The Outlook 2019: Philippine Buyers' Choice Property Awards

ISSN 2651-804X

LAMUDI’S COMPREHENSIVE LOOK
ON PHILIPPINE REAL ESTATE

THE ANATOMY OF A SEARCH TRENDS FOR LUZON, CO-PRESENTED BY
PEOPLE-CENTRIC CITY VISAYAS, AND MINDANAO
Know and understand the seeker behavior THE OUTLOOK 2019 1
New Clark City is a world-class trends in key areas to guide you in your
infrastructure unbelievably built from marketing and development plans for 2020.
scratch. It is ambitious, idealistic, almost
utopian, and yet it’s here. RESIDENTIAL, OFFICE, AND
INDUSTRIAL INSIGHTS FROM
DEVELOPERS NAME THE QUALITIES COLLIERS
THAT MADE THEM THE PHILIPPINE With the growth of the Philippine economy
BUYERS’ CHOICE and a stronger labor force, the country has
attracted foreign investments in key and
At The Outlook 2019 gala event, emerging cities.
representatives talked about the key
factors that made them winners of the
Philippine Buyers’ Choice Property Awards.

2 THE OUTLOOK 2019

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and updates in Philippine real estate.

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iconic landmarks
to sprawling landscapes,
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THE OUTLOOK 2019 1

2 THE OUTLOOK 2019

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CONTENTS

02 | About The Outlook
05 | A Day of Real Estate Discussions at The Outlook: Philippine Real Estate Conference
12 | Setting the Benchmark for Real Estate and Property Development in the Philippines

14 | Lamudi: Revolutionizing the Philippine Real Estate Industry
16 | The Factors that Drive Growth for the Philippine Real Estate Industry

17 | Investors’ Appetite for Properties Outside Metro Manila Surges
20 | Diversifying with REITs to Boost PH Capital Market

22 | Build, Build, Build: Making Waves Outside of Metro Manila
24 | Updated Build, Build, Build Program Continues to Boost Property Sector
25 | Virlanie’s Residential Pillar: A Family-Oriented Environment for Disadvantaged Children

28 | Real Estate Demand in Luzon Continues to Grow in 2019
30 | The Rise of POGOs and What This Means for Metro Manila’s Office Sector

31 | Metro Manila’s Residential Real Estate Market: The Booming Bay Area
32 | Luzon’s Industrial Sector Holds Promise

34 | New Clark City: The Anatomy of a People-Centric City
35 | Changing Face: Uncovering Alternative Ways to Invest in Real Estate

67 | Lamudi Data Portrays Snapshot of Visayas and Mindanao
93 | Paradigm Shifts: Exploring the Sharing Economy in Philippine Real Estate

95 | IWG Turns to Franchising to Fill Flexible Workspace Demand
104 | More than a Shared Desk: Acceler8 Promotes a Close-Knit Coworking Community

106 | Live. Work. Play. Repeat: Co-living Spaces as the Accommodation of the Future
108 | Taking Sustainable Action: Addressing Climate Change Through Real Estate
110 | How the Real Estate Sector can Contribute to Climate Change Mitigation

119 | New-Age Customer Experience: Transforming Real Estate Marketing in the Age of Disruption
121 | New Smart Home Tech in 2019

127 | Opportunities Knock More than Once: Jose “Joe” Soberano III as the Personality of the Year
131 | Fresh Perspectives: Mapping Evolving Real Estate Sales

140 | Boutique Developments: Steadfastness in a World Full of Change
142 | Sustainability, Quality, and Affordability: DMCI Homes as the Best Developer of the Year - Luzon

152 | What Does It Take to Win in the Philippine Buyers’ Choice Property Awards?

i THE OUTLOOK 2019

THE OUTLOOK 2019 AWARDS THE OUTLOOK 2019 AWARDS

LUZON CATEGORIES CO-PRESENTORS
36 | BEST AFFORDABLE CONDO OF THE YEAR
41 | BEST PREMIUM CONDO OF THE YEAR PARTNERS
48 | BEST LUXE CONDO OF THE YEAR
52 | BEST AFFORDABLE HOUSE OF THE YEAR
57 | BEST PREMIUM HOUSE OF THE YEAR
61 | BEST MIXED-USE DEVELOPMENT OF THE YEAR

VISAYAS AND MINDANAO CATEGORIES
72 | BEST AFFORDABLE CONDO OF THE YEAR
77 | BEST PREMIUM CONDO OF THE YEAR
82 | BEST HOUSE OF THE YEAR
88 | BEST MIXED-USE DEVELOPMENT OF THE YEAR

SPECIAL AWARDS
96 | BEST CO-WORKING SPACE OF THE YEAR
100 | BEST CO-LIVING SPACE OF THE YEAR
113 | BEST GREEN PROJECT OF THE YEAR
122 | BEST INNOVATION PROJECT OF THE YEAR
126 | PERSONALITY OF THE YEAR

GRAND AWARDS
132 | BEST BOUTIQUE DEVELOPER OF THE YEAR -

VISAYAS AND MINDANAO
134 | BEST BOUTIQUE DEVELOPER OF THE YEAR -

LUZON
136 | BEST DEVELOPER OF THE YEAR -

VISAYAS AND MINDANAO
138 | BEST DEVELOPER OF THE YEAR -

LUZON

THE OUTLOOK 2019 ii

Chief Executive Officer Bhavna Suresh Chathambeth

BRAND LAMUDI ACADEMY
Head of Brand Aina Cruz Training & Development Coach Nadine Pacis
Learning and Development Associate Claire Linatoc
Sr. Marketing Associate Mikaela Raymundo
Marketing Associates Leigh Cabaya, Jessie Carpio II OPERATIONS
Head of Operations Anthony Rainelli
Marketing Assistant Cian Sayson
Multimedia Artists Loren Padilla, TJ Cabataña Head of Business Intelligence Adam Moth
Operations Management Associate Neil De Guzman
Content Editor Jedda Fernandez Operations Management Assistants Rhiza Cometa, Kenneth Metrado
SEO Writers Gayle Barnachea, Samantha Dadofalza
Head of Upload and Quality Control Alodia Mojica
Events Manager Frances Nunag Sr. Upload and Quality Control Specialists Rochelle Teves, Jobert Tayag,
Jr. Event Associate Nicole Jacoba
Jonathan Cambe
KEY ACCOUNTS Upload and Quality Control Specialists Alexis Abanto, Lhenie Labutap,
Head of Corporate Accounts Deborah Ong
Adelle Palacio
Key Accounts Lead Mark Bailey Operations Supervisor (MyProperty.ph) Melanie Eugenio
Sr. Key Accounts Manager Stanislas Chesnoy
Key Accounts Managers Norlina Librella, Lulu Meriguet Customer Service Manager Ciara Dulog
Sr. Account Managers Cristina Valencia, Anne Barroso, Cristina Cordero Customer Service Representative Roberto Ruiz IX
Jr. Customer Service Representatives Franz Adolfo, Jeanesyl Basmayor,
ACCOUNT MANAGEMENT Loury Bitancor, Camille Calma, April Capada, Jhuz Conlu, Zayren Fatallo,
Head of Account Retention Cristina Romero Fe Gabriel, Prila Julayco, Grace Lago, Joyce Lavilla, Valjomel Moya,
Charm Nidea, Jaron Padua, Ana Marie Piling. Catherine Ragasa,
Account Management Lead Demcy Cachero
Sr. Account Manager Ariane Carandang Christine Rayos, Elona Serrano

Jr. Account Managers Matthew Abellaneda Airen Arabejo, FINANCE
Ian Casindac, Alyanna Dayo, Jillian Factora, Krystel Maaño, Head of Finance Malen Abanto
Finance Officer Jovelyn Quinal
Peter Mañalac, Marianne Molina, JP Nepomuceno Credit and Collections Officer Ivan Arandia

Sr. Retention Manager Katrine Potian Bookkeeper Jennifer Tayco
Jr. Retention Managers Ramon Boado, Shieva Canuday, Finance Clerk Angela Bonsobre

Angelica Dublado, Miguel Gonzales RECRUITMENT AND ADMINISTRATION
Head of Recruitment Bradley Schulz
SALES
Head of Broker Sales Aimee Lorenzo Recruitment Specialist Christian Mendiola
Sr. Business Development Associates Karizza Alegata, Talent Acquisition Partner Glorilyn Guevarra
Michael Frigillana, Anthony Kim, Edward Labajo, Racquel San Gabriel
Business Development Associates Frince Badion, Norchelle Baring, Talent Sourcing Specialist Chalene Bisda
Dter Bautista, Mersol Biay, Jonas Calapatan, Jayson Decena, Procurement Officer Jeraldynne Simangan
Camela Enbien, Rona Grava, Jamie Kline Felter, Glenn Labo, General Services and Admin Asstistant Rafael Sagum
Kaye Anne Lo, Lance Luna, Jewel Mateo, Judy Ann Matriano, General Services Assistant Michelle Dimaano
Lenard Mendoza, Luis Narra, Patricia Onofre, Rona Pablo, Admin and General Staff Joselito Dimaano
Cherylynn Pagdilao, Kathlyn Rubio, Eutiquio Sangarios Jr., General Services Staff Ronnie Castañeda, Lodel Perreras
Rica Sayson, James Seva, Jaime Silpedes, Randolf Vista Jr. Network and Systems Administrator Jasper Alcular

PARTNERSHIPS CULTURE
Partnerships Lead Simon Baumgarten Culture Lead Justine Justo
Events Sales Associate Sarah Santos

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iii THE OUTLOOK 2019 represent those of the Publisher. Under no circumstances shall
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the use of information made in this magazine.

