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Property developments in PH monitored

By Anna Leah G. Estrada | Posted on July 09, 2012 | 12:01am
[ manilastandardtoday.com ]

The Bangko Sentral said over the weekend it is closely watching the rise in vacancy rates in certain segments of the real estate sector, but assured there are still no signs of asset price bubbles in the industry.

“The rise in vacancy rates in certain market segments in the real estate sector necessitates close monitoring,” said Bangko Sentral Deputy Governor Diwa Guinigundo.

Guinigundo said based on reports by Colliers International Research, there was a recent increase in capital and rental values, driven by demand for office space from the business process outsourcing industry and expatriate demand for luxury three-bedroom units in Makati.

He said the supply of high-rise residential condominium units continued to surge across Metro Manila, mostly in the middle-income segment and were broadly located outside the major business districts.

Major property developers such as Ayala Land Inc., SM Development Corp., Megaworld Corp., DMCI Holdings, Eton Properties Philippines Inc., Robinsons Land, Filinvest Development Group, Shang Properties, Vista Land, Brittany Corp., Century Properties, Moldex Realty Inc. and Anchor Land are constructing high-rise office and residential buildings across Metro Manila to take advantage of the increasing purchasing power of the Filipino middle-class.

Guinigundo said capital and rental values of office space and residential units in Makati remained below the peak levels reached in 2008.

He said the number of new supply of housing units were still not enough to satisfy the estimated housing demand in the country based on the number of licenses to sell issued by the Housing and Land Use Regulatory Board and the estimated demand for housing units for the period 2007-2010.
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