CBRE Philippines: Residential properties in Metro Manila fringes growing

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Business Mirror

July 23, 2013

 

STRONG demand for residential properties in Metro Manila fringe areas shows that the residential market still hasn’t reached its full potential. The residential market in regions outside the Metro has been overlooked for quite some time, but demand in these areas, particularly for single-detached houses, is continuously growing.

The average monthly take-up of horizontal residential properties excluding socialized housing for 2012 is 816 units for Central Luzon (Region III) and 1,914 units for Calabarzon (Region IV). The growth potential in Metro fringe areas remains high, given the stellar take-up in these regions, driven predominantly by overseas workers. Economic developments priced at around P400,000 to P1.25 million are the most popular in Region IV, while units priced above P4.0 million are more saleable in Region III. Region IV had the most number of units given license to sell by HLURB, with a large portion of supply in 2011 and 2012 from economic housing developments.

Data from HUDCC (Housing and Urban Coordinating Council) shows that the total housing needs in 2013 amounts to 646,128, where 57 percent will come from new households who can afford to own/lease a residential property. This number will balloon to 7.5 million in 2016. The growing number of OFWs and BPO employees will drive the demand for horizontal developments, particularly for the economic housing developments. BPO full-time employees alone grow by approximately 30,000 every year. Jan Custodio, head of CBRE Global Research & Consultancy, shared during the latest briefing that, “Metro Manila’s fringes continue to present a viable opportunity for quality residential developments.” Rick Santos, CBRE Philippines chairman and founder, shared that there is a sustainable demand in the residential market. “This is the best property market we had in the past 20 years. The democratization of the housing sector, brought about by low interest rates and affordable payment schemes, is converting more Filipinos from renters to owners. Solid macroeconomic fundamentals, investor confidence, sound fiscal policies and record low interest rates will sustain demand in the property market.”

http://www.businessmirror.com.ph/index.php/en/features/properties/16842-cbre-philippines-residential-properties-in-metro-manila-fringes-growing

 

 

Adchemy

Yesterday , we concluded the handover of our unit located on the 27/F of Philamlife Tower. It was a relief that we finally have access and can proceed with our minor refurbishments. Finally an official announcement can be given to our Engineers who really deserve a better facility that they can call their own.

Much of this good news and feelings of self-achievements of getting this unit would not be possible without your help and that of you most gallant employees, Mr. Francis Bautista and Mr. Philipp Llave.

Initially our head office in San Francisco was not in favor to get our own unit and moving out of Regus because of the initial capital outlay it represented. Eventually we were granted approval to start the search on the condition that it would be a tail-end of an existing lease, with no capital outlay needed for fit-out, cabling and furniture on our part. Knowing what the real estate market in the Philippines is like and our prior experience in finding office space, the situation proved very challenging, if not frustrating for us.

But with their professionalism, persistence and unique knowledge of the market, Francis and Philipp were able to find us a unit that fit the specifications of our head and negotiate a deal that was beneficial to us. To sweeten the deal further, the space they provided is just a few floors away from our existing office thus making it an easier transition for us.

Bottom line, what I am trying to say is “THANK YOU” to both most especially to Francis who’s been very instrumental on all my needs in terms of office spaces.

Keep up the good work guys!

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