Sunday, February 19, 2012
BESIDES promoting Cebu as an IT-BPO center, the Cebu Investment Promotions Center also hopes to position Cebu as a second home destination.
Though many have been apprehensive about a possible bubble in condominium development due to the sudden rise in numbers in Cebu, CIPC managing director Joel Mari Yu believes there is opportunity in all the building.
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Yu, who spoke at the Annual Economic Forum organized by the Cebu Business Club and University of San Carlos School of Business and Economics, said several factors make Cebu a viable option for those in search of second homes.
Selling points
He noted that Cebu’s location, geography and climate are selling points, being a tropical island with a lot of coastline and mostly storm-free, which makes it ideal for swimming, golfing and other leisure activities. International airports and seaports assure easy access while a relatively safe peace and order situation adds to the appeal.
He said English is widely-spoken in Cebu and there are a number of education and medical facilities. Yu said Cebu has enough modern facilities while enjoying a cost of living 30 percent lower than that of Manila.
He pointed out that most rich people in Manila have second homes in Tagaytay. With airfares dropping quickly, Yu said they could easily be encouraged to buy second homes in Cebu and have a wide range of leisure activities to choose from when they spend their time here.
Also, Yu noted that other rich people from the Visayas and Mindanao will find Cebu an ideal place to live in and send their children to school.
Another sector that supports the development of more homes are the overseas Filipino workers. Yu said many OFWs are buyers of condominiums that are currently being built.
Yu said that after working overseas, OFWs want to be sure the savings they earn are spent well. Rather than build big homes in their provinces where the value of their investment does not appreciate, Yu said the more viable investment would be to buy a home in Cebu.
“We have demonstrated capability in getting non-Cebuanos to invest in capital expenses like factories, office space, commercial establishments and resorts and to spend for operating expenses here. We will continue to do so. We should now also develop a program focused on getting non-Cebuanos to invest in second homes in Cebu and pay living expenses here,” Yu told participants.
Retiree communities
He said the main attraction would be the livability of Cebu, offering condominiums, full-service apartments, townhouses and stand alone homes.
As for the target markets, Yu identified the increasing retiree communities of Japan, South Korea, Hong Kong, Taiwan and China, balikbayans and affluent Filipinos outside the province.
But to do that, Yu said Cebu had to be able to cope with growth.
“If you want foreigners to participate in our economy, we have to give back,” he said.
He pointed out that Cebu needs to move up from being just “good enough for Cebuanos to being good enough for the world.”
Published in the Sun.Star Cebu newspaper on February 20, 2012.
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