Pueblo de Oro bullish on Cebu property market

PUEBLO DE ORO Development Corporation (PDO), the property development arm of the ICCP Group remains optimistic about the real estate market in the Visayas province of Cebu, citing recent economic developments in the region and in the country.

“Cebu is likely to gain from the country’s recovering property market. After Metro Manila, Cebu is well prepared to capture and benefit from the housing demand,” said Ronald Allan Uy, PDO vice president and general manager for Visayas Operations.

The company says Metro Cebu offers options that accommodate wide-ranging demands of end-users and investors. Overall, the province also has diversified housing projects that serve the needs of young professionals and discriminating investors alike.

Some of the country’s largest corporations have already announced more investments into Cebu. The recently opened Cebu Cordova Link Expressway (CCLEX) is also seen to create more trade opportunities in Cebu and the rest of the region.

PDO itself has developed over 40 hectares in the province, including the 27.4-hectare Pueblo de Oro Townscapes Mactan in Lapu-Lapu City. The company has spent over P400 million for its new projects within the township in 2022 alone, which includes the 3.7-hectare Park Place II subdivision and a three-level commercial strip.

The company has invested a grand total of P2 billion for the Townscapes Mactan community to-date.

Pueblo de Oro remains bullish and sees a sustained recovery in residential demand in the fourth quarter of 2022 and onwards resulting from the country’s projected economic growth and the strong inflow of OFW remittances.

The resurgence of residential housing demand is already reflected in the sales of Park Place II which was launched in March 2022. As of the third quarter, PDO has already sold 24% of its inventory and is projected to be sold out by the second quarter of 2024.

In addition, PDO’s Cebu team shared that close to 75 percent of sales and reservations are from buyers with sources of income coming from overseas.

“As part of our expansion plans, Pueblo de Oro has a pipeline of projects that are in the conceptual and planning stages for future development,” said Uy. The new projects also aim to support the Department of Human Settlements and Urban Development (DHSUD) program to build at least one million housing units a year to address the over 6.5 million housing backlog across the country.

These include the expansion of Park Place II, medium-rise buildings in Lapu-Lapu City, and townhouse projects in Barangay Can-asujan in the city of Carcar. The company is also looking for properties in other areas in Cebu province, such as in Mandaue, Toledo, Naga, Danao, and in the province of Bohol.