Metro Cebu is acknowledged as one of the highly developed districts in the country. It hosts several well-known business districts, huge shopping malls, reputable hotel chains and meetings, international conventions and exhibits (MICE) facilities, plus the formidable information technology-business processing management (IT-BPM) industry that provided close to 3 million residents ample employment opportunities and economic growth.
“Metro Cebu’s three most important cities are Cebu City, the provincial capital and arguably its commercial core; Mandaue, which is located southeast of Cebu City and hosts most of the metro area’s manufacturing and industrial facilities; and Lapu-Lapu in nearby Mactan Island, which is home to the Mactan–Cebu International Airport, considered the Philippines’s second most important international gateway. Together, these cities comprise 65 percent of the metro area’s total population,” Charles Serviano, Senior Manager Landlord Representation of Colliers said in a recent webinar.
The abundance of talent produced by its universities and colleges has definitely made Metro Cebu as one of the top outsourcing destinations in the country. According to Colliers, as of end-2021, the metro area has an office stock of approximately 1.3 million square meters, 92 percent of which are Peza-registered; an additional 65,000 square meters are forecasted to be completed in 2022, and approximately 98,900 square meters in 2023. By the end of 2024, its total office stock will reach approximately 1.5 million square meters. Although vacancy rate is projected to remain at 24.7 percent in 2022, increasing the level of office transactions is signaling a gradual return to positive territory. In fact, in 2021, Metro Cebu recorded net office take-up of 35,000 square meters.
Serviano pointed out that Metro Cebu’s three most important cities are Cebu City, the provincial capital and arguably its commercial core; Mandaue, which is located southeast of Cebu City and hosts most of the metro area’s manufacturing and industrial facilities; and Lapu-Lapu in nearby Mactan Island, which is home to the Mactan–Cebu International Airport, considered the Philippines’s second most important international gateway. Together, these cities comprise 65 percent of the metro area’s total population.
The role of infrastructure
Transport infrastructure definitely played a key role in the rapid development of Metro Cebu and the rest of the province, according to Serviano, For years, he said the main island’s only connections to Mactan Island, where the airport is located, are Marcelo Fernan and Osmeña Bridges. “But 2022 saw the opening of the 8.9-kilometer Cebu–Cordova Link Expressway [CCLEX], also known as the Cebu–Cordova Bridge, which has eased travel time between downtown Cebu City and Mactan Island. Upon its completion the bridge expressway became a game changer as it reduced travel time from Cebu City to Mactan–Cebu International Airport by approximately 40 minutes,” he said.
Serviano said the airport is going to have the much-needed rehabilitation. A second runway is also in the works, which once completed will significantly increase the airport’s capacity.
CCLEX boosts Bria project
The CCLEX, which connects mainland Cebu to Cordova town in Mactan Island. will also benefit the Bria Condo Mactan, a sleek mid rise residential condominium that features comfortable and easy-to-maintain well-sized units for small families and hardworking young professionals.
Jasmin Alviola, Division Head of One Cebu, told the BusinessMirror in an e-mail interview that CCLEX will drive prospective homebuyers towards Bria Condo Mactan, a sleek mid rise residential condominium that features comfortable and easy-to-maintain well-sized units for small families and hardworking young professionals.
Location-wise, Alviola said accessibility of Bria Condo Mactan CCLEX will make the daily commutes of future homeowners between the island and Metro Cebu hassle-free.
“Anyone in real estate knows the value of a great location. Our Bria Condo development in Mactan has access to key lifestyle destinations on the island and proximity to the new CCLEX. Locals and migrants who wish to set down roots in Cebu are welcome to check out Bria Condo Mactan. We hope they will find their home of choice with us,” she explained.
Bria Homes’ vertical housing project in Mactan offers an array of features that will encourage a healthy, active lifestyle among condo dwellers. There are walkable pathways surrounded by greenery for residents’ leisurely strolls. For the more exercise-driven, there are the jogging paths and the enticing swimming pool.
As new infrastructure drives economic growth in Mactan, Alviola said value appreciation of the property will rise, too. Those purchasing today can expect significant returns on their investment years down the line.