The Qipao As Interpreted by Innovative Filipino Designers: PHILIP RODRIGUEZ
-
Fashion2 months ago
The Qipao As Interpreted by Innovative Filipino Designers: PROTACIO EMPACES
-
Fashion2 months ago
The Qipao As Interpreted by Innovative Filipino Designers: EDWIN AO
-
The Homes of Zee3 months ago
The Homes of Zee–Holiday Edition: Christmas House No. 11
-
Fashion2 months ago
The Qipao As Interpreted by Innovative Filipino Designers: RAJO LAUREL
-
Fashion2 months ago
The Qipao As Interpreted by Innovative Filipino Designers: VIC BARBA
You must be logged in to post a comment Login