LETTER FROM THE CEO

2 019 feels like a dream – the year flew by so fast! It was full
of energy and activity, and Lamudi has worked with various
players in the industry to bring our property seekers a more
comprehensive look into the real estate sector.

We had four media roundtables this year, four housing fairs in
key locations, pocket events for brokers and property seekers, The
Broker Awards Night, and The Outlook Real Estate Conference. We
also had The Outlook: Philippine Buyers’ Choice Property Awards,
which is our pride and joy because here, Lamudi realized everything
that it strives to achieve: helping Philippine property buyers choose
the developers that fit their unique requirements.

I’d like to look back before we look forward.

Let me take this opportunity to thank our co-presenters
Philippine Daily Inquirer Property and Holcim, without whom The
Outlook Awards would not have been possible, and of course our
winning developers for 2019, DMCI Homes, Cebu Landmasters,
PHINMA Property Holdings Corporation, and DATEM Homes. Your
great contributions to the industry have helped our property seekers
realize the home of their dreams.

Thank you and congratulations also to our Personality of the
Year, Jose “Joe” Soberano III, for allowing us the pleasure of your
company at the awards gala, and for letting us and our viewers know
you a little more through an interview for our series “On the House:
Small Talk with Big Bosses.”

This year, as we called the names of the winning developments
all around the Philippines for each category, we also had the chance
to interview their representatives to ask about the people behind
their projects. We might not be able to name every single one of the
architects, consultants, managers, and resource people behind each
award-winning development, but what we do know is this: Without
you, Philippine real estate will not be at the height it is today.

Thank you also to our partner brokers, for the tireless hours you
have devoted to helping property seekers become property owners.
Your continued support motivates us to reach more key destinations
to bring Lamudi and Lamudi Academy closer to you, and to create
more opportunities to build a wider network of professional brokers
in the industry.

I also have the people working in Lamudi to thank for their
undying loyalty and hard work, for their commitment to helping our
property seekers find their dream property through our platform.

Let us also, as a community, thank the industry leaders John
Gokongwei, Jr., Lucio “Bong” Tan, Jr., Willie Uy, Henry Sy, and
Liberator “Levy” P. Laus for devoting their lives to developing world-
class projects.

The Philippines has one of the biggest markets in Southeast Asia,
but don’t just take our numbers for it. Take a look around you and
you’ll see vertical developments, mid-rise condominiums, rising
townships, and integrated communities, all showing just how far the
Philippines has come. This is our best year yet, and from this, all of us
together can build a bigger and better real estate landscape in 2020.

Bhavna Suresh
CEO, Lamudi

THE OUTLOOK 2019 01

HISTORY

Since 2017, Lamudi’s The Outlook: Philippine Buyers’ Choice Property Awards has become a platform
for recognizing the top companies in the real estate industry in the Philippines. In partnership with
the Philippine Daily Inquirer Property and Holcim Philippines, The Outlook continues to serve as an
award-giving body for esteemed property development projects throughout the country in 2019. These
projects underwent thorough deliberation by a panel of judges, as well as a survey in which 10,000
property seekers participated.
With the real estate competition getting fiercer by the day, property seekers turn to any available
information when it comes to property developments. A simple search can yield many results, and
The Outlook Awards aims to set the benchmark on which property seekers can place their trust.
As a leading platform for property seekers, Lamudi goes the extra mile to impart knowledge and
insights on the changing real estate scene in the country. This ensures the public remains aware
of what the market can offer. In turn, The Outlook provides utmost transparency throughout
the awards nomination and recognition.
Every year, Lamudi hosts a gala for the awarding ceremony of the nominated projects. The
gala also serves as a venue for discussion, networking, and knowledge sharing about the
current developments in the industry. This is a joint effort from the industry’s authorities
to ensure real estate professionals remain up-to-date with the needs of today’s property
seekers.
Lamudi continues to lead the real estate industry by understanding the needs and
demands of Filipino property seekers, with a website that receives an average of 6.5
million monthly pageviews and over 150,000 property listings.

02 THE OUTLOOK 2019

THE PROCESS

With the goal of recognizing premier real estate developments in the Philippines, The
Outlook accepted nominations from developers all over the Philippines who sent their
projects to compete in specific categories. Following a screening process by the judges,
shortlisted projects were included in a survey to receive unbiased opinions from 10,000 active
property seekers on Lamudi.

Submissions for nominations on different categories began in January and continued until
May, with no limit to the number of nominations that were submitted for all categories.

The evaluation process for the nominations took place between June and July. The judges
used a scoresheet containing criteria specific to the category where the projects were
nominated. This is to ensure that each nomination underwent assessment according
to the factors that are relevant to their category. The judges used category-specific
scoresheets to review and rate the projects, alongside the information provided on
the nomination forms. Shortlisted nominations received an invitation to The Outlook
gala.

Winners for the categories on Condominium, House, and Mixed-Use awards
were chosen through The Outlook survey. The participants of The Outlook survey
included property seekers within and beyond the Philippines. They were chosen
based on their search interests, as reflected on Lamudi.

The options for the survey came from the five nominations that received the
highest scores from the evaluation process of the judges. The projects that
received the highest number of votes from the participants of the survey
were declared as the winners for their respective categories.

Meanwhile, the panel of judges evaluated the nominees in the Special
Awards categories, and those with the highest score in their categories
were declared the winners. Lamudi chose the Personality of the Year
based on his contributions to the real estate industry.

THE OUTLOOK 2019 03

• The outlook 2019 •

PANEL OF JUDGES

The Outlook: Philippine Buyers’ Choice Property Awards called upon a panel of judges that included highly respected figures in the
real estate industry. With their years of experience and knowledge in property development, this year’s judges played key roles in

determining the winners for the awards.

Leira Buan Jason Buensalido

Assistant Secretary Principal Architect, Chief Design Ambassador
Housing and Urban Development & Founder
Coordinating Council (HUDCC) Buensalido + Architects

James Buskowitz Amado P. De Jesus

Chief Executive Officer Principal Architect | Vice Chairman
Buskowitz Group A.P. de Jesus & Associates | Philippine Green
Building Initiative

Atty. Robert Nomar V. Leyretana Dr. Eduardo Ong

Deputy Administrator Former Chairman
Land Registration Authority Philippines Professional Regulatory Board for Real Estate
Services

Georg Platzer Richard Raymundo

Market Development Manager | Store Manager Managing Director
Ikano Philippines | IKEA (Philippines) Colliers International Philippines

Amelita Remo Tek Samaniego

Writing Editor Editor
Philippine Daily Inquirer Property Philippine Daily Inquirer Property

Rick Santos Kenneth Stern

Chairman & CEO Deputy Administrator
Santos Knight Frank RE/MAX Philippines

04 THE OUTLOOK 2019

A DAY OF REAL ESTATE
DISCUSSIONS AT THE OUTLOOK

PHILIPPINE REAL ESTATE CONFERENCE

by Jedda Fernandez

B efore the highly-anticipated The Outlook: Philippine Buyers’ Choice Property Awards, Lamudi’s Philippine Real Estate Conference
brought together industry leaders across five tracks on October 17, 2019, to talk about the most pressing topics in the Philippine real
estate sector.
As an avenue for insightful discussion, the conference spanned a wide range of topics from sustainability to alternative ways of investing
in real estate, opening conversations that property seekers and investors are all curious about.

Key players in real estate come from all places. It is not solely the developers that decide what the Philippines needs in terms of
developments; in the same vein, it is not just the property seekers deciding on what is most important to them. Climate change advocates,
financial specialists, private companies, the government, and even investors all have a voice about building the future of the country.

THE OUTLOOK 2019 05

Photos (Top to Bottom):

[1] Cathy Saldaña, Managing Director of PDP Architects

[2] Ram Maganti, SVP for Marketing and Innovations of Holcim
Philippines Inc.

[3] Cecilia Domingo, Vice-President and Head of Corporate
Business Group of Meralco

[4] Gian Carlo Valerio, Chief Executive Officer of SolanaLand
Development, Inc.

[5] Gay Santos, Financial Inclusion Specialist/Advocate

Planning for a Greener Future

The future of the Philippines is anchored on
its people and the actions they do to protect
and preserve the environment. Panelists
delved into the first track, “Taking Sustainable
Action: Addressing Climate Change Through
Real Estate,” with moderator Cathy Saldaña,
Managing Director of PDP Architects, remarking
on the abundance of sun and rain in the country-
-two things that can be useful if harnessed
properly.

When Gay Santos, a financial inclusion
specialist/advocate, and Cecilia Domingo, Vice-
President and Head of Corporate Business Group
of Meralco, mention that Filipinos need to be
more informed about important concepts such
as climate change, sustainability, and financial
literacy, it becomes a challenge for developers
to build projects that make education an active
part of the lifestyle of its residents. In this way,
developers are taking on the role of educators,
introducing property owners to the reality that,
as Gian Carlo Valerio, Chief Executive Officer of
SolanaLand Development, Inc. says, sustainable
practices such as adding solar panels to homes
need not be expensive nor inaccessible to the
majority. Ram Maganti, SVP for Marketing and
Innovations of Holcim Philippines Inc., also says
Filipinos need not look far to create a better real
estate climate: a top-down approach, with our
leaders as the first stewards of sustainability,
will make for a more successful plan.

