July 17, 2018, 7:05 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.06864 UAE Dirham
1 Philippine Peso = 2.00897 Albanian Lek
1 Philippine Peso = 0.03439 Neth Antilles Guilder
1 Philippine Peso = 0.50824 Argentine Peso
1 Philippine Peso = 0.02516 Australian Dollar
1 Philippine Peso = 0.03326 Aruba Florin
1 Philippine Peso = 0.03738 Barbados Dollar
1 Philippine Peso = 1.56345 Bangladesh Taka
1 Philippine Peso = 0.03139 Bulgarian Lev
1 Philippine Peso = 0.00707 Bahraini Dinar
1 Philippine Peso = 32.72248 Burundi Franc
1 Philippine Peso = 0.01869 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1282 Bolivian Boliviano
1 Philippine Peso = 0.07195 Brazilian Real
1 Philippine Peso = 0.01869 Bahamian Dollar
1 Philippine Peso = 1.282 Bhutan Ngultrum
1 Philippine Peso = 0.19138 Botswana Pula
1 Philippine Peso = 374.13568 Belarus Ruble
1 Philippine Peso = 0.03734 Belize Dollar
1 Philippine Peso = 0.02459 Canadian Dollar
1 Philippine Peso = 0.01871 Swiss Franc
1 Philippine Peso = 12.14969 Chilean Peso
1 Philippine Peso = 0.12502 Chinese Yuan
1 Philippine Peso = 53.37133 Colombian Peso
1 Philippine Peso = 10.54401 Costa Rica Colon
1 Philippine Peso = 0.01869 Cuban Peso
1 Philippine Peso = 1.76603 Cape Verde Escudo
1 Philippine Peso = 0.4139 Czech Koruna
1 Philippine Peso = 3.31714 Djibouti Franc
1 Philippine Peso = 0.11919 Danish Krone
1 Philippine Peso = 0.92375 Dominican Peso
1 Philippine Peso = 2.19884 Algerian Dinar
1 Philippine Peso = 0.25015 Estonian Kroon
1 Philippine Peso = 0.3334 Egyptian Pound
1 Philippine Peso = 0.51037 Ethiopian Birr
1 Philippine Peso = 0.01599 Euro
1 Philippine Peso = 0.03902 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01412 British Pound
1 Philippine Peso = 0.08949 Ghanaian Cedi
1 Philippine Peso = 0.88526 Gambian Dalasi
1 Philippine Peso = 168.36105 Guinea Franc
1 Philippine Peso = 0.13998 Guatemala Quetzal
1 Philippine Peso = 3.87012 Guyana Dollar
1 Philippine Peso = 0.14665 Hong Kong Dollar
1 Philippine Peso = 0.44715 Honduras Lempira
1 Philippine Peso = 0.11858 Croatian Kuna
1 Philippine Peso = 1.25939 Haiti Gourde
1 Philippine Peso = 5.1596 Hungarian Forint
1 Philippine Peso = 268.604 Indonesian Rupiah
1 Philippine Peso = 0.06791 Israeli Shekel
1 Philippine Peso = 1.27993 Indian Rupee
1 Philippine Peso = 22.12671 Iraqi Dinar
1 Philippine Peso = 807.13885 Iran Rial
1 Philippine Peso = 2.0015 Iceland Krona
1 Philippine Peso = 2.42478 Jamaican Dollar
1 Philippine Peso = 0.01324 Jordanian Dinar
1 Philippine Peso = 2.09923 Japanese Yen
1 Philippine Peso = 1.87722 Kenyan Shilling
1 Philippine Peso = 1.27646 Kyrgyzstan Som
1 Philippine Peso = 75.63072 Cambodia Riel
1 Philippine Peso = 7.88806 Comoros Franc
1 Philippine Peso = 16.81929 North Korean Won
1 Philippine Peso = 21.08952 Korean Won
1 Philippine Peso = 0.00566 Kuwaiti Dinar
1 Philippine Peso = 0.01532 Cayman Islands Dollar
1 Philippine Peso = 6.39993 Kazakhstan Tenge
1 Philippine Peso = 157.01738 Lao Kip
1 Philippine Peso = 28.13493 Lebanese Pound
1 Philippine Peso = 2.97982 Sri Lanka Rupee
1 Philippine Peso = 2.97197 Liberian Dollar
