Developer shelves retirement village project

CEBU, Philippines — A property developer of a major retirement village property has further postponed the multi-billion project due to the country’s security problems.

EverJust Realty Development Corporation (EJRDC) said with the martial law in Mindanao being extended, the country is sending signals of a fragile security. Korean retirees, the project’s major target market, have expressed worries on the extension of the martial rule, among other security related news in the Philippines.

EJRDC president Justin Uy said that the company was supposed to sign a contract with agencies in Korea to bring in active retirees here, but these agencies expressed concerns, particularly on the martial law issue.

"We went to Korea three times last year to tell agencies that martial law is only in the south," said Uy adding that despite the explanations interest among Korean retirees are affected.

The planned integrated Retirement Village shall be built on a 10-hectare idle lot in Consolacion northern part of Cebu, along with the establishment of a hospital—somewhere in Mandaue City.

According to Uy, this kind of project cannot be rushed, as it needs to be planned carefully, considering that the project is so far the first to be built here.

“If not for the security issues that happened last year, the project could have started.”

Uy reiterated the good pool of medical professionals in the country, and the over-supply of nurses should be maximized, thus helping the “brain-gain” bid of the Philippines.

He added that although the potential is high to make Cebu as retirement haven for active retirees, it is important to get the commitment from the market first.

The Philippine Retirement Authority (PRA) earlier announced that leading source countries for retirement market include China, South Korea, and Japan. (FREEMAN)