Real estate exec bullish about 2nd-home forecast

CEBU, Philippines - Years from now, Cebu will welcome more retirees from other countries and shall serve as their second home.

Stating that the Megaworld four-tower project in Lapu-Lapu City has been sold to Japanese and European retirees, Realty Options President and Chief Executive Officer Samuel Lao is optimistic to such forecast.

Having three of the towers sold to a Japanese firm, he added that the eastern part of Cebu is viable to be the center of health and retirement facilities, attracting more retirees in coordination of the Philippine Retirement Authority.

While the fourth tower shall house European retirees who can enjoy their monthly retirement pensions, averaging from 1000 – 1500 Euros, much in Cebu than European cities.

As real estate tops the global market, Lao noted that small industry players and local entrepreneurs started to become developers on their own.

He further said that if there will be proper zoning and urban planning, it will be more systematic and feasible once investors come in since it is protected by the government and pre-sold to builders and developers.

For instance, he cited the partnership of the Japanese firm and the Megaworld as a good example because the private sectors had negotiated with an existing developer to avoid uncontrolled assets along with negotiable payments.

According to Lao, national players have been aggressive in investing in real estate, thus contributing to the Philippine economic growth. Although the Cebu realty industry is not much saturated yet, he said local realtors are maintaining the uprising momentum and doing well in the market.

Moreover, he said that as soon as other provinces in Cebu get developed further, the Queen City of the South will be promoted to be the second home, drawing out more foreign investors and not just retirees.  (FREEMAN)