Lapu-Lapu is new business hotspot

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Property listing site Lamudi Philippines has tagged Lapu-Lapu city in Cebu as the next tourism and business hotspot in the province, driven by its buoyant economy and rising number of tourist arrivals.

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In a statement, Lamudi Philippines highlighted the city’s tourism growth potential mainly driven by its airport and tourist attractions.

It cited data from the Department of Tourism (DOT) which reported that tourist arrivals in Central Visayas reached 3.5 million for the first ten months of 2015.

“According to the DOT, Cebu Province as a whole accounted for 64 percent and 84 percent of total domestic and foreign arrivals, respectively, to Central Visayas. This amounts to approximately 2.5 million tourists during the 10-month period,” Lamudi said.

It noted that Lapu-Lapu City accounted for majority of the foreign tourist arrivals, while Cebu City hosted most of the local visits.

Cebu’s gateway
One factor that may have influencing tourist arrivals is accessibility to the area, as Lapu-Lapu City is home to the Mactan-Cebu International Airport, the country’s second busiest airport.

Lamudi noted that the said airport is becoming Cebu’s gateway to the rest of the world as it operates regular scheduled flights to Asian cities such as Kuala Lumpur, Hong Kong, Singapore, Seoul, and Dubai.

It also operates daily non-stop flights to Los Angeles, offered by flag-carrier Philippine Airlines.

Lapu-Lapu City chief tourism officer Hembler Mendoza noted that the city is home to various tourist spots including 11 marine sanctuaries, bird and other wildlife sanctuaries, white-sand beaches, high-end hotels and resorts, and world-class dive sites.

“The city also offers leisure attractions not found in other parts of Cebu Province, such as sunrise tours aboard a yacht and flight adventures, not to mention that there are 79 hospitality establishments in the city (and one on Olango Island) offering approximately 5,000 room inventories,” Lamudi said.

Business prospects
Aside from its potential tourism market, Lapu-Lapu city also offers a promising business climate to companies.

The city reported that the number of business establishments in the city surged to approximately 12,000 in 2014 from about 7,000 in 2010.

“In addition, the local government reported that the city’s revenue surged 50 percent to P1.4 billion, from P927 million in 2010,” Lamudi said.

Meanwhile, it underlined the growing interest for residential properties in Lapu-Lapu City as it emerged as the second most searched location in the Central Visayas region.

The property listing site said that combined search volumes for houses and condominiums (both for sale and for rent) in Lapu-Lapu City increased by 21 percent from the first quarter to the second quarter of 2016.

“In addition, looking at compound average growth rate using search data from the first six months of 2016, condos for sale and condos for rent have the highest growth rate in search volume, at 9.69 percent and 10.91 percent, respectively,” Lamudi said.

With the optimistic outlook for its business and tourism markets, coupled with growing interest for residential properties, Lamudi Philippines projects the presence of more real estate developments in Lapu-Lapu City.

“Over the next few years, the city will see the opening of BPO offices, mixed-use townships, and resort-oriented developments, which will bring in more employment opportunities to the citizens of Lapu-Lapu City,” Lamudi said.

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