IT looks like vertical developments will continue to be properties of choice for the majority of homebuyers for 2017.
Last year Lamudi saw the Philippine real-estate sector set for growth with several promising trends. One of which was the business-process outsourcing (BPO) sector creating a new breed of condo dwellers.
This year the global property portal once again perceives condominium projects to fuel the real-estate sector substantially with many projects that we will soon see rising in the skylines across the country.
“This coming 2017, more residential towers will again change the Philippine skyline,” said Bhavna Suresh, CEO of the Lamudi Group. “This only proves that more investors and homebuyers are recognizing the vast potential of Philippine real estate.”
Despite worries about the possibility of property bubble in the housing sector, vertical developments flourishing throughout this year—coupled with 2016 figures from Bangko Sentral ng Pilipinas (BSP)—disproved any notion of it.
Real-estate prices, according to the BSP, went up to 9.2 percent during the first quarter of 2016. The annual growth in the National Capital Region (NCR) was at 9.7 percent and areas outside the capital were up at 9.4 percent at that time. Further dispelling the property bubble woes, the figures also showed that condominium units were the most common purchases in the NCR, and their prices increased the most at 12.9 percent.
Experts and policy-makers also mentioned that the property market continues to grow, as the robust BPO sector and steady remittance from overseas Filipino workers fuel higher purchasing, thus, creating demands.
Taguig to keep making it big
In recent years Taguig and its central business district Bonifacio Global City (BGC) have been a hotbed of commercial, office and residential growth in Metro Manila. This year will be no different, after all.
Side by side with continuous commercial expansion that house businesses and outsourcing offices, residential developments within that hub will continue to rise this year and cater to city dwellers enticed by its bustling townships. In fact, two of the country’s top real-estate companies are poised to welcome the first residents of their respective condo projects there: Megaworld, with its Venice Luxury Residences and The Viceroy in the mixed-use McKinley Hill Township, and Ayala Land subsidiary Avida Land, with Avida Towers Verte in the northern section of BGC.
A three-tower Italian-inspired high-rise condo development, Venice Luxury Residences sits right next to the lavish Venetian Grand Canal Mall. The Viceroy, on the other hand, which sees turnover in the fourth quarter of 2017, offers more affordable choices for young professionals who want to live, work, learn and play in the vibrant townships of BGC and the neighboring financial district of Makati.
For prospective homeowners with discerning tastes and luxurious preferences, Federal Land will be opening the doors of its opulent Madison Park West within its own northern BGC township this year. Boasting of a wide variety of indoor and outdoor amenities, this luxurious condo sitting in the Grand Central Park promises only cosmopolitan city living with unique features, such as units with their very own refined wine cellars.
Opulent options outside usual locations
This year will also see cosmopolitan condo living spreading out from usual locations like Makati and BGC, with the completion and opening of premier projects in Pasay, downtown Cebu City and Iloilo. Come late 2017, Federal Land will introduce SixSenses Residences at the Bay Area, Pasay City, to potential homeowners who want to enjoy the more relaxing lifestyle offered by its vibrant township. Situated within the 40-hectare community called Metro Park, residents can get to indulge in a variety of dining and shopping options, while also enjoying the perks of being automatic members of the condo’s premier amenity deck.
Cebu City will also be welcoming a new prime residential development by the second quarter of 2017 with the construction of the first tower of Solinea, Alveo Land’s multi-tower condominium property within Cebu Business Park. The luxurious condo complex will feature a central amenity area where residents can indulge in resort-condo living right in the heart of the vibrant city.
Poised to offer ultimate luxury living to Iloilo residents this year, Megaworld is scheduled to turnover One Madison Place, a three-tower 10-story condo cluster in its 72-hectare township. Inspired by New York City’s bustling neighborhoods, the modern contemporary-themed condo development will also treat residents to an arcade of retail shops aside from top-of-the-line amenities.
Apart from the steady additions in the cityscapes of Metro Manila, I find it exciting that potential homeowners outside the capital now have a variety of vertical properties to choose from. I remain hopeful that this year, residential projects will be the start of bigger opportunities spreading out to the rest of the country.