Mixed-use developments have been hot properties in various Asian countries for sometime now and their popularity are extending to the city of Cebu in the Philippines.
Mandani Bay, the first mixed-use development in Cebu, hopes to bring the city the reputation of being a lifestyle destination. Even more so than it already is. For a long time now, tourists have flocked to the city for its clear waters, clean shorelines – well, the sun and the sea. The waterfront development is jointly developed by Hongkong Land and Taft Properties and will yield up to 10,000 residential suites and 240,000 square metres of retail and office spaces.
Various hotspots within the Philippines have been attracting overseas investment money, either from foreigners or from monies remitted from well-educated Filipino professionals working overseas. And there is a growing demand for mid-range condominiums as The City of Mandaue, one of the 3 main cities in Metro Cebu invests in growing its IT and tourism sectors. The Cebu IT Park and Cebu Business Park for example , provide plenty of demand for not only residential but also office, commercial and retail units. Rentals of properties in and around Mandani Bay offer yields of up to 10 per cent per annum. The population in this growing city-state is set to increase to 5 million by 2020.
With an annual GDP growth rate that is five times over the national average, Cebu’s potential for growth is not to be underestimated.
