The Cebu economy continues to perform well. According to the Philippine Statistics Authority (PSA), Central Visayas’ gross regional domestic product (GRDP) growth rate last year was 5.1 percent after rising by 8.6 percent in 2016. Information and communications technology is one of the main economic drivers and the industry grew by an estimated seven percent last year, according to the Cebu IT-BPM Organization (CIB.O).
These impressive totals have helped power the region’s real estate market to new heights. And it’s not just developers taking advantage of the growth.
“The central theme revolves around the fact that the growth of the Cebu economy is spilling over to other sectors such as property, even benefiting support sectors such as bathroom fixture businesses,” Colliers’ research manager Joey Bondoc explained to the Cebu Daily News. “Definitely also those into food and beverage, clothing and footwear, etc. to support retail needs of employees. Hotels because of booming tourism and need for MICE facilities. Warehouses and logistics firms due to e-commerce.”
Kohler takes flight in Cebu
Kohler didn’t key in on Cebu until 2016, but the bathroom fixture giant has taken massive steps in less than two years. The company nabbed the contract to supply all bathroom and comfort room fixtures as well as plumbing systems in the soon to be completed new terminal at Mactan Cebu International Airport.
“Kohler is still young here in Cebu. But in that short period of time, we have already acquired a lot of premium projects,” Kohler area sales manager Junefer Llena told the newspaper.
Kohler is also working with several leading developers in Cebu and will see their products installed in some of the region’s most impressive projects. These include Dusit D2 from Grand Land, winner of Best Hotel Development at the Dot Property Philippines Awards 2017, Sheraton Cebu Mactan Resort by AppleOne and 38 Park Avenue by Cebu Landmasters Inc.
The growth of Kohler in the region is simply another sign that the Cebu economy, and its real estate market, must be taken seriously. While not the size of Metro Manila, it has become a recognizable secondary market in the Philippines.
“Kohler’s expansion also supports the surging demand for condominium units and office space in Cebu. More end-users and investors are acquiring office space and residential condominiums while Cebuanos’ rising purchasing power is fueling the demand for additional retail space,” Bondoc concluded.
Looking for a home in Cebu, start your search at Dot Property Philippines!