06 THE OUTLOOK 2019

Answering the Changing Needs of the
Market

In the second track, “New-Age Customer
Experience: Transforming Real Estate Marketing
in the Age of Disruption,” moderator Deborah
Ong, Head of Corporate Partnerships at Lamudi,
noted the change in consumers of today--they
are more demanding. This has led to an integral
change in the way developers build and market,
as seen by industry veterans Eugene Lozano,
First Vice President for Sales and Marketing for
Megaworld Corporation, and Jose Soberano III,
CEO of Cebu Landmasters, Inc.

Rather than give up in the face of a major
change, Lozano and Soberano both adapted in
their own ways, shifting their focus to retraining,
analyzing, and digitizing their marketing
strategies, one that Marco Antonio, President &
CEO of Century Properties, and Tek Samaniego,
Property Editor of Philippine Daily Inquirer
Property, agree with.

Citing the prediction years ago that the mall
is reaching its end, Thomas Mirasol, General
Manager of Federal Land, Inc., proudly says,
“The mall is still here.”

Photos (Top to Bottom):
[1] Deborah Ong, Head of Corporate Partnerships at Lamudi
[2] Thomas Mirasol, General Manager of Federal Land, Inc.
[3] Marco Antonio, President & CEO of Century Properties
[4] Tek Samaniego, Property Editor of Philippine Daily Inquirer

Property
[5] Jose Soberano III, CEO of Cebu Landmasters, Inc.
[6] Eugene Lozano, First Vice President for Sales and

Marketing for Megaworld Corporation

THE OUTLOOK 2019 07

Photos (Top to Bottom)
[1] Bhavna Suresh, CEO of Lamudi
[2] David Rafael, President & CEO of AboitizLand, Inc.
[3] Beth Ventura, President of Anchor Land Holdings, Inc.
[4] Ricardo Lagdameo, First Vice President of Damosa Land, Inc.
[5] Raphael Felix, President of PHINMA Properties Holdings

Corporation and Subdivision and Housing Developers
Association (SHDA)

Humanizing the Sales Strategy

Lamudi is an online real estate platform on
which brokers and developers highlight their
respective properties. The actual selling part
happens when property seekers use the platform
to find the property of their dreams, making
the sales team integral in converting leads, as
discussed in the panel “Fresh Perspectives:
Mapping Evolving Real Estate Sales,” moderated
by Lamudi’s very own CEO Bhavna Suresh.

On this front, it is important that brokers
exemplify the human qualities of likability
and trustworthiness, according to David
Rafael, President & CEO of AboitizLand, Inc.
To this, Beth Ventura, President of Anchor
Land Holdings, Inc., adds that sales should be
completed through face-to-face transactions.
Ricardo Lagdameo, First Vice President of
Damosa Land, Inc., mentions another quality
needed from a successful sales team: malasakit.

Raphael Felix, President of PHINMA
Properties Holdings Corporation and
Subdivision and Housing Developers Association
(SHDA), also mentions the importance of the
reputation of the developer now that technology
has made transacting both easy and challenging.

08 THE OUTLOOK 2019

Addressing Employee Pain Points

In “Paradigm Shifts: Exploring the Sharing
Economy in Philippine Real Estate,” panelists
delved into the past, present, and future of work-
-and how the sharing economy has prospered in
the Philippine landscape.

With Eric Manuel of Arch Capital
Management as the moderator, the panelists
discussed why employees prefer more flexible
working arrangements. Paul Rivera, Co-Founder
& CEO of Kalibrr, says gig economy has always
been present in the Philippines, known by a
different name: sideline.

Jelmer Ikink, Group Director of MyTown,
noted that the future of work, especially its
definition, will change over time, with a zero-
commute lifestyle addressing commute-related
pains. Nick Padilla, Co-Founder, CEO & Space
Captain of Kahon.PH, also agreed that Filipinos
now lead “much more complex lives.” To this,
Lars Wittig, Country Manager Philippines,
Thailand, Vietnam, Cambodia, S. Korea for
International Workplace Group, adds that
employees have a desire for agility and are driven
by the speed of change.

Photos (Top to Bottom):
[1] Eric Manuel, Investment and Asset Management Advisor of

Arch Capital Management
[2] Jelmer Ikink, Group Director of MyTown
[3] Nick Padilla, Co-Founder, CEO & Space Captain of Kahon.

PH
[4] Paul Rivera, Co-Founder & CEO of Kalibrr
[5] Lars Wittig, Country Manager Philippines, Thailand,

Vietnam, Cambodia, S. Korea for International Workplace
Group

THE OUTLOOK 2019 09

Photos (Top to Bottom)
[1] Danie Laurel, News Anchor of Cignal TV’s One News
[2] Richard Raymundo, Managing Director of Colliers
[3] Iluminada Sicat, Assistant Governor of Bangko Sentral

ng Pilipinas
[4] Noel Rapadas, Senior Vice President and Chief Finance

Officer of Torre Lorenzo Development Corporation
[5] Mikko Barranda, Associate Director of Leechiu Property

Consultants Inc.

Understanding Real Estate
Investment Options

“Changing Face: Uncovering Alternative Ways
to Invest in Real Estate,” a track moderated by
Danie Laurel, News Anchor of Cignal TV’s One
News, delved into the areas of real estate that
attract investments.

On the hot topic of POGO businesses in the
Philippines, Richard Raymundo, Managing
Director of Colliers, compares them to the BPO
sector, which used to take up to 60% of the
market. Mikko Barranda, Associate Director of
Leechiu Property Consultants Inc., adds that
POGOs are here to stay, and while they are here,
developers can take advantage of the increase in
demand for real estate.

Iluminada Sicat, Assistant Governor of
Bangko Sentral ng Pilipinas, reveals that upon
assessment, POGO contributed to a sudden
increase in rent. For aspiring investors, Noel
Rapadas, Senior Vice President and Chief
Finance Officer of Torre Lorenzo Development
Corporation, reminds that investing has to
do with understanding the demographics and
drivers of prices.

10 THE OUTLOOK 2019

PHILIPPINE
REAL ESTATE

OVERVIEW

THE OUTLOOK 2019 11

JANUARY MEDIA ROUNDTABLE 2019
An Excellent 2018 for Philippine Real Estate

and Raising the Bar in 2019

SETTING THE
BENCHMARK

FOR REAL ESTATE AND PROPERTY
DEVELOPMENT IN THE PHILIPPINES

by Elie Rosales

Photos (Top to Bottom): L amudi’s Outlook Media Roundtable Series 2019: An Excellent
2018 for Philippine Real Estate and Raising the Bar in 2019
[1] Elizabeth Ventura, President and Executive Director of brought together experts of the real estate industry to
Anchor Land Holdings, Inc. discuss the trends and challenges for this year. Held last January in
Shangri-La Makati, the first installment of the roundtable series for
[2] Janlo De Los Reyes, Head of Research and Consulting 2019 served as a venue to exchange insights of where the Philippine
for JLL Philippines real estate industry is headed and what next steps should be taken in
this age of technology.
[3] Christophe Vicic, Country Head of JLL Philippines
Establishing itself as the go-to platform for real estate properties,
[4] Steve Chien, Regional Controlling Principal of Keller Lamudi spearheaded the roundtable series to ensure professionals
Williams and property seekers alike remain informed of developments in
the real estate sector. In attendance for the discussion were the
following: Christophe Vicic, Country Head of JLL Philippines; Janlo
De Los Reyes, Head of Research and Consulting for JLL Philippines;
Steve Chien, Regional Controlling Principal of Keller Williams; and
Elizabeth Ventura, President and Executive Director of Anchor Land
Holdings, Inc.

The highlights of the event focused on the role of technology in
the advancement of the real estate industry, the growth of Lamudi
and its continued excellence in accommodating the needs of today’s
property seekers, urbanization, and the rise of the POGO sector. Each
of the experts in the panel provided their thoughts on the topics.

Adapting to the Behavior of Today’s Property Seekers

With the convenience provided by the internet and smartphones, it
is easier to search for properties in any location. The Digital 2019
report, by social media management platform Hootsuite and digital
marketing agency We Are Social, revealed that across the world,
Filipinos spend the most time on the internet, with an average time
online of 10 hours per day.

12 THE OUTLOOK 2019

SETTING THE BENCHMARK

As Lamudi maintains its position of being the top real estate and the real estate sector should be taking. In a nutshell, property
platform, it continues to cater to the specific needs of every visitor developments should not simply rely on city competitiveness.
going to its website. Data from Lamudi shows that location is a
significant factor in online property searches, with statistics from The Rise of the POGO Sector
the website revealing that most property seekers input Manila,
Makati, and Quezon City as the top locations. A major trend in the country involves the boost in numbers of
Philippine Offshore Gaming Operators, in which most employees
For real estate professionals, it has become more imperative come from China. This, in turn, prompted the increase in property
to ensure their properties appear often in search results, and that searches within major cities hosting POGO companies. The number
information is readily available for property seekers. This was one of Chinese nationals in the Philippines has then amounted to over
of the topics discussed during the roundtable series – the role of 400,000, and that amount is expected to reach 2 million within the
technology in the real estate industry. next five years.