1 Philippine Peso = 0.24762 Lesotho Loti
1 Philippine Peso = 0.05697 Lithuanian Lita
1 Philippine Peso = 0.0116 Latvian Lat
1 Philippine Peso = 0.02562 Libyan Dinar
1 Philippine Peso = 0.17688 Moroccan Dirham
1 Philippine Peso = 0.31088 Moldovan Leu
1 Philippine Peso = 0.98075 Macedonian Denar
1 Philippine Peso = 26.55578 Myanmar Kyat
1 Philippine Peso = 45.74846 Mongolian Tugrik
1 Philippine Peso = 0.15104 Macau Pataca
1 Philippine Peso = 6.63427 Mauritania Ougulya
1 Philippine Peso = 0.6382 Mauritius Rupee
1 Philippine Peso = 0.29097 Maldives Rufiyaa
1 Philippine Peso = 13.33283 Malawi Kwacha
1 Philippine Peso = 0.35287 Mexican Peso
1 Philippine Peso = 0.07569 Malaysian Ringgit
1 Philippine Peso = 0.24767 Namibian Dollar
1 Philippine Peso = 6.69034 Nigerian Naira
1 Philippine Peso = 0.58456 Nicaragua Cordoba
1 Philippine Peso = 0.15155 Norwegian Krone
1 Philippine Peso = 2.04691 Nepalese Rupee
1 Philippine Peso = 0.02764 New Zealand Dollar
1 Philippine Peso = 0.00719 Omani Rial
1 Philippine Peso = 0.01869 Panama Balboa
1 Philippine Peso = 0.06103 Peruvian Nuevo Sol
1 Philippine Peso = 0.06077 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.27135 Pakistani Rupee
1 Philippine Peso = 0.06898 Polish Zloty
1 Philippine Peso = 106.5969 Paraguayan Guarani
1 Philippine Peso = 0.06802 Qatar Rial
1 Philippine Peso = 0.07424 Romanian New Leu
1 Philippine Peso = 1.1686 Russian Rouble
1 Philippine Peso = 15.92992 Rwanda Franc
1 Philippine Peso = 0.07008 Saudi Arabian Riyal
1 Philippine Peso = 0.14699 Solomon Islands Dollar
1 Philippine Peso = 0.25089 Seychelles Rupee
1 Philippine Peso = 0.33555 Sudanese Pound
1 Philippine Peso = 0.16567 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41499 Slovak Koruna
1 Philippine Peso = 153.24238 Sierra Leone Leone
1 Philippine Peso = 10.65221 Somali Shilling
1 Philippine Peso = 391.8333 Sao Tome Dobra
1 Philippine Peso = 0.16352 El Salvador Colon
1 Philippine Peso = 9.624 Syrian Pound
1 Philippine Peso = 0.24803 Swaziland Lilageni
1 Philippine Peso = 0.62213 Thai Baht
1 Philippine Peso = 0.04953 Tunisian Dinar
1 Philippine Peso = 0.04334 Tongan paʻanga
1 Philippine Peso = 0.09042 Turkish Lira
1 Philippine Peso = 0.12621 Trinidad Tobago Dollar
1 Philippine Peso = 0.57118 Taiwan Dollar
1 Philippine Peso = 42.3846 Tanzanian Shilling
1 Philippine Peso = 0.48981 Ukraine Hryvnia
1 Philippine Peso = 69.93085 Ugandan Shilling
1 Philippine Peso = 0.01869 United States Dollar
1 Philippine Peso = 0.58568 Uruguayan New Peso
1 Philippine Peso = 145.44945 Uzbekistan Sum
1 Philippine Peso = 2236.96505 Venezuelan Bolivar
1 Philippine Peso = 430.74192 Vietnam Dong
1 Philippine Peso = 2.06036 Vanuatu Vatu
1 Philippine Peso = 0.04858 Samoa Tala
1 Philippine Peso = 10.48103 CFA Franc (BEAC)
1 Philippine Peso = 0.05046 East Caribbean Dollar
1 Philippine Peso = 10.48103 CFA Franc (BCEAO)
1 Philippine Peso = 1.90563 Pacific Franc
1 Philippine Peso = 4.66922 Yemen Riyal
1 Philippine Peso = 0.24782 South African Rand
1 Philippine Peso = 96.98187 Zambian Kwacha
1 Philippine Peso = 6.76322 Zimbabwe dollar

