The economic spark in Cordova
There has been wide speculation of a proposed new bridge connecting Cebu and Cordova for quite some time. However, this was already confirmed last year as it was officially announced. The new bridge will connect the South Reclamation Project (SRP) to Cordova at Mactan Island. This will serve at the 3rd bridge.
The construction of the fifteen billion peso toll-bridge connecting Cebu City and Cordova will start in January 2015. The project will be spearheaded by Metro Pacific Investment Corp. (MPIC) of business tycoon Manny V. Pangilinan.
“This bridge project is a one hundred percent a done deal. Go, go go,” Cordova, Cebu Mayor Adelino Sitoy said. The mayor said the groundbreaking will be held January 2015. The said bridge will be operational after three years.
According to the mayor, this third bridge connecting Mactan Island to Cebu City is feasible because about 82,000 vehicles use the current two bridges and it is increasing. This will ease travel to Cordova and Mactan Cebu International Airport (MCIA), the busiest airport outside Metro Manila.
My personal thoughts as a real estate service practitioner:
If we base it on real estate fundamentals and economics, we could expect a rise in demand for properties in Mactan Island especially in Cordova. This is because of the greater accessibility between Cebu City and Cordova. We can also expect a lot of property owners speculating and dreaming on selling their lots at higher, if not, ridiculous and unreasonable prices. While this is not uncommon, it is always best to get the property appraised by a licensed real estate appraiser to get an objective fair market value.
Bottom line is that Cebu is really a booming city and becoming an economic powerhouse in the Philippines. It is always best to invest in real estate properties while demand continues to rise.