Philippines’ Cebu province records ‘explosive’ property sales in 2018
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Philippines’ Cebu province records ‘explosive’ property sales in 2018

THE real estate market in the Philippines province of Cebu recorded an “explosive” performance last year, surpassing targets of developers for 2018.

As stakeholders projected at the start of 2019, some real estate builders said 2018 was the best year compared to previous years, according to Philstar.

AppleONe Properties Inc., president Ray Go Manigsaca, said: “Our sales registered the highest since we entered the real estate business in Cebu.”

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The company, which developed the luxury Sheraton Cebu Mactan Resort and Residences, among other projects had dished out PHP8 billion (US$152 million) for more projects in 2019 as a result of robust sales in 2018.

Like AppleONe, another developer, HT Land Inc. saw encouraging sales production in 2018.

“We surpassed our target for the year,” HT Land Inc., project director Gilbert Ang, was quoted as saying

In the 20-hectare Mandani Bay project aimed at foreign buyers, local investors showed the same amount of interest in taking up more than one condominium unit there.

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Cebu is the Philippines second most significant metropolitan centre and main domestic shipping port. Source: Shutterstock

The sales of condominiums last year, including condotel products were thriving despite new government restrictions imposed by the Housing and Land Use Regulatory Board (HLURB).

However, the housing market could have seen better results had it not been for the delayed issuance of the LTS (License To Sell) of new projects which blocked the companies from launching new projects in 2018, real estate expert and broker Anthony Gerard Leuterio said.

Leuterio said the new rules and the government’s unhurried posture caused about 90 percent of projects for 2018 to be delayed.

Like most developers, Leuterio believed the government’s support of the industry’s robustness should be addressed, even though pushing sales production was not a problem.

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Leuterio, the owner country’s largest brokerage network under the Filipino Homes group, added sales performance in 2018 was “almost unbelievable”.

“What we sold in the last four years [combined], equalled to the sales we made only for 2018,” Leuterio said.

He added market was seeing hyper-active interest in buying properties in Cebu and neighboring provinces in Visayas and Mindanao.