THE COUNTRY’S major property players are expected to face discriminating buyers who will be more concerned with how property developments would fare in the face of heavy rains and floods similar to what Metro Manila and surrounding areas endured last month, a property consultant said recently.
During the second week of August, most of Metro Manila and adjacent provinces were hit by torrential monsoon rains that resulted into widespread flooding, leaving many structures inundated for several days and raising fresh concerns over developers’ potentially environmentally-negligent construction practices, nearly three years after tropical storm Ondoy caused even worse flooding in the capital and adjacent areas.“The property market will continue to gain strength. The country’s strong macroeconomic fundamentals will drive the sector forward. However, we see a more focused demand in well-located and well-developed properties that are managed using international standards,” Rick M. Santos, chairman and chief executive of real estate services firm CB Richard Ellis (CBRE) Philippines, Inc., said in a press statement last week.
“Questions such as ‘is my property on high ground, how are the drainage systems, what plans or mechanisms are in place in times of emergencies and calamities, and who manages the building’ will come to the forefront of purchase decisions,” Mr. Santos added, noting that developers are now likely to be more receptive to clients’ needs in terms of business continuity and disaster preparedness.
BY FRANZ G. DE LA FUENTE, Reporter
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