CEBU is Next Metro Manila of Visayas, Real Estate Industry Prospers

By: Eden Lorren Pabalan  |   5/12/2010 7:46:57 PM

Cebu is a known province in Visayas, with the prominent Cebu Island and 167 sorrounding islands and one of the most progressive provinces in thePhilippines. As time passes by, Cebu has become home to different foreign and local companies such as Norkis Group of Companies, Lexmark Philippines, Lhuillier Philippines, among many others. BPO companies have also expanded their boarders to the shores of Cebu. Its 225 kilometer stretch from north to south has also a vast number of white sand beaches, limestone plateaus, and coastal plains and now, with call centers and other BPO buildings inbetween. 

As economic growth boosts in Cebu, more and more foreign investors are also occupying the land. Cebu is now more than just a province having the oldest city of the Philippines, Mactan's Cross, and being the seventh best island destination in the Indian Ocean-Asia region. It has now become a growing second to Manila in terms of real estate in the Philippines. Real estate giants like Megaworld Corporation, Sm Development Corporation, and AyalaLand have already noticed the gold mine in investing in Cebu. Other companies doing business in the Philippines have stationed satellite offices in Lapu-Lapu's land, making it a fertile soil for business ventures for investors and an opportunity of more jobs for Filipinos.

SM Development Corporation recently inked a 20 billion pesos real estate project in Cebu. They will be developing a 30 hectare land into a prime office space and residential complex and construct an SM mall which will be one of the 10 largest malls in the world with 250,000 square meters of land area. On the other hand, AyalaLand invested in developing residential properties, one which is Amara, a high end seaside residential community.

Megaworld Corporation also sees Cebu as a prime investment but they are focusing on building a 25-hectare BPOhub near Shangri-la Hotel Mactan. They foresee Cebu as an emerging outsourcing destination in the Philippines.

Meanwhile, call centers and BPO companies have also established in the region. There areat least 50 call centers which are doing business in the area and more BPO investors are coming in. International BPO companies like Aegis PeopleSupport, Convergys, eTelecare, and ICT Group have offices in Cebu,providing thousands of recruitment oportunities for Cebuanos.

These developments are paving way for Cebu to be the next Metro Manila of the Philippines, and for the growth of Cebu province.


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