Branded residences fuel Phl’s real estate sector
In terms of market value, the Philippines is second only to Thailand, recording a market value of USD$4.6 billion, the report indicates.
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Daily TribuneIn terms of market value, the Philippines is second only to Thailand, recording a market value of USD$4.6 billion, the report indicates.
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NOBU Residences.
PHOTOGRAPH COURTESY OF NOBU RESIDENCES
ASCOTT Bonifacio Global City, Taguig.
PHOTOGRAPH COURTESY OF ASCOTT LIMITED
The C9 session held at The Westin Manila.
PHOTOGRAPH COURTESY OF KELLY AUSTRIA
The Philippines is attracting more global luxury brands to the country.
“The influx of new global branded residences is helping Philippine real estate market appeal to overseas buyers. Given the current domestic slump, more diversity is needed versus relying purely on the domestic and OFW markets. Learn from Thailand,” Bill Barnett, managing director of C9 Hotelworks, said.
In its recent branded residences report, the Philippines scores a record-breaking supply value of $26.6 billion across the region, comprising 68,001 units in total.
Thailand leads the market with a 23.3 percent share, followed by the Philippines (17.3 percent) and South Korea (11.6 percent). Emerging markets such as Malaysia, Vietnam and India collectively account for 24.5 percent of the total market share.
In terms of market value, the Philippines is second only to Thailand too, recording a market value of $4.6 billion, indicates the report. The market is growing both in urban and leisure destinations, led by Metro Manila with 18 properties and 6,246 units, following which are of Cebu, Boracay, Davao, Palawan and Bohol.
The sector has traditionally been focused on the domestic and OFW markets but that is starting to change with elite non-traditional hospitality brands eyeing the market for the first time, the report added.
Meanwhile, branded real estate in Thailand has traditionally been led by resort markets, but with brands such as Porsche Design Tower Bangkok, coming in last year commanding prices of $30,000 per square meter, injecting new energy into the country’s urban market.
“Bangkok, like Miami and Dubai, is a playground city for wealthy collectors of unique real estate products. There is no reason why Manila could not also become a global playground city given its regional access, entertainment, sports, gaming and lifestyle,” Barnett added.
One of the pioneers in international branded residences in the Philippines, The Ascott Limited, has over 20 years of experience in the country. It remains confident in the future of the market as the Philippine real estate sector matures and grows.
“We are fully committed to the Philippines in the long term and believe the strengths of our brands — led by Somerset, Citadines and now Oakwood — will add the confidence and services required by buyers of internationally branded residences,” said Saowarin Chanprakaisi, vice president for Business Development of The Ascott Limited.
