After a two-year slump caused by the pandemic, the office sector and residential sectors are poised for a rebound in 2022 as restrictions are being lifted in anticipation of an economic recovery.
Indeed, there are signs of market stability, according to Janlo de los Reyes, JLL Philippines Head of Research and Consultancy.
“For Q4 2021, what we saw was a moderate take-up of 75,713 sq m in gross leasing volumes.” While the number is lower than previous quarters, de los Reyes said that there is still improved sentiment in the market, citing compliance concerns, rightsizing, and halt in vacancy uptick as key factors for the Q4 figures, de los Reyes told the BusinessMirror in a recent e-mail interview.
Anticipation of the rebound
Premier property developer Ortigas Land is in a bullish mode as it recently introduced GH Tower, its first office address at the heart of Greenhills Center in San Juan City.
Trina Chan, AVP, head of office business unit of Ortigas Land, Greenhills Center, told reporters in an online briefing held March 31 the GH Tower will enhance the status of the Greenhills Center as a premier business center providing full convenience, bringing full convenience, bringing all of one’s needs in a centralized location.
Chan said the GH Tower will cater to all potential needs of business sectors such as the business-process outsourcing (BPO) and traditional offices, as well as multinational companies. The tower has 15 floors dedicated for office space (from the 6th to the 21st floor), with the 6th floor directly connected to Phase 1 of Greenhills Mall for convenient accessibility to establishments in the area. It also provides a convenient commute with access to the transport terminal along Ortigas Avenue and future MRT-4 station.
It will have a hotel-like lobby on the ground floor where professionals are greeted with a green wall feature. The 6th floor lobby which provides a direct connection to the mall also provides access to more green and open spaces where individuals can explore an alfresco dining area and a roof deck garden.
She said GH Tower will be a good investment opportunity due to its security and health features such as facial recognition in all access points, thermal checks, and is located in a secure estate.
Ortigas Land tapped international real-estate brokers, Coldwell Banker Richard Ellis (CBRE) and JLL Philippines to market GH Tower. GH Tower is on track to be completed in May 2023.
Growing confidence
The residential market also anticipates a recovery as improving business and consumer confidence will likely spill over to the sector.
“We see the economic expansion supporting demand in the residential sector, whether in the pre-selling or secondary markets. While we saw initial headwinds at the start of the year, especially the spread of the Omicron variant, the gradual return of foreign professionals and turnaround in business and consumer confidence should help fuel the take-up of more residential units,” Joey Roi Bondoc, Colliers associate director and head of research told the media in a recent online press briefing.
Vertical project in Laguna
Affordable housing developer Bria Homes is also banking on the much anticipated recovery by recently launching Bria Condo Calamba, its first vertical development to rise in Laguna.
ET Aguilar, Bria Homes’ division head, told the BusinessMirror the company plans to develop more housing sites in Calamba and the rest of the province. “As we do so, we hope that both locals and interested homebuyers from the Metro will continue to find their homes of choice at Bria’s safe and wholesome communities,” Aguilar said.
Aguilar said the entry of Bria Homes generated strong interest in the development even before the groundbreaking ceremony. Pre-selling units at Bria Condo Calamba continue to be hot ticket items as potential homebuyers recognize it as a prime location worth investing in, according to Aguilar.
Bria Homes Calamba, the property developer’s sprawling enclave in Barangay Banadero, is currently expanding into Phase 4 of its project. Even while still under construction, Phase 4 house and lot units are selling like hotcakes in the pre-selling stage.
Just like other Bria Homes developments, Aguilar stressed the Calamba project will feature family-friendly residential communities that feature multipurpose halls, kiddie playgrounds, covered basketball courts, and open green spaces. Each enclave is secured by perimeter walls, guarded entrances and exits, 24/7 CCTV coverage, and even solar lighting at night.
As a hub of popular learning institutions such as Calamba City hosts Don Bosco College, Colegio de San Juan de Letran, AMA Computer University and Miriam College.
According to Aguilar, Bria Homes’ success in Calamba shows that it has remained resilient despite the challenges during the pandemic.