Luxury property demand seen to grow

LUXURY PROPERTY developers are seen to enjoy brisk sales in the next few years as buyers in this segment have yet to be fully satiated in the Philippines, an emerging economy, industry officials said. 

 

 

“The Philippines is still a very cheap tourist destination compared to the rest of Asia. I think there is a market for this luxury types because we haven’t seen this product in quite some time,” David T. Leechiu, country head of real estate services firm Jones Lang LaSalle Leechiu, said in a telephone interview yesterday.

“The closest thing perhaps at present is the Shangri-La Boracay [Resort and Spa],” Mr. Leechiu said, noting that a gap exists in Metro Manila.

Property consultancy Colliers International Philippines had similarly pointed to bright prospects.

“Landowners are confident of a positive turnout in the luxury residential market over the long-term,” Colliers International Philippines said.

Some developers, such as the firm behind 30-storey Raffles Makati residential and hotel complex, have taken notice.

“From looking at our recent history, Manila and the Philippines have been extremely resilient throughout the ups and downs everywhere else and have maintained a pretty steady pace in terms of demand,” Randy Zupanski, managing director of the Raffles Makati, told BusinessWorld in an interview last Monday.

“I see the potential for the luxury hotel and residential market to be very strong, and the next couple of years look very good,” he added.

Saudi Arabia-based Kingdom Hotel Investments and listed developer Ayala Land, Inc. expect complete the development on the corner of Arnaiz and Makati Avenues by the second half, touting it as the first of its kind here.

“It is becoming common throughout other parts of the world, where people choose to live in condominiums compared to houses, and even more, a condominium within a hotel, giving access to hotel services and generally benefitting from the A-plus location that the hotel brings,” Mr. Zupanski said.

“I would expect this mixed-use type of project will eventually become popular here among upscale business travelers and tourists, too,” Mr. Zupanski said.

Mr. Leechiu added: “[We’ve] been getting good press from the international community, and there is little competition yet.” 

SOURCE; BUSINESS WORLD

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Expect the real estate industry in the Philippines to boom in the next few years due to the increase demand of residential spaces. This indeed is a big market due to the continuous increase in the population and the influx of foreigners. 

Best Regards, 

Raymund B. Baroy

Account Manager

Robinsons Land Corp. - Cebu Sales Force

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