By Louella D. Desiderio (The
Philippine Star) | Updated October 14, 2013 - 12:00am
MANILA, Philippines - More luxury
residential developments are expected to rise in the Philippines in the coming
years as the economy is seen to continue to grow, a property services firm
said.
“We can expect more luxury
developments to come as the economy improves,” CBRE Philippines senior director
for research and consultancy Jan Paul Custodio told reporters.
He noted it takes about seven years
before a new luxury residential development is undertaken here before, with
developers unwilling to tie down their money for such projects as they are
unsure of the market.
“It wouldn’t take seven years for
another luxury development to come in this time,” he said.
Custodio said the sustained positive
economic performance of the country is making it more attractive for foreign
investors to come in.
As foreign companies pour in funds for
their business operations here, the country is seeing an inflow of foreign
expatriates.
“Expatriates drive the demand for
luxury residential developments,” Custodio said.
At the same time, he said demand is
driven by local buyers.
“The demand is both from old rich and
the new rich,” he said.
To promote the luxury residential
projects, he said developers are focusing on the brand and exclusive privileges
and qualities being offered.
Luxury residential projects account
for below one percent of the country’s total residential condominium stock.
These projects are generally located
within the business districts of Makati and Fort Bonifacio.
Luxury residential projects currently
being marketed in Metro Manila are the Grand Hyatt Residences in Bonifacio
Global City in Taguig City and Discovery Primea in Makati City.
__________________________________________________________
