Ahead Of The Curve
Cebu, Philippines is known more as a development is poised to take advantage of the country’s holiday destination than a business and investment hub. The island province has long been a popular holiday spot famous for its balmy weather and white sand beaches. But it is also home to a booming economy – the second largest after Manila – and increased tourist arrivals are pumping up demand for resort-style condominiums.
Tytans Property and Development Inc. are currently building Cebu’s first solely residential resort, Tambuli Seaside Living. Located on an 11-hectare site, 22km from Cebu’s CBD, the project will comprise of four residential towers, an exclusive amenity area for leisure and fine dining, and 200 metres of natural beachfront. Scheduled for completion in 2016-2017, the rapidly expanding economy as well as Cebu’s lifestyle and business appeal.
In 2013, the Filipino economy grew by 7.3% – the highest growth in Asia following China – and growth continued in 2014. The economy expanded 6.4% in the second quarter, higher than the revised 5.6% in the first quarter, though slightly below the government’s full- year target of 6.5-7.5%. Nevertheless, director-general Arsenio Balisacan of the National Economic and Development Authority (NEDA) says the Philippines remains a top performer in Asia, with numbers coming in ahead of Indonesia, Malaysia and Thailand. “We remain as a bright spot in the region, the second fastest growing economy among major Asian countries for the period,” he says.
The country’s real estate sector has also been growing, and the trend is projected to continue until 2016 according to Rich Santos, founder, chairman and chief executive of CBRE Philippines. “We are very positive on the way things are going for the real estate market. As we’ve noted before, the transformation of areas outside the major central business districts are continuously creating more investment opportunities,” he says. Of these areas, Cebu in particular is booming, driven by growing tourism and a strong IT sector. The Philippines registered a 9.56% growth in foreign arrivals in 2013 with over 4.6 million visitors. Increased tourist arrivals to the region are creating an expanded demand for condominiums.
Located 20 minutes from the Cebu airport,Tambuli Seaside Living offers residential investment with all of the perks of a tropical resort. Designed by Alex Medalla of Arkinamix, one of Cebu’s premier architectural firms, the project takes its architectural cues from the natural environment, with massive centuries-old acacia and banyan trees dotted throughout the development, and wide-open spaces allowing for breezy comings and goings.
The four residential towers offer studios, 1- and 2-bedroom apartments also designed with the luxury of space in mind. All apartments have balconies with uninterrupted views of the sea or coastline and come with world-class finishes from floor tiles to kitchen and bathroom fixtures. The freehold apartments start at US$77,000. At the time of writing, towers A and B were already 90% sold, and Oceanus Tower C had recently launched pre-sales.
Owners at Tambuli Seaside Living will also have access to a 4-hectare amenity area with a range of dining and leisure facilities.There will be a 3,700m2 lagoon pool of varying depths with views of the beach and sea from one end, and a modern clubhouse and restaurant from the other.The sprawling clubhouse resonates with the surrounding acacias and is built in and around the natural foliage, seemingly wrapping around it. Outside, the wooden decks offer views of the Mactan Channel.There will also be a seaside restaurant, perched on a large rock formation on the white sand beachfront, offering both al fresco and indoor dining.
Facilities housed in the amenity area include a gym, spa and wellness centre, a game room and an indoor kids playroom. In addition to the lagoon pool there is a lap pool and a kiddie pool. Dry sports facilities including volleyball, basketball and tennis courts. There is also a dive shop for water sports. Dining options range from Asian restaurants to a wine and cheese tapas bar. A commercial complex will house a convenience story, family KTV and a salon and there will be a 24-hour emergency clinic with medical staff and ambulances.
Given current demand and rental prices, the developers expect rental returns of around 8%. And, with new plans in the works for improved travel and infrastructure, they remain bullish about the potential for continued growth. The World Bank recently approved a US$141 million financial package for the Cebu Bus Rapid Transit project, which will help finance the construction of a 23 km BRT system on a major transport corridor in Cebu City. Budget airline Cebu Air Inc. (Cebu Pacific) is also looking at expanding its Cebu hub, which would bring added routes to the region.
“Apartments in this ultra-modern, gated 11-hectare residential resort community in Cebu are set within a tropical paradise with all the modern technology to keep you connected for business or pleasure, some of Asia’s best internet and transportation infrastructure and international conveniences; the epitome of having the best of both worlds,” the developers say.