October 19, 2017, 6:53 pm
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1 Philippine Peso = 0.0717 UAE Dirham
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1 Philippine Peso = 0.03475 Neth Antilles Guilder
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1 Philippine Peso = 0.91761 Gambian Dalasi
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1 Philippine Peso = 0.14337 Guatemala Quetzal
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1 Philippine Peso = 0.15244 Hong Kong Dollar
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1 Philippine Peso = 0.33809 Moldovan Leu
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1 Philippine Peso = 26.59117 Myanmar Kyat
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1 Philippine Peso = 2.0285 Nepalese Rupee
1 Philippine Peso = 0.02714 New Zealand Dollar
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1 Philippine Peso = 0.01952 Panama Balboa
1 Philippine Peso = 0.06338 Peruvian Nuevo Sol
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1 Philippine Peso = 1 Philippine Peso
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1 Philippine Peso = 109.88871 Paraguayan Guarani
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1 Philippine Peso = 1.11582 Russian Rouble
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1 Philippine Peso = 0.07321 Saudi Arabian Riyal
1 Philippine Peso = 0.15248 Solomon Islands Dollar
1 Philippine Peso = 0.26667 Seychelles Rupee
1 Philippine Peso = 0.13003 Sudanese Pound
1 Philippine Peso = 0.15841 Swedish Krona
1 Philippine Peso = 0.02638 Singapore Dollar
1 Philippine Peso = 0.01468 St Helena Pound
1 Philippine Peso = 0.43354 Slovak Koruna
1 Philippine Peso = 148.77001 Sierra Leone Leone
1 Philippine Peso = 10.91371 Somali Shilling
1 Philippine Peso = 405.15812 Sao Tome Dobra
1 Philippine Peso = 0.17083 El Salvador Colon
1 Philippine Peso = 10.05428 Syrian Pound
1 Philippine Peso = 0.25884 Swaziland Lilageni
1 Philippine Peso = 0.64526 Thai Baht
1 Philippine Peso = 0.04826 Tunisian Dinar
1 Philippine Peso = 0.04364 Tongan paʻanga
1 Philippine Peso = 0.07093 Turkish Lira
1 Philippine Peso = 0.13039 Trinidad Tobago Dollar
1 Philippine Peso = 0.58821 Taiwan Dollar
1 Philippine Peso = 43.69387 Tanzanian Shilling
1 Philippine Peso = 0.51738 Ukraine Hryvnia
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1 Philippine Peso = 0.01952 United States Dollar
1 Philippine Peso = 0.57321 Uruguayan New Peso
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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.
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