Sotheby’s seeks greater investment in luxury properties

New York Stock Exchange-listed property firm Sotheby’s International Realty (SIR), has officially announced its entry into the country by partnering with a local real estate broker to offer its listing of posh global properties.

The entry of SIR has led to the establishment of the Philippines Sotheby’s International Realty (PSIR), a collaboration with the firm of seasoned real estate professional Catherine Ocariz-Florencio and her husband Thomas Florencio whose family name has been recognized in the local luxury industry for generations.

According to Florencio, their collaboration with SIR marks a pivotal development that elevates the real estate landscape of the Philippines on a global stage.

Stellar platform

By leveraging Sotheby’s prestigious international reputation, complemented by the local expertise of PSIR, this alliance endeavors to establish a stellar platform that presents stunning Philippine properties to the global marketplace.

“We would like to introduce the brand and showcase our unique properties that embody the essence of Philippine luxury living. We would like to share our vision and the future of luxury real estate in our beautiful country. It’s my way of contributing to marketing our country on a global level,” Florencio said.

She said the entry of Sotheby’s will result in the search for affluent real estate buyers not only in Luzon, Visayas and Mindanao but globally.

“A lot of affluent buyers are looking into the leisure market, and we would like to open up those doors, not just locally but internationally,” she said.

Treasure trove

From enchanting beachfront villas nestled along the pristine shores of Palawan and Boracay to luxurious penthouses overlooking the bustling city skyline of Manila, Florencio said the real estate market in the country is a treasure trove waiting to be uncovered.

“On my decision to embrace the brand, after spending more than a decade engaged with high-end luxury properties in the Philippines, I believe it is essential to further enhance this experience by partnering with a globally recognized leader in luxury real estate. This collaboration will allow us to integrate SIR’s best practices with our own. Additionally, this partnership will involve national expansion, with plans to establish a minimum of three major offices across Luzon, Visayas and Mindanao,” Florencio said.

Chris Palumbo, head of Region and Asia Pacific, Sotheby’s International Realty Affiliates LLC, said Sotheby’s hired 26,100 real estate professionals in over 1,100 offices across 84 countries and territories, earning $157 billion in global sales last year.

Strategic growth in Asia Pacific

“Our expansion into the Philippines represents Sotheby’s International Realty’s continued strategic growth in Asia Pacific. New infrastructure, world-class development and evolving demographics promised the continued advancement of the luxury property markets across the Philippines, the steady growth of high net-worth individuals, affluent expatriates, and an aspiring professional class are signals of the prosperity that lies ahead,” Palumbo said.