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Manila Bulletin devider Philippines devider Luzon devider Developer notes increased demand for residential properties in 2023

Developer notes increased demand for residential properties in 2023

Published Feb 23, 2023 07:38 am
CEBU CITY -- Buoyed by the global economic recovery, property development is off to a strong start this year, according to one of the country’s prominent real estate brokerage firms. Leechiu Property Consultants foresees commercial real estate strengthening with live leasing requirements from 2022 being carried over into 2023. The firm noted an increase in demand for residential properties all over the country as capital values and rents continue on an upward trajectory. With the positive outlook, a leading real estate developer, Johndorf Ventures Corp. (JVC), is taking a bullish outlook this year and is gearing up for a multi-billion project. "JVC will grow significantly this year. We are looking to invest about P10 billion into current and new projects,” said JVC Managing Director Abigail Lim. “We have a thoughtfully designed pipeline of projects for the next five years, allowing us to intensify participation in economic recovery," the JVC Managing Director. JVC has been in the industry for the past 36 years with almost 40 projects in the Visayas and Mindanao. An award-winning residential market leader, the company ventures into mixed-use estate development with new communities planned for launching in Cebu, Davao, and Cagayan de Oro Cities this year. JVC will soon open its first high-rise office building, Johndorf Tower, at the Cebu Business Park, the business hub of the Visayas. The 21-storey building, pre-certified by the U.S. Green Building Council for Leadership in Energy and Environmental Design (LEED), will host business process outsourcing firms and other economic frontrunners. JVC has a range of residential communities in progress in key Visayas and Mindanao areas. In Cebu Province, 464 units at the Plumera Mactan Cebu were completed in 2022. Navona Lumbia in Cagayan de Oro City was completed very recently. Land development of Tierra Nava Opol in Misamis Oriental starts this year. Astana Davao and Coral Village in Lapulapu City, Cebu are due for completion within 2023. Lim says JVC expects to expand its footprint across various markets, including the luxury residential segment, while sustaining its lead in socialized, affordable, and mid-end residential developments. "We see huge interest in the residential-commercial estates that we are opening – an upscale residential condominium project in Cordova, Cebu, a mixed-use in Davao, and a sustainable modern township in Uptown CDO. All these properties offer high-value appreciation potential. They are very attractive investment products," Lim explained.
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