During the roundtable discussion, Ms. Ventura of Anchor Land Panelists had different inputs in terms of the rise of the POGO
explained the need to use feedback and information from their sector. For Mr. De Los Reyes, this means the domestic market is
clients to ensure proper planning of projects. moving away from locations with POGO companies due to the
increase in the price for sale and rent of properties. Mr. Chien, on
Real Estate Moving in Sync with Urban Development the other hand, says property developers need to keep up with the
growing demand of residential properties from POGO workers. This
Alongside the development of cities in the metro, property sector is something real estate professionals need to look further
seekers and landowners continue to demand homes in areas into.
where urbanization development is expected to happen next. This
prompts property developers to find land that they can urbanize and Moving Towards the Future of Property Development
transform into a community.
If there is one thing everyone at the roundtable discussion had
During this segment of the roundtable discussion, Mr. Vicic in common, it is the desire to ensure the future of property
narrated that it is the job of real estate professionals and property development. An important topic that came up was government
workers to move in sync with the changing urban landscape. He said support for property developers.
the urban scene is very different from 10 years ago, when locations
outside Metro Manila attracted less interest. With the focus of experts on these topics, it is safe to say that
everyone in the real estate and property development sector has
In this changing society, technological advancements and the their eyes set towards an even better future.
power of online searches have become powerful tools for real estate
professionals. Both define the course that urban development

Bhavna Suresh (left),
CEO of Lamudi and
moderator of this media
roundtable discussion,
with the January Media
Roundtable panelists.

THE OUTLOOK 2019 13

LAMUDI

REVOLUTIONIZING
THE PHILIPPINE
REAL ESTATE INDUSTRY

by Fatima Reyes

L amudi solidifies its position as the premier real estate platform in the Philippines,
and it continues to revolutionize the way real estate is done in the country. With over
150,000 residential and commercial property listings, the online property platform sets
its sights on growth, with the primary goal of increasing transparency by creating a complete
overview of properties online, both for rent and for sale.

Comprehensive, Trusted Listings

The one-stop real estate platform is where sellers, renters, and buyers come together to find
relevant listings. A wide range of properties are readily available — houses, condominiums, office
spaces, warehouses, and even commercial land. Lamudi puts a premium on the quality and legitimacy
of its listings, and it does so with a well-organized and appealing design.

The search interface is simple and user-friendly, letting users see all the prime properties in one
go. Clicking a property leads you to all the relevant information you need — classification or type, floor
area, land size, amenities, and price range. These come with high-quality photos that give users a good
idea of what the properties look like.

Digital is the name of the game for Lamudi, and it ensures that it is at par with the latest trends in technology to better serve both brokers
and property seekers. The online portal has a handy chatbox so inquiries get entertained and answered in real-time.

As Lamudi’s main objective is to come up with listings that are trusted and comprehensive, it goes the extra mile to invest in information
and education campaigns for brokers. Lamudi Academy offers online marketing techniques to help brokers become digital experts in real
estate marketing. Lamudi Academy also equips brokers with skills to effectively upload and manage their listings.

14 THE OUTLOOK 2019

LAMUDI: REVOLUTIONIZING THE PHILIPPINE REAL ESTATE INDUSTRY

Harnessing Big Data

Big data is also essential for Lamudi’s initiatives that aim to grow and educate the market itself. Lamudi analyzes data from its listings and
regularly publishes content on condo, house, and commercial property price trends. It also uses its search data to give home buyers and
property investors a picture of online property-hunters’ behaviors and preferences.

2018 2019 (January - September)
Number of Unique Visitors

Lamudi’s data reveals that online property search increases
among Filipinos every year. According to this year’s January to
September data, full-year 2019’s unique visitors was on track to
surpass full-year 2018’s unique visitors. A majority of the searches
— over 88.2% — are coming from property seekers in Luzon,
unchanged from 2018.

Inquiries by Property Type

Over January to September this year, the most searched for
property type is condominiums at 31.1% of all inquiries, compared
with 33.3% for 2018. Apartment inquiries surged to 22.9%, from
15.1% in 2018.

Data also proves that the property sector was expected to Listings per Region
retain strong market performance in 2019. In terms of property Most Popular Areas in the Philippines
listings, 2019’s active listings were on track to surpass 2018 supply,
according to data from January to September this year. Majority of
the supply was in Luzon at 89.1%, a slight decrease from 91.8% in
2018 as listings from Visayas increased to 9.0% of the total, from
6.3% last year.

B.F. Homes in Parañaque gets the lion’s share of the most
popular areas in the Philippines. According to this year’s January to
September data, 6.0% of all listings on Lamudi are for properties
in B.F. Homes, from 1.5% last year. Fort Bonifacio listings took up
4.9%, while Commonwealth listings, which ranked first in 2018 at
3.7%, were down to 2.4%. Rounding out the top five most popular
areas among Lamudi listings are Cubao at 2.3% and Fairview at
2.2%.

THE OUTLOOK 2019 15

THE FACTORS THAT DRIVE

GROWTH FOR THE PHILIPPINE
REAL ESTATE INDUSTRY

by Fatima Reyes

T he Philippine real estate industry is poised for robust growth OFWs Drive Demand for Mid- and High-end Housing
as it continues to be resilient amid economic challenges.
Moving forward, traditional factors will still drive the sector Overseas Filipino Workers continue to play a major role in fueling the
to new heights. growth of the country’s property market. From January to May this
year, total cash remittances have reached $13.7 billion, up by 4.1%
Manufacturing Opens Opportunities compared to the same period in 2018. About 78% of remittances
during the period are from the United States, Saudi Arabia, UAE,
The country’s gross domestic product (GDP) growth for the second Singapore, Japan, UK, Qatar, and Canada.
quarter of 2019 was at 5.5% - the slowest in four years. Despite the
decline, the Philippines remains one of the fastest rising economies The high-end and mid-end condominium segments of the
in Asia as it is backed by a young population, a growing middle- housing market remain attractive to OFWs. Population growth and
income class, and increasing urbanization. The positive economic the migration from rural to urban areas allow for more real estate
climate encourages more Filipinos to invest in the property market development both for residential and commercial purposes.
and seize opportunities to accumulate wealth.
Land Prices Continue to Increase
The manufacturing sector still drives demand for industrial space
despite the decline in growth. According to Colliers International A number of factors are still pushing up real estate prices, and
Philippines, this year’s second-quarter growth for manufacturing the increase remains more pronounced in Metro Manila. In the
was at 4%, nearly two percent lower than the 5.7% growth recorded Makati Central Business District, land prices surged to Php 817,000
in the same period last year. per sq.m. for Q2 2019. Colliers expects the area to breach the Php
950,000 per sqm mark in 2020, for a 22% year-on-year increase in
Colliers notes that property firms should seize opportunities average land prices.
by developing industrial estates in alternative hubs like Bataan,
Bulacan, and Pampanga. It also sees big gains from manufacturing Bonifacio Global City comes in second with average land prices
investments from Asian and European countries, as well as reaching Php 796,000 per sq.m., with a forecasted 24% year-on-
infrastructure projects under the public-private partnership scheme. year increase in prices come 2020. Average land prices in the Manila
Bay Area reached Php 351,000 per sq.m., while land in Ortigas
Household Spending, Construction Remain Strong Center was at Php 321,000 per sq.m. With robust economic growth,
real estate prices are expected to continue to go up.
The country’s headline inflation eased to 2.4% in July 2019, bringing
January to July inflation to 3.3%. This was the slowest inflation The Philippine Real Estate Industry: Trending Up
recorded in 31 months, and the government expects inflation to
settle within its target of 2% to 4% in 2019. The increase in rates The country’s real estate industry continues to enjoy the benefits
of housing, water, electricity, gas, and other fuels also slowed down. from favorable opportunities and improved economic aspects.
The downtrend in inflation and interest rates could drum up demand Traditional factors are still driving demand, but emerging trends will
for low to mid-income residential housing over the next few months, also push growth across segments for the years to come. Investors
according to Colliers. and industry players alike are expected to adapt to these changes,
particularly the rise in demand for flexible workspaces and offshore
Household spending, meanwhile, finished at 5.6% for the second gaming.
quarter - slightly lower than the 6% growth recorded during the
same period in 2018. Consumer spending remained strong despite
the slight decline. Colliers sees this as a boost for the retail segment,
with growing demand for leasable space as an indicator of residents’
growing disposable incomes.

Public construction continued to decelerate to a 27.2% decline
for the second quarter. Private construction, however, ramped up
with a 23% growth. The growth in the BPO sector continues to drive
office and residential take-up in the country, creating a ripple effect
on the construction, retail, and telecommunications industries.
With the number of BPO employees still increasing in the next years,
property investors can further expect good growth prospects in
office and residential spaces for BPO businesses.

16 THE OUTLOOK 2019

MAY MEDIA ROUNDTABLE 2019
Beyond the Metro: The Progress of

Philippine Provincial Cities

INVESTORS’
APPETITE FOR

PROPERTIES

OUTSIDE METRO MANILA SURGES

by Krisana Estaura

W ith land in congested Metro Manila increasingly
becoming scant, developers seemed to have
shifted their gaze away from the Philippine
capital and have now set their eyes in cities bordering the
metro. Online ads promoting residential properties within
the central business districts are now being replaced by ads
containing catchphrases such as “Your home in Cavite” or
“Your home in Cebu.”

The same holds with other segments of the property
sector, including the commercial and office spaces, as
businesses seek to expand their footprints in suburban
areas.

The rise of the property sector in several progressive
provincial cities was the topic of the second session of
Lamudi’s media roundtable series for 2019. The panelists
were Charles Ong, COO of Innoland Development
Corporation; Richard Tay, Business Unit Head of the
Commercial Business Group of Property Company of
Friends, Inc.; Emmanuel Rapadas, CFO of Torre Lorenzo
Development Corporation; Joey Bondoc, Senior Research
Manager of Colliers International Philippines; and Fernando
Camus, Senior Consultant of Berthaphil, Inc. The session
was moderated by Lamudi CEO Bhavna Suresh.

