Property Buyers Told: Deal with Licensed Real Estate Practitioners

AMID the booming Cebu property sector in the country and the increasing purchasing power of the public, prospective buyers are encouraged to only transact with licensed real estate practitioners.

This as the practice of unlicensed real estate agents are still rampant not only in Cebu, but in the rest of the Philippines where more than half of real estate transactions are said to be controlled by this sector.

“It is still very rampant because of the huge opportunity to make money in this industry,” Samuel Lao, national director and vice president for the Visayas at the Philippine Association of Real Estate Boards (Pareb), said in a press conference for the 7th Real Estate Expo in SM City Cebu on Tuesday.

Bannering the theme “Showcasing the Finest in the Industry,” the event gathers the best real estate developers and brokers under one roof from Sept. 12 to 18.

As buyers flock to the expo to check out great real estate deals, Lao reminded the public to only deal with professionals.

He said many buyers, especially in the countryside, are still unaware of the ramifications of transacting with unlicensed real estate practitioners who are considered “colorum.”

Lao added that Pareb is currently undertaking an aggressive campaign to educate buyers about this issue.

“If they want to buy property, please deal with licensed practitioners. They can check if they are licensed. If not, don’t deal,” he said.

He explained that licensed and unlicensed real estate practitioners are the same, except that the latter kind do not have accountability.

Lao said licensed real estate practitioners would never compromise transactions with their clients as these can easily be traced through their accreditation with the Professional Regulatory Commission (PRC) or Housing and Land Use Regulatory Board (HLURB).

To check whether a broker is licensed or not, clients can simply ask them for a PRC ID card or HLURB registration.

Under Republic Act 9646 or the Real Estate Service Act of 2009, real estate brokers, appraisers and consultants should be licensed.

Violators of the law, if they are licensed real estate practitioners who are proven to have committed infraction, can be penalized with P100,000 and two years imprisonment. For unlicensed practitioners, these penalties can possibly be doubled.

Lawyer Nelson Chua, vice president for external affairs at Pareb-Cebu South Real Estate Boards (Cesoreb), said they earlier formed an “anti-colorum” task force to go after unlicensed practitioners.

“But Pareb is more on the educational approach. While we go after them and have them penalized, we also encourage them to come to the fold of real estate organizations to be accredited,” he said.

Pareb covers 68 boards all over the country, translating to at least 5,000 members nationwide.

Pareb-Cebu Real Estate Board (Cereb), according to its website, has over 400 members.


By: Victor Anthony V. Silva | Cebu Daily News | September 13, 2017


Philippine Banking Sector to Grow in Double-Digit Terms – S&P

Philippine banks are expected to grow “rapidly” in the next two years on the back of “strong” macroeconomic fundamentals, Standard and Poor’s Global Ratings (S&P) said in a new report.

The banking sector will grow by 15 to 17 percent this year and the next, according to the “Philippine Banks To Continue To Ride Robust Economic Growth” published on Wednesday.

“We believe that the credit cycle in the Philippines has further to run,” S&P Credit Analyst Ivan Tan said in the report.

“Most of the factors that drive credit cycles – corporate profits, low interest rates, and abundant liquidity – still look very much in place,” he added.

In a policy meeting earlier this month, the Bangko Sentral ng Pilipinas (BSP) decided to retain the overnight lending rate at 3.5 percent, the overnight borrowing rate at 3.0 percent, and the overnight deposit rate at 2.5 percent.

Domestic liquidity grew by 13.2 percent year-on-year to P9.9 trillion in June, recent data from the central bank showed.

S&P noted, however, that among the downside risks to growth are the high costs to achieving financial inclusion.

“S&P Global Ratings believe Philippines’ consumer loans segment has considerable potential for growth. However, the high branching costs to reach customers in this large archipelago is a hindrance,” it said.

BSP Governor Nestor A. Espenilla Jr. earlier said his focus would be on financial inclusion.

S&P retained its “stable” outlook on the Philippine banking industry.

“The outlook for banks in the Philippines is stable over the next 12 months, reflecting supportive economic conditions and sound financial fundamentals,” it said.

“We believe the combination of sound capital and funding profiles is an enduring strength of the Philippine banking system and will continue to underpin ratings on the country’s banks in 2017,” said Tan.

August 23, 2017 | Jon Viktor Cabuenas | GMA News

Cebu Landmasters Planning to Boost Landbank in Key Provinces in Visayas

CEBU LANDMASTERS, Inc. (CLI) is in talks to acquire more land in Cebu, Iloilo, Negros Occidental, Cagayan de Oro and Bohol, as the listed property developer looks to expand its footprint in the region.

