South Koreans Eye Real Estate Projects in Cebu

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Manuel R. Arengo Jr. Global Investment Director --LAGPN

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CEBU REAL ESTATE

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South Koreans eye real estate projects in Cebu

Demography

Population: (Latest NCSO Survey-1994 ) 759,990
Male
Female
No. of Household 148,225
Labor Force: 375,187
Employed
Underemployed
Unemployed

Infrastructure & Utilities Road Network

National Road: Kms.
Provincial Road: Kms.
Municipal Road : Kms.
Barangay Road : Kms.
Ports (Domestic/International): 8/1
Airport (If any): 1
Schools (Public & Private)
    Elementary:
    High Schools:
    College:
Public Library:
Public Market:
Multi-purpose Building:
Recreation Courts/Centers :

Transportation Services
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Power
    Source of Electricity: VECO
     No. of Barangay Served:
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Water
    Source of Water: MCWD
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Financial Intermediaries

No. of Commercial Banks and Money Shops:
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Trade and Industry

Commercial Establishments Type of Business No. of Establishments

Sari-sari Stores
Restaurants & Cafeterias
Fresh Fish & Meat Retailers
General Merchandising Service and Repair Shops
Tailoring & Dress Shops
Pawnshops & Lending Investments
Lumber and Hardwares
Pharmacies and Drug Stores
Marketing Firms (Appliances, furniture,etc.)
Gasoline Stations
Bakeries
Photo Shops & Beauty Parlors
Others (Pls. Specify)

Raw materials available within the area:
Types of Materials Est'd.Vol./Supply Suppliers/Producers

Existing Skills Percent (%) To Total Population

Existing Tourist Attraction/s Location
1. Magellan's Cross Magallanes St., Cebu City
2. Fort San Pedro Plaza Independencia
3. Basilica del Sto. Niño Pilgrimage Sto. Niño Church,
Magallanes St.
4. Casa Gorordo Museum Lopez Jaena St., Cebu City

CEBU CITY, Philippines - REPRESENTATIVES from the business sector in South Korea are interested in putting up real estate projects in Cebu.

Chito M. Recamadas, head of the Cebu Chamber of Commerce and Industry (CCCI) delegation who went to Korea for a trade mission last month, said Koreans are already confident in putting up investments in Cebu noting its reputation as a premier tourist destination.

"We just promote Cebu companies and products to them. Cebu is already known to Koreans as honeymoon city," he told reporters in a press conference. He said Koreans continue to be upbeat on investing in Cebu noting the province's "good peace and order status, nice beach resorts and friendly people."

"They really want to invest on real estate...may it be residential, commercial or building a resort. Their problem is only on the ownership," said Recamadas, who is also manager of health insurance company, IntelliCare.

Under the 1987 Constitution, 60 percent of companies should be Filipino-owned. Only 40 percent can be owned by foreign stockholders.

Recamadas said 16 members from CCCI and Cebu Educational Development Foundation for Information Technology (Cedf-it) joined the trade mission from April 21 to 24.

He said Cebuano businessmen met with representatives of Korea Importers Association, Korean Trade Association and the Korean Chamber of Commerce and Industry.

Prospects are also positive for companies offering health and wellness services in Cebu with the influx of Korean students in Cebu to study English.

"I understand there are 15,000 Koreans who are now based in Cebu. It is one market we would like to tap for health insurance," Recamadas said.

Recamadas said Koreans also want to see retirement houses established in Cebu to cater to their older population.

During the trade mission, business matching and initial alliances were established among Cebuano businessmen and their Korean counterparts.

"We will continue to exchange e-mail updates on our products and services," he said adding that a group of Korean businessmen is scheduled to visit Cebu in October 2008.

Recamadas said Augusto Go, honorary consul of South Korea to Cebu and Charlie Shin, president of Cebu Korean Association helped them during the trade mission.

Courtesy from: Land Asia Institute Philippines