Cebu condo market on upswing

Colliers International said the Cebu residential market has seen mixed demand for both condominium and house and lot. 

There was a noted decline in take-up, though minimal.

“Within Cebu City, the influx of new condominium projects at price points largely comparable with horizontal options in Mandaue and Lapu-Lapu City has brought in stronger demand in the provincial capital. Supported by a steadily growing business center in Cebu City, Colliers expects demand to continue, particularly for affordable and mid-income segments,” it said.

Colliers suggested that developers build projects within the P2 million and P4 million threshold to take advantage of the opportunity, while it advised buyers to carefully select their investment especially with an expanded range of options, as vertical and horizontal stock across the province continues to increase.

For the first half of the year, close to 1,000 units were delivered with the completion of Grand Residences North Tower A in Cebu City and North Star Condominium in Mandaue.

“The growing condominium market has provided expanded options for many house buyers who used to be limited with horizontal developments. Total horizontal developments in the Cebu province since the mid-1990’s has reached about 25,900 units. Given relatively reasonable land prices outside the capital, developers are more willing to build house and lots in locations outside Cebu City,” Colliers said. 

“Lapu-Lapu has the majority of the share with 14,300 units or 55 percent of Cebu’s horizontal stock. Cebu City has only 36 percent while Mandaue has 9 percent,” it added.

Colliers said wider options in the province and higher levels of completions caused launches and take-up to slow down at approximately 1,280 units only, 57 percent lower than last year’s.

Take-up of condominiums, on the other hand, hit 2,600 units, 18 percent lower than last year, largely driven by the slowdown in the number of launches.

Launches of house and lots have increased 34 percent to 1,200 units compared to last year, while take-up stood at 1,300 units, down 16 percent from last year.

“The wider options provided by condominiums have had an impact on demand for house and lots,” Colliers said.

Take-up of condominiums was almost twice as much as house and lots, Colliers said, attributing the stronger demand to proximity of condominiums to the business center and increased affordability.

“Looking ahead, Colliers expects take-up of horizontal and vertical developments to remain at a healthy level, with a slight bias on condominiums considering the business activity in Metro Cebu,” it added. 

Colliers noted Cebu’s ranking in the Tholons survey declined to 12th this year from eighth in 2016. However, the provincial location still recorded strong take-up from business process outsourcing (BPO) for the first half of the year. 

The BPO companies’ share to total transactions reached 57 percent, it said, as major tenants with new accounts include Real Page, Ripe Concepts, Iploy, Channel Fix and WeservSystems, among others. 

According to Colliers, offshore gaming is emerging as an office space demand driver, cornering 37 percent of total transactions during the period.  

“Given a sustained BPO market and the entry of offshore gaming, overall office space take-up reached 69,000 sq.m. (742,700 sq. ft.) for first half 2017, already better than full year 2016 numbers,” it said. 

“The strong take-up from both BPOs and offshore gaming companies in Cebu is a welcome development. Amid concerns of BPO slowdown, the Cebu market has remained resilient,” said Dom Fredrick Andaya, Colliers Philippines director for office services.  

Andaya added that most of the demand is in Cebu’s business district given its critical mass, presence of support facilities such as 24/7 transportation hubs and retail options in the availability of quality office spaces.

Overall vacancy in Cebu stands at 10 percent, but Cebu Business Park and IT Park vacancy remains tight at two percent combined. 

Mandaue, Mactan and Uptown/Downtown have double digit vacancy, largely due to accessibility issues limiting demand.

Colliers said the tight market in Cebu’s key business district has consequently pushed rents upward in the Cebu Business Park and IT Park which range between P450 to P850 per sq.m. per month, with newer buildings commanding higher rents. 

It said Mandaue and Mactan rents range between P475 to P550, largely unchanged since late last year given the number of available spaces.

Colliers expects about 500,000 sq.m. to be added to the pipeline between now and 2020, with majority still concentrated in Cebu Business Park and IT Park. 

It said some of the notable buildings due for completion in the next two years are Filinvest Land Inc.’s Cebu Cyberzone Tower 2, Skyrise Realty and Development Corp.’s Skyrise 4B, SM Prime Holdings Inc.’s SM City Cebu Towers 1 and 2, and Ayala Land Inc.’s Central Bloc Towers 1 and 2.

“Colliers sees the continuous growth of Cebu’s office market and we see this being complemented by the completion of crucial infrastructure projects,” said Andaya. 

According to Colliers, developers should build new projects in areas like Mandaue and other parts of Cebu City where road networks are set to be completed. 

“For tenants, Andaya suggests that they still look to the Cebu Business Park and Cebu IT Park as locations for their immediate office space needs, while keeping an eye on other parts of the province,” Colliers added.
Category: 
Rating: 
No votes yet

Column of the Day

The Donald’s Diplomacy

ABIGAIL VALTE's picture
By ABIGAIL VALTE | July 17,2018
‘This sort of behavior from the Leader of the Free World is quite disturbing as it upsets the order of things in the international front…’

Opinion of the Day

There goes Del Rosario again

Rey O. Arcilla's picture
By REY O. ARCILLA | July 17, 2018
‘Del Rosario said we could resort to multilateral support by the UN or the Asean to enforce the arbitral ruling on the South China Sea dispute. That merely shows his utter ignorance of how the two bodies work.’