Photos (Top to Bottom):
[1] Charles Ong, Chief Operating Officer of Innoland Development Corporation
[2] Joey Bondoc, Senior Research Manager of Colliers International Philippines
[3] Fernando Camus, Senior Consultant of Berthaphil, Inc.
[4] Richard Tay, Business Unit Head of the Commercial Business Group of Property Company of Friends, Inc.
[5] Emmanuel Rapadas, Chief Financial Officer of Torre Lorenzo Development Corporation

THE OUTLOOK 2019 17

INVESTORS’ APPETITE FOR PROPERTIES OUTSIDE METRO MANILA SURGES

Bhavna Suresh, CEO of
Lamudi and moderator
of this media
roundtable discussion,
with the May Media
Roundtable panelists.

Supply and Demand to its inner provinces. They are expected to bolster the real estate
market in Iloilo.
Lamudi listings from 2017 to 2018 show that properties from Davao
and Cavite enjoyed double growths at 102% and 188%, respectively, The growth in property listings complemented the rise in
while Pampanga saw a surge at 202%. the demand, as shown by the increase in page views in the cities
mentioned during the period. Pampanga registered a whopping
According to a Jones Lang LaSalle (JLL) report, the prospect 873% increase in leads followed by Cavite and Iloilo which rose
for Davao City’s property sector remains upbeat in the near future almost four times. Cebu and Iloilo saw a threefold increase.
as it benefits from ongoing builds in the Agdao, Buhangin, Talomo,
and Poblacion districts. Factors that are driving the growth include According to Colliers, Bacolod remains a preferred location
improving tourism performance, booming outsourcing & offshoring for outsourcing operations. It also opens more opportunities for
industry (O&O), expansion of brands with existing operations, and property developers as pageviews of listing in the City of Smiles have
rising demand for serviced offices, as well as increasing interest grown 38%.
among OFWs, local investors, and domestic and foreign students.
“A number of existing voice BPO firms are continuously expanding
Colliers International, meanwhile, said that Cavite and Pampanga while some knowledge process outsourcing (KPO) firms are looking
could further be boosted as viable business hubs, thanks to the Build, at the city as a potential site outside of Metro Manila,” Colliers said
Build, Build program, which the real estate consulting firm expects in a report.
to remain an important factor in sustaining the country’s growth
“over the next 2 to 3 years.” Another indication of keen interest among property buyers is the
rise in page visits in these provincial cities during the study period.
Other cities outside Metro Manila that registered increases in Topping the list are Pampanga, Cebu, and Bacolod, which rose by
Lamudi listings are Cebu and Iloilo at 27% and 29%. 65%, 23% and 38%, respectively.

JLL said that the Meetings, Incentives, Conventions, and Average Prices
Exhibitions (MICE) market, F&B companies, tourists, online gaming
operators, English as a Second Language (ESL) schools, and O&O Property seekers and investors wanting to take a piece of the land in
firms all drive demand in the Metro Cebu real estate market. the booming provincial cities can continue to take advantage of their
affordability.
“Local developers lead many of the current builds in Metro
Cebu, but major developers dominate the share for upcoming The average price of a condo unit in Davao City is Php 4.6M, while
developments, indicating great desire to enter the Cebu property the average price per sq.m. is at Php 100,377. In Cavite, a standard
market,” said JLL. house only costs as much as Php 6.4M, while the average price per
sqm is Php 50,576.
Colliers, meanwhile, noted that while Iloilo’s residential sector
is mostly comprised of houses and lots, it has seen a spike in the Most Searched Areas
condominium market.
Areas in Davao that are most searched are Buhangin and Sasa. Cebu
The property consulting firm said that while the vertical segment City tops in Cebu, followed by Lapu-Lapu and Mandaue.
is still in its early stage, it has bright spots.
Drawing in the most interest from property seekers in Cavite are
“Fuelled by the growing business processing outsourcing Bacoor, Dasmariñas, and Tagaytay. The towns of Pavia, Jaro, and
(BPO) sector and the huge community of OFW families in Iloilo, Oton lead in Iloilo.
condominiums near the city centre have provided new options for
Ilonggos,” it said. Angeles, San Fernando, and Mabalacat are the favorites in
Pampanga, while the towns of Alijis, Estefania, and Mansilingan
Three crucial proposed infrastructure projects under the drive most searches in Bacolod.
country’s public-private partnership program are in the pipeline,
namely the construction of an intelligent transport system, a
government center, and a seamless railway that will connect the city

18 THE OUTLOOK 2019

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AUGUST MEDIA ROUNDTABLE 2019
A Collaboration Towards Economic Prosperity:

Understanding Real Estate Investment
Trusts for Investors

DIVERSIFYING
WITH REITS

TO BOOST PH CAPITAL MARKET

Photos (Top to Bottom): by Elie Rosales

[1] Hannah Yulo, Chief Investment Officer of DoubleDragon T he need for a fully-functional REIT market in the
Properties Corporation Philippines is becoming more relevant as the real estate
industry enjoys an upswing. More and more stakeholders
[2] Gary Hablero, Director for Commercial Investments at are seeing the value of Real Estate Investment Trusts, especially
RE/MAX Capital in creating a suitable investment portfolio for every Filipino.

[3] Joey Bondoc, Senior Research Manager of Colliers Real estate leaders called on investors to diversify with REIT, and
International Philippines they highlighted its immense potential at the third Lamudi Media
Roundtable held last August 2019. Titled “A Collaboration Towards
[4] Reggie Cariaso, Head of Strategy, Products, and Support Economic Prosperity: Understanding Real Estate Investment Trusts
under the Corporate Banking Group of the Bank of the for Investors,” the discussion focused on how REITs benefit not just
Philippine Islands (BPI) the real estate sector but the economy at large, and how it enables
every Filipino investor to invest in high-value real estate assets.

The roundtable was held in partnership with Colliers International
Philippines, Subdivision and Housing Developers Association, and
Holcim Philippines.

Most Searched Areas

Big players are expected to invest more into REIT as the government
has moved to amend rules and regulations implemented in the REIT
law. From a 67% minimum public float that a REIT must meet within
three years, the Securities and Exchange Commission has agreed to
cut it to 33%. The players also stand to benefit from tax incentives
enjoyed by the new investment vehicle, as initial property transfers
to REIT are exempted from value-added tax (VAT).

Colliers reiterates that now is the best time to harness the full
potential of REITs as the present administration’s Build, Build,
Build infrastructure program goes into full swing and the economy
enjoys a steady GDP growth. Joey Bondoc, Senior Research Manager
at Colliers International Philippines, noted that with a good REIT
industry, the Philippines may be at par with other Southeast Asian
markets like Indonesia, Malaysia, and Singapore, which already have
listed REITs.

20 THE OUTLOOK 2019

DIVERSIFYING WITH REITS TO BOOST PH CAPITAL MARKET

“If we look at the financials of public-listed property developers Empowering the Investing Public
in the Philippines, given the existing capitalization rates, developers
could flow it at around $10 billion worth of property at par with what REITs promote financial inclusion as it empowers the average Filipino
Thailand and Malaysia have already divested,” Bondoc said. to attain real estate investment ventures even if they do not have
the means to buy entire buildings. Hannah Yulo, Chief Investment
Office Space as an Attractive REIT Asset Officer of DoubleDragon Properties Corporation, said that REITs are
a great opportunity for equity investors to diversity their local and
A strong REIT market will create opportunities for developers to raise global portfolios. “REITs answer investors’ demand for a tax-efficient
more capital and further invest in and develop their land bank in the and yield-driven vehicle as they provide greater liquidity and more
country, which will mean more capital flowing through the country’s stable return,” Yulo said.
property markets. The huge demand for office space coming from
offshore gaming, multinational firms, outsourcing companies, and Reggie Cariaso, Head of Strategy, Products, and Support under
flexible working space operators make office buildings an attractive the Corporate Banking Group of the Bank of the Philippine Islands
asset class to list under REIT. (BPI), said that the everyday Filipino investor can get involved by
looking at the unit price on the stock market. REITs make buying and
“By 2021, we expect around 14 million sq.m. of leasable office selling of shares much easier and offer portfolios with a relatively
space in Metro Manila, 30% higher than the fourth quarter of 2018,” cheaper investment amount. “On average, the minimum investment
Bondoc said. He added that from 2019 to 2021, Colliers projects an is from Php 5,000 to Php 10,000.”
annual vacancy of 6 percent.
Investing in REITs ensures a stable cash flow since liquidity is
Colliers recorded more than 370,000 sqm (4 million sq feet) of net more absolute and the assets are diversified. It is also less susceptible
take-up in Q4 2018. The figure is 31% higher y-o-y. Colliers projects to risks of loss since investors in REITs generate returns from
a net take-up of about 1 million sqm (10.7 million sq ft) in 2019 due dividends and capital appreciation.
to sustained demand from outsourcing and offshore gaming firms.
It also projects net take-up to average around 900,000 sqm (9.69 Gary Hablero, Director for Commercial Investments at RE/MAX
million sq feet) per annum. Capital, emphasized how REITs are a viable investment for those
who are saving for retirement. “If you are going to retire, and you
want liquidity, REIT would be the best option for you because you get
cash flow regularly. It may be annually, semi-annually, or quarterly,”
Hablero said.

REITs are not only limited to office assets, as other assets like
malls, energy, infrastructure, transportation, hospitals, schools, and
tourism have also been converted into REITs in other countries.

