By Louise Maureen Simeon (The Philippine
Star) | Updated November 4, 2015 - 12:00am
MANILA, Philippines - The supply of
residential units in the country is seen to sharply rise, doubling over a
period of five years on the back of continuous mergers of international hotel
brands and Filipino property developers, a global hospitality consulting firm
said.
Asia-based hospitality consulting group
C9 Hotelworks’ latest study showed there are 11,000 residential units for a
total of P158 billion worth of properties for sale in the Philippines.
“We’re looking at a minimum of 20
percent increase per annum,” C9 Hotelworks managing director Bill Barnett said
in an interview.
Furthermore, Barnett sees a lot of
opportunity in the luxury segment of the real estate sector industry
particularly in Cebu, Davao, Palawan and Metro Manila.
“For me, it’s a market that is somewhat
untouched, so we’ll see a lot of developments in this sector,” Barnett told The
STAR.
More mergers are also expected to happen
between international brands and local real estate developers next year.
Barnett projected resort markets would grow faster while the urban luxury
segment would increase in number.
“They look at what track record they
have. The quality, reputation, and ability to deliver,” he said.
Meanwhile, majority of the Southeast
Asian region is expected to see the biggest growth in the coming years
particularly the Philippines, Thailand, Singapore, Indonesia, Malaysia,
Cambodia and Vietnam.
“But the Philippines is unique in terms
of the 10 million Filipinos working abroad. These are property buyers. This is
unique compared to other countries in the Southeast Asian region,” Barnett
noted.
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