P1.5B retirement village soon to rise in Mandaue

CEBU, Philippines - The first integrated retirement village in the province will soon rise in Mandaue City.

Mandaue City Investment Board member Philip Tan said the P1.5 billion four-hectare facility for retirees will be developed by a local company and is set to break ground in the next few months.

Tan, also a former president of the Mandaue Chamber of Commerce and Industry, said this project is so far the first big ticket investment that will kick off next year in Mandaue.

He however stopped short of revealing the identity of the investor and other details of the project saying a proper announcement will be given once the company officially breaks ground on the project.

Tan said MCCI assisted the company with its documentary requirements so the project can finally take off. He added that it is part of the chamber's thrust to be a partner in facilitating investments to the city.

He reiterated that one of the chamber’s roles is to promote investments in Mandaue.

Recently, Philippine Retirement Authority general manager Veredigno Atienza said that the government will aggressively promote the country as a retirement destination for the world’s retirees.

Atienza said that the agency must do more roadshows and conferences which are aimed at distinct focused audiences.

PRA is now focusing on the country’s leading source countries such as China, South Korea, and Japan.

“PRA is leveraging developments in age-friendliness, tourism, healthcare and Department of Tourism’s ‘It’s more fun in the Philippines’ campaign to boost the Philippine position further in the international retirement rankings,” Atienza said.

He said the Philippines needs to compete with global competitors which are offering more aggressive retirement programs.

Because of this, PRA is expected to launch more product innovations designed to lure more retirees to the country.

He said the Philippines hopes to attract one to 10 million foreign retirees in the next six years.

Meanwhile, developers have started to pour their money on the investments of retirement villages in Cebu, seizing the huge opportunity that has remained untapped over the years.

Developers like Syntech Properties, Inc., Duros Land Properties, Inc., EverJust Realty and Development Corporation, are just few of the companies that formally announced their plans to set up legitimate retirement communities in Cebu that will be made available to the market in the short term.

"There is a growing number of active foreign retirees who are seeking for good retirement properties in the Philippines, and Cebu is one of their top favorites, especially for the Japanese, " said Duros Land Properties Inc., chairman Rafaelito Barino.

Barino's company will spend about P4 billion to build a five-hectare retirement village in Lilo-an, Cebu.

Singaporean developer Syntech Properties, Inc., has already started developing the 37-hectare Retirement Village in Balamban, Cebu.

Earlier, capitalist Justin Uy announced plans to enter into an integrated retirement facility, which will take advantage of the highly-skilled medical professionals in Cebu.

Uy, who has been successful in processed food exports for years now, has recognized the fertile ground of real estate development, which prompted him to establish the EverJust Realty Development Corporation.

Uy said the company is drawing up long plans including the future development of a hospital and other projects that are geared towards attracting the retirees as well as the medical tourists.

"We have overflow of nurses. We have the property already,” said Uy, who owns the export firm Profood Internation, the J Center mall, and J Resort formerly known as Imperial Palace Resort, among other businesses.

Uy said part of the long term plan is to venture into hospital development that will cater the medical tourism market.

Uy reiterated the good pool of medical professionals in the country, and the over-supply of nurses should be maximized to help the “brain-gain” bid of the Philippines. — Ehda M. Dagooc (FREEMAN)