Others
BPO (KPO)
Gaming
BPO (Voice)

Source: Colliers International
*Others segment includes traditional firms, government agencies, and flexible
workspace operators

Colliers sees the KPO sector driving office demand in the next 12 Bhavna Suresh (right), CEO of Lamudi and moderator of this media
months. KPOs provide higher-value outsourcing services such as roundtable discussion, with the August Media Roundtable panelists.
health information management, software engineering, and finance
and accounting

Source: Colliers International 4Q 2018 Office Rent Report

THE OUTLOOK 2019 21

BUILD,BUILD,BUILD

MAKING WAVES OUTSIDE OF METRO MANILA

by Megan Flores

I t seems that a lot of lessons are being learned from uncontrolled overdevelopment, such as in the case of Metro
Manila. The never-ending traffic congestion, worsening floods, pollution, and a litany of other problems are just
some of the consequences of overdevelopment, and these problems have taken their toll on the population and the
economy.
Despite the promise of better opportunities, the quality of life in Metro Manila has started to suffer. However,
people continue to flock to the area to seek greener pastures, adding to the growing overpopulation of the city. It
seems like a never-ending cycle — underscoring the need to take the right action.
A Shift in Strategy
As Metro Manila reeled from all its problems, other areas of the Philippines that are rich in resources continued
to suffer from poverty due to the lack of economic opportunities and poor infrastructure systems. There is
a pressing need to develop other growth centers outside Metro Manila to spread the benefits of economic
progress to other cities.
As the Duterte administration took office, it laid down the plan of correcting the many years of public
under-investment through the infrastructure-focused Build, Build, Build (BBB) project.
The administration is optimistic that increased spending for infrastructure development will boost
economic activities around the country, and therefore provide opportunities for Filipinos to lift
themselves out of poverty. Halfway through his term, Duterte came under fire for the slow progress
of the promised “Golden Age of Infrastructure,” but his administration was quick to defend the BBB
project, blaming delays in the 2019 budget passage as a hurdle while remaining positive that most
of the projects will be delivered as promised before Duterte’s term ends in 2022.

22 THE OUTLOOK 2019

BBB’s Effects on New Growth Centers

Although there may be only a few projects in the BBB that have been fully implemented, the impact of these
projects on the target new growth centers is starting to manifest. Colliers International provided data that
shows the significant transformations of these cities.

The BBB projects have stimulated the property market with an increase in demand. As these projects
are built, township projects and other real estate developments have followed suit. For instance, in Metro
Cebu, townships like City di Mare, Mactan Newtown, and others have been centered near the Mactan
International Airport, and on the areas of other projects slated for completion such as the Cebu Monorail.

Metro Clark, with a number of ongoing projects such as the NLEX-SLEX Connector and the Clark
Airport Expansion, has seen the rise of townships and developments like Clark Global City, Capital
Town, and SM City Clark Complex, just to name a few. Iloilo City also continues to boom with new
developments such as the Atria Park District and Iloilo Business Park, plus the expansion of the
Iloilo International Airport and construction of other projects like the Panay-Guimaras link
bridge.

The same trends are happening in other BBB beneficiary cities like Bulacan, Bacolod, and
Davao City. With BBB’s expansion of airports and construction of road networks, real estate
developments such as high-rise condos and leisure projects continue to flourish.

Aside from residential developments and townships, there is also the rise of office
developments in the cities identified. For instance, Davao Park District has a 41% share of
new supply from 2019 to 2020, while Bacolod City projects a new office pipeline of 47%
in Upper East by 2021.

Colliers sees these trends as opportunities for developers and investors to build
up on land banking, specifically on areas near the BBB projects, and to explore
partnerships with local developers. Assuming the projected rise of businesses and
offices moving their operation to these cities outside Manila, Colliers suggests
looking into project differentiation, and exploring operation and maintenance
opportunities. Colliers also recommends the continued exploration of mixed-
use developments in other areas outside Metro Manila.

The economic benefits started by the BBB projects in these key cities
are expected to boost not only the real estate sector, but also individuals
and their families, and even businesses, due to the creation of new jobs,
improved accessibility, and expanded commercial opportunities. As new
growth and urban centers flourish outside Metro Manila, Filipinos will
no longer need to go far from their homes to get their share of economic
growth. In the long run, it is expected that the BBB project will deliver
its promise of improving the lives of Filipinos.

THE OUTLOOK 2019 23

UPDATED
BUILD, BUILD, BUILD
PROGRAM

CONTINUES TO BOOST

PROPERTY SECTOR by Krisana Estaura

T he “Build, Build, Build” infrastructure program is providing the Philippine real estate market
with a substantial boost, as property supply and values rise amid growing demand. The trend
is expected to continue further with the list of flagship projects under the program expanded
to 100 from 75 originally.
Some earlier projects found to be unfeasible were removed from the list, while new projects that were
added include some unsolicited proposals and others being considered for tender under public-private
partnership programs. All the projects have undergone feasibility studies.
The revised list of flagship projects under the program, which was launched in 2017, now includes the
New Manila International Airport, as well as the renovation of the Ninoy Aquino International Airport,
Davao International Airport, and Sangley Airport in Cavite. Also listed are the construction of the MRT Line 7,
the rehabilitation of MRT Line 3, and the first phase of Metro Manila’s first-ever subway.

Property Stimulus Infrastructure Projects

Lamudi, the country’s leading online property platform, said that the Vivencio B. Dizon, the presidential adviser for flagship infrastructure
build-up plan serves as a stimulus to properties not only in Metro projects, said in an interview that the Bases Conversion and
Manila but wherever new infrastructure projects rose across the Development Authority (BCDA) and China Gezhouba Group are
country. about to ink a deal by the end of 2019 to develop a 500-hectare,
mixed-use industrial park in New Clark City. Dizon, who also heads
“The program is creating greater demand for real estate the BCDA, said that the metropolis planned northwest of Manila
properties, particularly in areas outside Metro Manila,” it noted in targets manufacturers from China, Japan, Korea and the U.S.
a study.
Dizon added that the agency and Banyan Tree Holdings Ltd. will
The online marketplace also added that businesses, families, and also sign a contract to develop a resort complex in New Clark City.
individuals are reaping the benefits amidst potential improvements The BCDA, he noted, has already hired U.S. firm Aecom to provide
in commercial expansion, job opportunities, and accessibility. professional technical services, to study the most efficient ways to
use its land portfolio of over 40,000 hectares.
Suburban provinces that are already seeing the effects on the real
estate sector are Pampanga, Batangas, Laguna, Cavite, and Bulacan. Finance Secretary Carlos G. Dominguez said that the resort
According to data generated by Lamudi, the number of leads in these complex has already attracted new industries and is poised to
provinces rose by 20% between Q4 2018 and Q1 2019. become the center of modern enterprise in Southeast Asia.

The real estate platform explained that the completed projects BBB Funding
of the Parañaque Integrated Terminal Exchange and the NAIA
Expressway Phase 2 had provided the public with a glimpse of the The Philippine government allotted about Php 816.2 billion for the
program’s potential. Build, Build, Build program in 2019, which is equivalent to 4.2%
of the country’s GDP. This is expected to further increase to 7% by
“As the Build, Build, Build program charges over the next few 2022.
years, it will drive the Philippine real estate industry to greater
heights,” said Lamudi, while noting that developers are seeking to In its mid-year report on the 2019 national budget, the
take advantage of the spurt demand. Development Budget Coordination Committee said that the bulk of
the budget, at Php 286.8 billion, was planned for road networks.
A Colliers International report said that the success of President This was followed by flood control at Php 104 billion, social
Rodrigo Duterte’s plan to boost the infrastructure backbone of the infrastructures like school buildings at Php 35.9 billion, transport
country would dictate the direction of the real estate sector beyond systems at Php 33.9 billion, irrigation at Php 25.5 billion, health at
his term. Php 7.0 billion, and housing at Php 2.1 billion.

“Based on the government’s infrastructure plan, Colliers expects
Metro Clark, Metro Cebu, Iloilo, Bacolod, Bulacan province and
Davao City to benefit from the Duterte administration’s infrastructure
push,” said Colliers Senior Research Manager Joey Bondoc.

24 THE OUTLOOK 2019

VIRLANIE’S RESIDENTIAL PILLAR:

A FAMILY-ORIENTED ENVIRONMENT
FOR DISADVANTAGED CHILDREN

C yrus is known to many as a jolly, playful, and friendly
10-year-old boy who loves sharing his toys and food with
other children. He is affectionate to Virlanie staff and
loves hugging and greeting them.

However, this wasn’t the case a few years ago when he was
admitted at the Boy’s Town Complex. Cyrus’ mother sought the help
of the barangay and decided to surrender him and his siblings, as she
was sick and no longer capable of supporting her children’s needs.

Early last year, Cyrus, along with his two younger sisters, were
welcomed in Virlanie for temporary shelter. He is currently residing
at Virlanie’s Masaya Home and taking Alternative Learning System
classes at La Paz Elementary School. Thanks to Virlanie’s Residential
Pillar, he and his siblings are well taken care of and given the
psychological, health, educational and social support that they need.

“When I was still in Boy’s Town, I was sad because I always get
bullied by other children. Here in Virlanie, I’m happy because they
take good care of us. They never neglected me,” Cyrus shared.

Providing loving homes for marginalized children

Cyrus and his siblings are only a few among the 31.4% of Filipino
children who belong to poor families. Like Cyrus, a lot of children are
forced to be separated from their parents because of poverty.