 “Demand for housing, offices, and commercial spaces continues to soar in the Vis-Min (Visayas-Mindanao) area and CLI wants to be at the center as it happens,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement issued over the weekend.

The company said it is in talks with property owners in Cebu, Iloilo, Negros Occidental, Cagayan de Oro and Bohol “to prop up (the) existing landbank.”

In recent weeks, CLI has been buying several properties, using the proceeds of its P2.9-billion initial public offering conducted last June. Its most recent acquisitions include the 4.6-hectare property in Bogo City, Northern Cebu as well as a five-hectare land in Jaro, Iloilo City.

The Bogo property will feature the second of its Villa Casita socialized housing series, and will offer 700 housing units. The development will also have sizeable green spaces suited for parks and community facilities.

“Villa Casita provides families a home with simplified living spaces, where they can enjoy the basic necessities of life while surrounded by nature’s elemental beauty,” Mr. Soberano said.

On the other hand, the Jaro property will provide 500 economic housing units which will still have facilities similar to those found in high-end communities.

Aside from acquisitions, CLI has also earmarked project launches for the rest of the year.

Set to be launched in the third quarter is a housing development on a six-hectare coastal property in Sibulan, Negros Oriental. The project is located near the airport, and is 15 minutes away from the city center of Dumaguete. The company is targeting overseas Filipino workers and Dumaguete-based families as potential customers for the project.

Meanwhile, a one-hectare mixed-use development in Bacolod City, Negros Occidental will also be launched by the second half of the year.

“It will be the latest edition of CLI’s fast-selling ‘garden series,’ currently being offered in Cebu City, Davao City, and Cagayan de Oro city,” the company said.

CLI generated P2.87 billion in reservation sales during the first half of 2017, almost enough to breach its 2016 full-year figure of P2.94 billion.

The company’s three flagship projects, namely 38 Park Avenue in Cebu, MesaTierra Garden Residences in Davao City, and Casa Mira South in Naga City, boosted its positive performance for the period. —

Arra B. Francia | July 31, 2017 | Business World Online

Mid-Town Penthouse Unit For Sale

  • 26 Story Residential Condo
  • Located on the 5th to 26th Floor
  • Designed with Contemporary Architecture to Maximize the Best View of Midtown Cebu
  • 1,800 Sqm Amenity Area on the 5th Floor Podium Offers Various Facilities
  • Units are Smartly Designed for Flexible Interior Configuration
  • Podium Parking

Baseline Cebu Features and Amenities

  • Lobby
  • High Speed Passenger Elevators
  • Power Back-up System
  • Lighted Hallway
  • Garbage Room
  • Property Management Services
  • Mailbox
  • 24/7 Security
  • Swimming Pool
  • Multi-Function Room
  • Sky Garden
  • Gym Area
  • Deck

Location – Baseline Cebu is walking distance to:

  • Malls:
    • Robinson’s Mall
    • Cybergate Mall
    • Mango Square Mall
    • One Mango Mall
  • Hospitals:
    • Cebu Doctors’ Hospital
    • Chong Hua Hospital
  • Schools:
    • St. Theresa’s College
    • Velez College
    • Cebu Institute of Medicine
    • Sacred Heart School for Girls

Cebu Land Masters and Borromeo Tie Up for Hybrid Cebu Office Building

Latitude, a 24-storey corporate center designed for SMEs and large-scale businesses, is a hybrid office building with designated spaces for BPO offices (8th-12th floors), Enterprise offices (14th-16th floors) and Executive offices (17th-24th floors) that range from 60-2,000 square meters.

The versatile office building has a total of 83 units with eight elevators, 246 parking slots, and spaces for retail stores on the ground and second floor.

Latitude will also be the tallest building to be situated in Cebu Business Park. Its architectural design is created by AIDEA Philippines, Inc. with Lee Chui Consultants as the building’s leasing agent.

Latitude is also registered with the Building for Ecologically Responsive Design Excellence (BERDE), a green building rating system which is a Philippine amendment of the Leadership in Energy & Environmental Design (LEED). The center also incorporates eco-friendly features including LED lighting, materials recovery facility, stub-outs for fresh air provision, 20% green spaces, rainwater collection system and 60% glass ratio for natural lighting.

By: Caryll Arcayan | Cebu Daily News | July 25, 2017