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

The entry of SIR formed the Philippine Sotheby's International Realty (PSIR), a collaboration between the firm and seasoned real estate professionals Catherine Ocariz-Florencio and her husband Thomas Florencio, whose family name has been recognized in the local luxury industry for generations.

According to Florencio, this marks a pivotal collaboration that aims to elevate the real estate landscape of the Philippines on a global stage.

By leveraging Sotheby's prestigious international reputation, complemented by the local expertise of PSIR, this alliance endeavors to establish an unparalleled platform that presents the stunning properties of the Philippines 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 would 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.

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 their best practices with our own. Additionally, this partnership will involve national expansion, with plans to establish a minimum of three major offices across the archipelago,” Florencio elucidated.

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

“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.

A subsidiary of another New York Stock Exchange-listed company, Anywhere Real Estate Inc., Sotheby’s International Realty ushers independent brokerages with a powerful marketing and referral program for luxury listings, designed to connect the finest independent real estate companies to the most prestigious clientele in the world.