The construction sector gained not only from the huge construction projects in the Metropolitan area but also the small scale residential projects that had sprouted in the rural areas.
During the Regional Development Council meeting held yesterday in Dumaguete City, the Regional Economic Situationer for the third quarter of 2006 presented by the National Economic and Development Authority showed that in Cebu alone, the construction industry remained upbeat amid preparations for the summit in December.
Hotels and resorts in the province had been spending millions to renovate and improve their facilities for the upcoming international event.
The Alegre Beach Resort, Shangri-La Mactan and the Waterfront Cebu City Hotel and Casino are among the hotels that are upgrading their facilities, the report said.
The public sector also implemented several projects during the third quarter. These included various road improvement projects in Cebu City, Mandaue and Lapu-lapu City which were all part of the preparatory activities for the upcoming ASEAN Summit.
The report also showed that many private sector projects that were started a few months back extended their work into third quarter. These included, among others, the Imperial Palace Waterpark Resort and Spa in Lapu-lapu City, the Discovery Bay Resort and Residences in Lapu-lapu City, the IT buildings at the Asiatown IT Park, the commercial IT buildings at the Ayala Business Park and the expansion of SM Mall.
The Imperial Palace Waterpark is a P3-billion five-star resort project owned by well-known hotel chain in Korea while the Discovery Bay Resort is a P500-million resort and residential development project of Sta. Lucia Realty and Development Inc. and Cebu Discovery Bay Properties Inc.