In the Philippines, close to 6,500 children are in need of a
permanent home, according to a 2018 report by Rappler. Children
are coming into alternative care (e.g. kinship care, foster care,

THE OUTLOOK 2019 25

VIRLANIE’S RESIDENTIAL PILLAR: A FAMILY-ORIENTED ENVIRONMENT FOR DISADVANTAGED CHILDREN

other forms of family-based or family-like care, residential care Virlanie,” Cyrus said. Most of Cyrus’ sisters and brothers in Masaya
or supervised independent living arrangements), mainly because Home are enrolled in public school. Along with this, they are all
of poverty or because they were abused, exploited, neglected, receiving supplementary classes to catch up to their classmates.
surrendered or abandoned.
One of the most prevalent concerns among residential care
Residential care is the most common means in addressing the institutions is the integration and inclusion of its beneficiaries in the
specific needs of children and youth who are deprived of parental society. Without these, they will forever become dependent on the
care or at risk of it. Overseen by the Department of Social Welfare institution. The Integration Pillar is designed to help the children,
and Development (DSWD), the Virlanie Residential Pillar provides youth and families at risk to decide which possible strategy is most
love and care, as well as opportunities for growth and development, sustainable and best suited for them so the youth will be able to
to children and youth at risk in a family-like environment that fosters participate and integrated back to society. Virlanie’s priority is to
a sense of belongingness, identity, and origin. fast-track the reintegration of the children in a permanent family;
be it through family reunification, foster care or adoption. When no
Under the Residential Pillar, eight (8) homes were designed family placement is possible, the children stay under our care until
according to the psychological development of children and aligned the age of 18. In this case, the young adults are being empowered to
with specific age groups. Each home is small and organized around become self-reliant, productive and independent individuals through
the rights and needs of the child, in a setting close to a family with a the Independent Living Program and the Social Entrepreneurship
multidisciplinary team composed of house parents, cook and laundry Program.
personnel. The core interventions are Child Care and Homelife
Activities. Each home has a registered and licensed social worker, Cherish-A-Home and the Virlanie Center
assigned to assess and monitor each child’s situation, and develop
the most suitable care plan. This expertise, which goes beyond Virlanie and Lamudi have launched the Cherish-A-Home campaign
the standard of DSWD in terms of social case management, is the to encourage individuals and companies to donate home appliances
foundation of the strength and uniqueness of Virlanie’s Residential and furniture that are beneficial for the operations of the Residential
pillar. Pillar. This in-kind donation drive aims to enrich the quality of life
of children in need by improving the home they live in where they
Supporting children’s holistic development can feel secured, loved, and taken care of. Monetary donations are
also accepted to support the holistic development of the kids. Visit:
Virlanie ensures the holistic development of the children through https://www.lamudi.com.ph/cherish-a-home-fundraising/
psychological, health, educational and social integration services
implemented by Health, Education, and Integration Pillars of the The Health, Education and Integration pillars will be consolidated
Foundation. in one place—the Virlanie Center. It will be a three-story building
allowing for increased efficiency, safety, and accessibility of the
Upon entry to Virlanie’s homes, children are assessed in terms services given to all children. Real estate companies may help build
of medical and psychological status. Through the medical project, the center through monetary donations and gifts of construction
our resident physician and two nurses provide medical assistance materials. It is hoped that the construction of the center will start by
and round-the-clock monitoring of our homes’ health, nutrition, the last quarter of 2020 to better serve the children under Virlanie’s
and sanitation. The Psychological Services Program works on care.
the children’s psychological healing, behavioral development,
psychological assessment, psychotherapy, and group therapy
sessions. Children who need further psychological intervention are
referred to Virlanie’s partner network of psychiatrists and other
health specialists. The kids in the homes also have access to dental
care through Virlanie’s Dental Clinic, with two licensed dentists and
one dental assistant who work together daily to address and cater to
all the clinic’s patients.

Once the overall health status of the children is secured, their
learning abilities are assessed through the Education Pillar. Most
beneficiaries have educational delays prior to their admission to
Virlanie, either because they didn’t have access to school, they
dropped out and/or they lacked proper guidance – resulting in lack
of self-confidence and social exclusion. The Virlanie Education Pillar
aims to resolve this issue by equipping the children with education
and positive values so they can become the best person they can be. It
is designed to be as inclusive as possible, offering tailor-fit education
services to all children from ages 3 to 18.

As Cyrus was already older for his supposed grade level at school,
he was enrolled to the Alternative Learning System. “Before, I
didn’t know how to read. But now, I’m gradually learning because of

26 THE OUTLOOK 2019

LUZON

REAL ESTATE DEMAND IN LUZON

CONTINUES TO GROW IN 2019

by Krisana Estaura 2018 2019 (January - September)

D ata from Lamudi’s website shows many insights Inquiries by Property Type
presenting the trajectory of demand and supply in Luzon.
The study focused on six property categories: house, Properties for Sale
land, condominium, foreclosures, commercial, and apartment.

Inquiries on Property Types

Data from Lamudi for January to September this year shows strong
growth in property demand. Total inquiries for full-year 2019 is
expected to grow, compared to total inquiries for full-year 2018.

Inquiries for rent and buy are both forecast to be higher this

year compared to last year, with rent inquiries growing in popularity Properties for Rent

faster among Lamudi users than properties for sale.

Houses remained the property type that received the most buy

inquiries, at 38.5% of total inquiries for January to September 2019.

In second and third place were Land and Condominiums at 27.8%

and 23.3%.

For rent inquiries, Condominiums took the top spot at 40.0% of

total inquiries in the first nine months of 2019. Apartments ranked second at 37.2% while Houses ranked third at 12.1%.

Demand in Metro Manila

In terms of the location of property seekers, 38.7% of users looking to purchase and 39.3% of users looking to rent for January to September
2019 are from Quezon City, ranking first in both categories. Quezon City users maintained their top ranking for buy inquiries from last year,
when they took up 34.8%, and leaped into first place for rent inquiries, as they were in second place last year at 33.3%.

Users from Makati were still in second place in buy inquiries for the first nine months of 2019 at 28.1%. Rent inquiries take up 31.2% of
the total number of inquiries in the first three quarters of 2019.

In third place for both buy and rent inquiries this year are users in Manila at 11.0% and 10.6% respectively.

In terms of the locations of the listings, properties for sale in Quezon City received the most inquiries at 25.0% in January to September
2019, followed by Makati at 13.0% and Parañaque at 11.9%. For properties for rent, listings in Makati drew the most interest at 25.1% of
inquiries, followed by Quezon City at 20.3% and Manila at 12.6%.

Inquiries by Location of Property Seekers Inquiries by Location of Property

Properties for Sale

Properties for Rent

28 THE OUTLOOK 2019

For both properties for sale and rent, the lowest price category drew the most inquiries, at 32.2% for properties less than Php 450,000 and
39.8% for properties less than Php 5,000, respectively.

Inquiries by Price Range Properties for Sale Properties for Rent

Supply in Metro Manila Most Popular Areas in Luzon

In the whole of Luzon, the most popular area on Lamudi was B.F. Properties for Sale Properties for Rent
Homes in Parañaque, with a 6.8% share of all listings from January
to September 2019, jumping from outside the top five in 2018 at Listings by Top Cities
1.6%. Next was Fort Bonifacio at 5.5%, followed by Commonwealth
at 2.7%, which dropped to third place from first place last year. Listings per Property Types

Quezon City listings topped the properties for sale category
at 28.7%, followed by Parañaque at 12.5% and Las Piñas at 7.3%.
For the properties for rent category, Makati was on top at 23.6%,
followed by Taguig at 20.5% and Quezon City at 13.1%.

The number of listings for properties for sale and rent in Luzon,
based on figures from the first nine months of 2019, were on pace to
improve from last year’s figures. Rent listings, however, were set to
grow more compared to sale listings.

Houses are the property type that took up most of the listings
for sale at 63.9%, followed by Condominiums at 19.7% and Land at
10.7%. Condominiums ranked first among listings for rent at 54.1%,
followed by Commercial at 24.5% and Houses at 12.0%. The top
three in both categories maintained their rankings from last year.

The most popular price range for properties for sale are the over
Php 20M range at 20.7%, followed closely by Php 6M to Php 9M at
19.3%. Meanwhile, for properties for rent, the most popular range
is between Php 15,000 to Php 30,000 at 21.3%, then between Php
30,000 to Php 60,000 at 18.8%.

Listings per Price Range Properties for Sale Properties for Rent

Inquiries by Gender Luzon Property Seekers’ Profile

Male Female In terms of gender, female property seekers in Luzon are more
active on Lamudi than their male counterparts, with 62.89% of all
Inquiries by Age inquiries.

Users between 25 years old and 34 years old made 50.0% of all
inquiries from January to September 2019. They are followed by
users between 35 years old and 44 years old at 16.5%, and users
between 18 years old and 24 years old at 12.8%.

THE OUTLOOK 2019 29

THE RISE OF POGOS & WHAT THIS

MEANS FOR METRO MANILA’S OFFICE SECTOR

by Elie Rosales

W
alking around Makati, Ortigas, and the BGC area will reveal signs and advertisements written in Chinese,
showing us how the influx of foreign workers is changing the local scene.
If we can attribute this changing environment to a certain factor, it would have to be the growth of the POGO
industry in Metro Manila.

Philippine Offshore Gaming Operators (or more commonly known as POGOs) are companies that run online
gambling sites. A significant portion of the workforce that handles marketing, IT support, and customer service
are Chinese employees. The rise of POGOs, combined with the migration of Chinese workers, has brought massive
changes to the real estate and construction industries.

