Cagayan de Oro City, a city-port situated in the mouth of Macajalar Bay, has always been considered as the official business center of Northern Mindanao. But just recently, the city has gained another title—Northern Mindanao’s Real Estate Hotspot.
For these past few years, it isn’t hard to notice that the city of Cagayan de Oro, also known as the city of Golden Friendship, has been experiencing unimpeded economic growth. A bolstered infrastructure, plenty of job opportunities, and thousands of business investments—these are just some of the things that can prove that CDO has undeniably developed into a simple city-port to one of the country’s highly urbanized cities. And because of city’s geographic advantage and the good leadership of the local government unit, Cagayan de Oro has also become a favorite business paradise of both foreign and local investors.
Apart from being tagged as the business hub of region X, the city has also been hailed as the 2nd most competitive city in the country just last 2014. Cagayan de Oro is also one of the only three cities outside Metro Manila to generate an annual revenue of PHP 2 billion last 2015, another clear indication that the city is indeed doing well and progressing at a fast pace.
CDO Is the Next Target of Real Estate Magnates!
Last June 15, 2015, during the Charter Day Celebration of Cagayan de Oro, Mayor Oscar “Oca” Moreno has made a huge announcement to the public. According to the Honorable Mayor, the city administration is expecting that the annual revenue of CDO will exceed 85% based on their forecasted financial performance. For 2016, the local administration of Cagayan de Oro is already expecting a total revenue of PHP 4.8 billion, a significantly bigger amount compared to 2015’s PHP 2.6 billion revenue.
For this forecasted increase in the city’s annual revenue, Mayor Moreno has revealed that the real estate sector of CDO is actually the driving force of the city’s massive economic progress. The City Treasurer of Cagayan de Oro, Glenn C. Bañez, has backed Mayor Moreno’s revelation by confirming that the real estate sector of the city is indeed flourishing. According to Bañez, there are plenty of property development investments lined up in the city coming from the country’s leading real estate developers including Avida Land Corp., Vista Land and Lifescapes Inc., SM Group, Filinvest Land Inc., and Ayala Lands Inc.
Reasons Why CDO Has Become a Real Estate Hotspot
Due to the city’s strong financial performance and its rapid economic improvement, Cagayan de Oro has undeniably become a potential target of real estate magnates as a good place to invest and develop.
For those who aren’t aware, there are plenty of reasons why the City of Golden Friendship has emerged as a real estate hotspot and one of them is the opening of Laguindingan Airport last 2013. After Laguindingan Airport replaced the now-defunct Lumbia Airport, Cagayan de Oro became the undisputed Gateway to Northern Mindanao and made the whole region accessible to both tourists and businessmen. Another important reason that led the city to become a real estate hotspot is the rehabilitation of Cagayan de Oro Port last year. It has made the city Mindanao’s biggest domestic and international seaport. With both Laguindingan Airport and Port of Cagayan de Oro now fully-functional and modernized, it made it easier even more for real estate developers to enter and invest in the city.
In the viewpoint, however, of the National Economic Development Authority, the biggest draw that made the city a hotspot for real estate developers is the BPO sector. Ever since CDO had BPO companies operating around the city, job opportunities began flourishing. This has led to people from different places relocating to CDO to look for jobs. Currently, the city has 5 IT parks and 2 IT buildings, and this number is really growing fast. And since a burgeoning population invariably leads to an increased need for housing units, real estate developers have capitalized on this need and started developing modern homes such as condominiums. As of present, Cagayan de Oro has five existing condominium projects—Centrio Tower, Avida Towers Aspira, One Oasis, and Primavera Residences.
Because of the city’s emergence as a real estate hotspot, it is already expected that for the next years to come, Cagayan de Oro will still be progressive. As a matter of fact, there is actually a great chance that the city will outperform Davao City and become the business center of the whole island of Mindanao as what Cayetano Paderanga Jr.—former NEDA director general—predicted.