Property developer banks on long-staying tourists

CEBU, Philippines - As more foreign nationals are eyeing Cebu as an ideal tourist destination and potential retirement hub in the world, a homegrown real estate developer aims to create more residential projects that are geared towards tapping the particular market segments of the tourism industry.

Primary Homes, Inc. (PHI) officially launched its seventh project for the year, the Astele.

PHI vice president of sales and marketing Ramero Espina said that the recent market study conducted by the company showed that most of the tourists who come to Cebu prefer to stay longer than the usual vacation period they should have and even decide to reside here.

Most of the long-staying tourists are Koreans, Japanese and Europeans who are willing to spend for real estate investments.

The booming tourism industry and the potential retirement market in Cebu prompted PHI to come up with its new and modern development in Lapu-Lapu City.

Inspired with an Asian contemporary theme of living, Astele is a suburban community that sits on a three-hectare property at Buyong Road in Maribago.

“We are confident that this will be the new preferred destination for this type of market. Lapu-Lapu City is an ideal location for tourists and retirees taking into account its proximity to Mactan Cebu International Airport,” Espina stated.

Just recently, an article from “Yahoo! Finance” cited that Cebu was hailed as one of the six cities in the world that are recommended for Americans to retire without having to spend too much.

Based on Live and Invest Overseas’ Retire Overseas, the publication and research firm specializing in overseas living used 12 factors as an index to determine the best cities to retire such as “climate, whether English is spoken, cost of living, health care and infrastructure, to determine the best cities to retire.”

The list of the six top places also include Chiang Mai in Thailand, Cuenca in Ecuador, Granada in Nicaragua, Hoi An in Vietnam and El Poblado, Medellin in Colombia.

These cities that offer both affordability and luxury, as the article cited, require only $1,250 per month to cover all the living expenses

The international article described Cebu as “a developed province in the Philippines, has some of the most beautiful natural landscapes in the world: narrow coastlines with bright blue waters and limestone plateaus offset by rolling hills and rugged mountains.” 

“They find Cebu as an emerging destination for retirement given that the right environment and conditions for a retirement facility can be found here such as the globally- accredited hospitals, international airport and vibrant entertainment industry,” Espina added.

He said that since they are eyeing to expand the market of tourists and retirees as potential clients, Astele will serve as a trial market for the company.

He further revealed that the remaining three hectares in the same vicinity will be developed into a new project depending on the turnout of the Astele project.

Astele has a total of 64 single-detached units that are ranging from 150 to 251 square meters in terms of lot area and 56 to 288 square meters in floor area with prices ranging from P3 to P15 million.

Amenities include a clubhouse, a fitness gym, an infinity pool and a playground. It also boasts of its unique architectural feature of floating steps on Zen pond along the entrance of each house.

The new development is akin to world-class beach resorts such as Maribago Bluewater Beach Resort, Costabella Tropical Beach Resort, Costabella, Cebu White Sands Resort and Spa, Imperial Palace Waterpark Resort & Spa and Crimson Resort and Spa Mactan.

The construction period of Astele will start this month and is expected to be completed by January 2015. /JOB (FREEMAN)