Known as the “Queen City of the South,” Cebu City in the Philippines is one of the country’s most famous travel and progressive urban hotspots–making it an attractive destination for all kinds of industries, including the booming real estate market.
According to a recent report by professional services and investment management company Colliers International, outside of Metro Manila, Cebu remains one of developers’ top picks in terms of residential hubs, especially as its potential for further growth is looking strong post–pandemic. The report further states that, in terms of capital value, condominium prices alone in Cebu are expected to grow, as a result of stabilizing demand especially for higher-priced units.
This, in turn, is attracting economic development, with Cebu experiencing an influx of brands and businesses from Manila and even out of the country.
Moreover, as another previous Collier report states, the completion of the Mactan-Cebu International Airport back in 2018 further raised Cebu’s attractiveness as a major business hub.
“Cebu as a residential location has shown resilience during the pandemic and is likely to recover by the end of 2023. Developers must maintain the momentum by introducing products that are right for their ideal markets. Launching projects is one thing, introducing successful products is another. Developers should continuously evaluate whether their products are indeed preferred by and are a right fit for their target market,” Karla Domingo, Colliers Director of Advisory Services, further states in the report.
Recently, one of the fastest growing trends in real estate is the development of mixed-use properties, which combine residential, commercial, retail, and even office areas, in a single property. Developers continue to take the mixed-use path in order to offer their clients a convenient and integrated lifestyle, so that everything they need is within walking distance from their homes to their workplaces, schools, and shops.
Answering the call for these kinds of property developments, Rockwell Land introduces a new mixed-use development in Cebu City, IPI Center by Rockwell. It is the developer’s latest addition to its roster of properties in the region, as the company continues to cater to the evolving needs of the local market. IPI Center is a 2.8-hectare community located along Pope John Paul II Avenue, and will be established in partnership with the Wong and Castillo families of International Pharmaceuticals Inc. The mixed-use neighborhood will feature office towers and retail spaces, as well as a residential tower set to launch in September.
“We are looking forward to our newest Cebu project with the Wong and Castillo families of International Pharmaceuticals Inc., located in the heart of the city, which we envision will excite the market,” says Rockwell Land Chairman and CEO Nestor Padilla during its recent Annual Stockholders’ Meeting.
The development of IPI Center adds to Rockwell’s existing presence in the province with 32 Sanson in Cebu City and Aruga Resort and Residences in Mactan, where the developer was able to introduce distinct living experiences through a quiet garden community and an exclusive beach resort development.
This is also in addition to the launch of several other projects in different cities in 2022, which are worth a record high of P29 billion in development revenue. Padilla, together with President and Chief Operating Officer Valerie Soliven, is committed to further expanding their reach and offering real estate developments that add value to its local communities.
For more information, please visit e-rockwell.com/ipi-center-by-rockwell/
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The article was originally published in Inquirer and written by Annelle Tayao-Juego.
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