Updated July 26, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines - Century Properties, a top real estate firm which has active presence in Filipino markets overseas, is attesting to the resilience of the residential real estate sector in the Philippines.
According to the company’s chief operating officer John Victor R. Antonio, annual production by local developers has failed to cope with annual demand and the unsatisfied housing shortage in the past years. Recent government estimates show a backlog of 3.6 million units from the year 2005 to 2010, or about 600,000 units a year.
He added that the strength for residential units stems from the market’s shift to hard asset investments, following the meltdown of values in financial instruments and equities; as well as the prevailing low-interest rates and the relatively stable peso exchange rate.
There is also a perception that inflation will resume when the world economy recovers. Hence, real estate is perceived as a good hedge against inflation, said Century.
With the market’s preference in hard asset investments, the 23-year firm’s sales have seen an increase of 29 percent for the first seven months of 2009, as compared to the same period in 2008.
The latest Bangko Sentral ng Pilipinas (BSP) survey showed Filipinos working abroad had a significant increase in investments into the country in the second quarter of 2009, or at 8.3 percent from the previous quarter’s 5.9 percent.
With this positive news, Century Properties announced it will maintain its presence in key markets abroad. Early this year, it launched an information campaign overseas to encourage more Filipino expats to invest in Philippine residential properties. The campaign also introduced award-winning actor and recording artist, Piolo Pascual, as Century’s new endorser.
Century Properties is the largest privately-owned real estate corporation in the country, with 23 years in real estate development, marketing and management. It has more than 40 developments in its portfolio, including the award-winning Essensa East Forbes; South of Market in Fort Bonifacio, SOHO Central in Mandaluyong, Canyon Ranch and The Casitas in Carmona. Its current projects with its various subsidiaries are The Gramercy Residences and The Knightsbridge Residences at the 3.4-hectare Century City in Kalayaan Avenue, Makati, and the third phase of Canyon Ranch, called The Moderno.
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