CEBU CITY – Three major real estate developers in Cebu are now positioning their condominium units for “investment tourism,” a marketing approach spearheaded by the Department of Tourism (DoT) targetting foreign tourist investments in condominium properties here.

The three developers capitalizing on the DoT-led campaign dubbed “Live Your Dream” include Robinsons Land Corporation’s Amisa with 800-condominium units; Filinvest Land Inc. (FLI)-developed Seascapes in Mactan and Grand Cenia in Cebu City; and Syntech Properties’ City Lights City Gardens in Nivel Hills, Lahug, Cebu City.

The “Live Your Dream” program is aimed at maximizing the Philippines’ edge in tourism and using the marketing approach which not only invites foreigners as tourists to the country, but also lures them to invest in condominium units in the Philippines.

Foreigners are allowed to own condominium units, but not the land on which such units are built, in the country.

“Instead of these repeat visitors coming to the Philippines every year and booking in hotels, it would be practical for them to invest in condominium units because they actually get to own it,” Durano said.

He said that this concept was developed following the high satisfaction rate of the Philippines as a destination for foreign travelers.

Citing DoT records, he quoted that the Philippines has generated 87 percent satisfaction rate among foreign tourists.

“We have a high rate of repeat-visit. At least 60 percent of first-time tourists come back to the Philippines,” Durano noted.

According to the DoT Secretary, if the campaign could attract at least 1,000 foreign buyers, with each investing at least US$100,000 or about R5-million in a vacation home, the Program could easily generate a revenue of US$100-million for the Philippine economy.

In a separate interview, FLI Vice President for the Visayas and Mindanao Tristan Las Marias said FLI is bent on maximizing the campaign by marketing their condominium projects not only to foreigners coming to the Philippines but also to those living abroad.

“We want to capitalize on the influx of tourists coming to Cebu. Survey says that hotels and resorts here enjoy an average of 80-85 percent occupancy rate, that’s why we want to add an additional supply of accommodation for the tourists,” Las Marias said.

FLI has chosen to link up with international hotel chain Aston Hotel International for the development of the former’s P1.5-billion condominium-hotel (condotel) project here that will usher in an additional 450 hotel rooms catering to the local tourism industry.

Earlier, Chamber of Real Estate and Builders Association Inc. (CREBA) Chairman Jimmy Cura said there are a lot of emerging real estate opportunities in tourism that industry players can capitalize on.
“Significant growth in annual tourist arrivals, especially for Cebu, has led to more condominium and condominium-hotel projects, which foreigners own,” Cura said.