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High-rise boom to continue in key centers

October 17, 2013 9:17 pm [ ]
by Ritchie A. Horario Reporter

MORE high-rise condominium buildings will be erected near shopping malls and commercial centers in the metropolis and other key cities in the country. This, according to Augusto Manalo, president of the Philippine Constructors Association (PCA), is the trend nowadays as it is more attractive to prospective buyers.

He explained that more and more people are giving up their houses usually situated in adjacent provinces like Laguna and Cavite to purchase condo units in the metropolis.

“What I see, a lot of these are happening because of the proximity. It’s better to give up their house and buy condos near their work,” he told The Manila Times in an interview.

He added that with the fast development of infrastructure, “it already spreads out in the suburban [areas].”

Manalo cited the fast-growing construction of high-rise buildings and condominium buildings along EDSA, particularly near the stations of the Metro Rail Transit (MRT) and shopping malls.

At the same time, Manalo said that real estate prices in the Philippines will remain to be attractive to prospective buyers, since these remain cheaper compared with those of neighboring countries in Asia like Singapore and Hong Kong.

“There are a lot of condos everywhere, property prices are relatively cheaper as compared to other areas in the region like Singapore and Hong Kong,” he added.

When asked why real property prices remain affordable, Manalo said
that construction materials are also cheaper.

“The labor is available. Relatively the construction cost is still good,” he added.

Besides, Manalo added, the competition is very stiff and that real estate companies are forced to offer affordable prices just to attract buyers.

“There’s a lot of competition that makes the prices at bay, and because of the vast supply you cannot really put up the price,” he added.

With the development in real estate sector, he said that government should likewise spur the country’s infrastructure.

“Infrastructure has to cope up with real estate, you can’t keep on developing without infrastructures like roads, bridges, airports, etc.,” he said.

In doing this, he said that it is best and ideal that the private sector and the government join hands, adding that “infrastructure development should be a combined effort between the government and contractors.”

He also expressed optimism that the construction industry will be more robust in the coming years.

“We are hopeful at that. Of course we are hoping, we have to be optimistic. I think everybody is looking forward to it,” he said.

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