Work on the first sustainable residential project in Cebu has begun with Arthaland officially launching Lucima. Located in Cebu Business Park, the development is applying for a quartet of certifications from local and international organizations.
Lucima has already been pre-certificated LEED Gold, one of the most notable sustainability recognitions in the world. It also applied for WELLTM (WELL Building Standard), EDGE and BERDE certifications. Should it receive all four, it would be the first quadruple-certified sustainable high-rise residential condominium in the Philippines, according to the Cebu Daily News.
“As you know, with this project, Lucima, we are expanding our footprint in Southern Philippines. And it is envisioned to be the first and only multi-certified sustainable high-rise residential condominium in the country,” Jaime Gonzalez, Arthaland President, told the website.
The project will contain 262 condominium units with one featuring an Energy Recovery Ventilator as well energy-efficient air conditioning and lighting systems. The goal was to make residences as sustainable as possible through innovations. Other notable features will include a communal garden where residents can grow their produce.
Cebu property market primed for growth
Arthaland has identified Cebu as a market with strong potential which is why it launched Lucima. Colliers International Philippines noted that pent-up demand in the region is going to be a key driver moving forward. Condominium prices have been tipped to rise by four percent this year with more growth expected in the following years.
“We expect prices to grow at a faster rate in 2022 as we project higher take-up from Mactan and Cebu City,” Joey Bondoc, Colliers International Philippines Associate Director for Research, stated. “From 2022 to 2025, we estimate a five percent annual growth in prices as Cebu City further recuperates from COVID-19. Stable OFW remittances should also support house-and-lot and lot-only price growth.”
Related: Cebu real estate market sees a slight recovery to start off 2021
