As technology continues to flourish through the years, developers are expected to creatively promote their properties to keep up with the status quo.
According to Colliers International’s 2020 Property Report, residential developers are advised to adapt virtual reality (VR) tours in its promotion of properties, as well as flexible payment terms and automated communication platforms for its tenants and management providers.
Mall chains are also expected to shift to digital strategies to recapture its spike in consumer traffic. Operators who have found more vacancies this year are recommended to turn them to flexible workspaces which would support the alternative scheme of hub-and-spoke.
Meanwhile, JLL Philippines noted that Metro Manila luxury real estate has managed to avoid a potential downturn despite the effect of the COVID-19 pandemic in the region.
In fact, real estate developments haven’t stopped and several properties were noted to have risen the past months.
One example is Velaris Residence, a joint venture between Robinsons Land Corporation and Hongkong Land, a foreign firm that also has developments in Singapore, Vietnam and Thailand apart from its home base.
This vibrant 45-storey property features an impressive range of club-like amenities perfect for families and young professionals. It is located in Bridgetowne district, an emerging community that connects Pasig and Quezon City.
At the same time, developers who had put off launches in 2020 should consider mid-income and upscale projects especially in Alabang, Mandaluyong, Parañaque, C5-Pasig corridor and Caloocan-Malabon-Navotas-Valenzuela City (CAMANAVA).
Public projects such as roads and bridges will likely stoke the property sector next year if only the 2021 national budget will be approved on time and implemented quickly, Colliers noted.