Sta.Lucia sees demand but no supply in Cebu

Seeing a huge demand in Cebu amid a scarce supply, Sta. Lucia Realty & Development Inc., (SLRDC) is bent on developing close to 80-hectare residential projects in Cebu this year, with emphasis on penetrating the countryside areas in the province.

In an interview with SLRDC president and chief executive officer (CEO) Exequiel D. Robles, he said that the company will continue to invest in real estate projects in Cebu, despite the world economic slump, saying "Cebu has demand, but no supply."

In partnership with different landowners, SLRDC, which is one of the country’s largest real estate developers, is ready to start residential projects in Consolacion, Compostela, Naga, and Mandaue City, this year owing to the active residential demand in Cebu market.

While Cebu, has limited flat lands for large residential developments, Robles said the company is also simultaneously entered into mid-rise condominium projects in the province.

This close to 80-hectare residential projects to be introduced by the company this year would require the company to invest more than half-billion pesos, depending on the development project, and quality of the terrain.

According to Robles, the company spends about P7 million to P8 million per hectare on every project. Despite the bleak economic projection for this year, Robles said he sees no reason why the company will stop investing in Cebu.

 "Kung titigil tayo, mas lalong magkakaroon ng shortage sa housing," said Robles in an interview over the weekend.

He said it is difficult to find [good] properties in Cebu. As long as there is good partner (property owner), the company is ready for more residential projects.

This year, SLRDC will start the development of 30-hectare Vista Verde subdivision in Consolacion, north of Cebu. A 14-hectare residential village will also be developed in Compostela to be called "Crown Heights."

A pocket housing project in Mandaue City, with four-hectare total area, will also be introduced this year. And a 30-hectare upper-middle housing project in the southern part of Cebu in Naga, will be started this year.

 Aside from these identified areas for residential developments this year, Robles said the company is also in negotiation with landowners, for partnership of more projects, specifically in the countryside areas, like in Lilo-an, Carmen, Minglanilla, CarCar, Talisay, among others.

Robles' believes that the worldwide economic slump, will not hit the Philippines badly, "we are such a small country. And we have working Pinoys around the globe, not only in the United States."

He said the over 10 million Filipinos working around the world, is still the main source of economic strength of the Filipinos. In real estate, OFWs continue to be the major market for developers, with or without crisis.

"There is always a need for housing in the Philippines. OFWs are investing their money [mostly] in real estate," Robles said.

SLRDC has developed close to 20 properties in Cebu in the last few years, its projects mostly in partnership with landowners, included; the Alta Vista Golf and Subdivision, Vistamar, and several middle to high-end subdivisions, Discovery Bay on Mactan Island, among others.

Last year, the company started to re-enter into mid-rise condominium and hotel project through the introduction of Sotto Grande Hotel and Resort, located at the 60-hectare Vistamar property on Mactan Island. — Ehda M. DAgooc