These days, it is a common sight to find a Chinese national or two around the metro. Whether in convenience
stores or restaurants, Chinese nationals seem to have integrated themselves seamlessly into the Philippine
setting.

As Chinese nationals take residence and establish their ground as workers for POGOs, what does this
mean for the Metro Manila office sector?

A Growing Demand for Office Space

One of the main impacts of POGOs is the increasing demand for office space. As POGOs flourished, the
industry became a growth driver for commercial real estate. Many property development consultants
have reported increased activity in areas where POGOs operate – specifically, in major urban areas.
Apart from the Makati CBD and Manila’s Bay Area, the Ortigas CBD and Quezon City also show
growth in the gaming industry’s office take-up.

According to Colliers International, offshore gaming has made a significant leap in office
space take-up, from 85,000 sq.m. in 2016 to 274,000 sq.m. in just H1 2019. The POGO sector’s
total office take-up in the Philippines is expected to breach 1 million sq.m in 2019.

With the recent numbers, the boom of POGOs also shows a shift in industries relying on
commercial real estate. For the last 20 years, growth in commercial properties has been
heavily reliant on the business process outsourcing (BPO) industry.

Being a demand driver, POGO is shown to outpace other industries when it comes to
office take-up in Metro Manila. Data from Colliers shows that gaming transactions cover
37% of office demand in H1 2019, at the same level as a general category that collectively
includes traditional firms, government agencies, and flexible workspace operators.
KPO and voice transactions follow, with 16% and 10% in office take-up for H1 2019,
respectively.

PEZA Moratorium’s Effect on Metro Manila Office Sector

Among the various factors that affect the Metro Manila office sector, one of the
highlighted issues is the indefinite PEZA moratorium.

The moratorium against the approval of new economic zones complicates
the demand and supply situation for office space in Metro Manila, according
to Colliers. Over 130 proposals to construct buildings for information
technology and business process management (IT-BPM) companies were
placed on hold due to the moratorium, causing competition to surge
for available commercial space in major areas around Metro Manila.
Landlords with PEZA space see the moratorium as an opportunity to
take advantage of the stuation.

Meanwhile, an administrative order enforced faster approval of
PEZA-approved spaces outside of Metro Manila, which will make
businesses consider establishing offices in rural areas.

30 THE OUTLOOK 2019

METRO MANILA’S RESIDENTIAL REAL ESTATE MARKET:

THE BOOMING BAY AREA

by Elie Rosales

T
he shifting real estate tides in the Philippines have called for improvement and growth across all parts of the
country, the most affected being, of course, the capital — Metro Manila.
In the residential sector, the robust demand for residential condominiums continue to buoy the Philippine
real estate market, according to property consultant Colliers International. In fact, the fast absorption of units
encouraged property developers to create new market supply. Condominium stock in Metro Manila grew 2% in
Q2 2019, with the Bay Area growing at one of the fastest paces across all central business districts with an 18%
increase in the quarter to 21,900 units, behind a 27% increase in Fort Bonifacio to 34,100 units and a 22%
increase in the Makati CBD to 27,900 units.
Colliers expects Metro Manila’s total condominium supply to grow by 25.4% from 118,700 units in 2018 to
149,040 units in 2021, with the Bay Area to account for 78% of the expected new supply.
Colliers, however, forecast a slight uptick in vacancies for Q2 2019 to an average vacancy rate of 10.6%
across Metro Manila, and to 11% in 2019 to 2021. Despite this, the Metro Manila residential condominium
market continues to perform impressively.
The Bay Area continued to dominate Metro Manila in terms of selling prices. According to a report
by Santos Knight Frank, selling prices around the vicinity averaged Php 273,006 per sq.m. across
different price segments — signifying a healthy and thriving residential market even with the influx
of supply. The presence of Philippine Offshore Gaming Operators (POGOs) drastically escalated the
prices of residential condominium units in the area.

Opportunities for the Metro Manila Residential Market

The improving real estate scene has given rise to projects that are effectively redefining and
reshaping the Metro Manila residential market. The increasing popularity of joint venture
projects between local and foreign property developers have created a new type of market

supply that will surely be easily absorbed by waiting residential demand.
The consistently growing supply and demand ensures that there is no residential bubble

plaguing an already precarious Philippine economy. Supply is moving in step with demand,
and take-up will likely breach 40,000 units by the end of 2019. In H1 2019, the Bay Area
accounted for the largest share of launched units at 3,800 units, or 19.3% of the total

launches in Metro Manila. Colliers observed that around 39% of the launches in H1
2019 were directed toward the middle income market. Consequently, take-up from
this segment accounted for 37% of total residential take-up across Metro Manila.

Colliers recommends more co-branding strategies that will effectively allow
property developers to tap previously underserved markets. In addition, it
also noted that further diversification of projects is needed, since the Luxury,

Upscale, and Economic markets are segments that would generate increased
recurring revenue should they be capable of serving the demand for residential
properties.

To complement the continuously rising POGO market, Colliers also
said it would be wise to target new business hubs likely to house offshore
gaming employees, much like the growing Bay Area — seeing as it is now

considered one of the fastest-growing business districts in the Philippines
due to the demand from the sector. The industry’s impact not only flows
into the office sector, but is also carried over to the residential market.

THE OUTLOOK 2019 31

LUZON’S INDUSTRIAL SECTOR

HOLDS PROMISE

by Jocille Morito

I n 2018, the Philippine economy grew by 6.2%. One of the main To support the industrial sector, the Philippine government
drivers for this growth is the industrial sector, which accounts continues its efforts to attract foreign direct investments by
for 34.1% of the country’s gross domestic product (GDP). improving the infrastructure landscape. In fact, according to Colliers
Luzon continues to account for the largest share of the country’s International, Japanese and Chinese companies have committed to
GDP, with NCR at 36%, CALABARZON at 17% and Central Luzon expand industrial operations in the region. The completion of the
at 9.8%. In NCR, the industrial sector accounted for 17% of the 45-kilometer Cavite-Laguna Expressway (CalaEx) is expected to pave
region’s economy in 2018 as reported by the Philippine Statistics the way for more investment opportunities from international firms.
Authority, with manufacturing comprising two-thirds of the industry
sector. Other areas in Luzon have also seen growth – Ilocos region’s This year, the Philippines has secured a total of $1.24 billion
industry sector expanded by 11.9%, Central Luzon grew by 7.6%, in investment pledges from Japan, with most of these investments
CALABARZON by 7.9%, MIMAROPA by 11.2%, and Bicol region by happening in Luzon. Mitsubishi Corporation, for instance, is
14.2 % in 2018. expected to collaborate with a Filipino real estate company in a
housing venture worth $76 million. Sumitomo Wiring Systems will
The industrial sector of the Philippines comprises three major also invest $46 million in a manufacturing facility that will provide
facets, namely manufacturing, construction and foreign trade and 13,000 jobs in the automotive industry.
exports. Over the years, the industrial sector has made a sustained
contribution to the GDP, despite lower labor and operational costs. Meanwhile, the approved foreign investments have remarkably
About 16% of the Philippine labor force is employed in this sector. spiked to Php 46 billion in Q1 2019, from only Php 14.2 billion in
Q1 2018. It is important to note that 76% of these pledged foreign
Foreign Investments Boost Luzon’s Industrial Sector investments in Q1 2019 belong to the manufacturing industry, while
5% are for real estate activities.
As reported by Colliers International, the Philippine industrial sector
is driven mainly by the influx of Chinese manufacturers, developers The increase in foreign investments have sprung up from the
tapping demand for warehouses and new industrial supply in the aftermath of the U.S.-China trade war. Foreign investment inflows
north of Manila in Q2 2019. Amidst fiscal uncertainty, the industrial from China have drastically increased this decade, from US$800,000
sector showed stable occupancy, particularly the industrial demand in 2011 to US$199 million in 2018.
in Cavite, Laguna and Batangas.

Industrial Sector in Southern, Central Luzon

According to Colliers International, vacancy rates in the
manufacturing facet of Cavite, Laguna and Batangas dropped in H1
2019. From 6.6% in H1 2018 and 6.0% in H2 2018, vacancy rates
in Cavite decreased to 5.7%. In Laguna, the vacancy rate declined to
4.3% from 4.9% in H1 2018 and 4.5% in H2 2018. Batangas’ vacancy
rate in manufacturing also dwindled to 6.5% from 8.0% in H1 2018
and 7.0% in H2 2018.

The industrial lease rates in manufacturing are also seeing rapid
growth in the areas of Cavite, Laguna and Batangas. Land leasehold
has increased to 80 sq.m. per month in H1 2019, from 75 sq.m per
month and 78 sq.m. per month in H1 and H2 of 2018, respectively.
Colliers International also noted that warehouse leases have a faster
growth rate than land leasehold. Real estate developers are taking
advantage of this growth by constructing more modern warehouses.

The industrial sector in Luzon continues to hold promise of rapid
growth. Industrial supply in Central and Southern Luzon is expected
to grow with the upcoming expansion activities.

Central Luzon is gaining momentum as one of the most
industrialized areas in the Philippines outside Metro Manila,
with 48.5% of its GDP accounting for the industrial sector. Clark,
Pampanga is fast becoming a hub for industrial opportunities.
Industrial parks and development corporations will be concentrated
in Metro Clark with the construction of Sino-Philippine Industrial
Park, Filinvest Logistics and Industrial Park, Alviera Industrial Park,
and Unity Realty and Development Corporation.

The CALABA region (Cavite-Laguna-Batangas) will also see
expansion through the construction of Cavite Light Park Phase 2,
First Philippine Industrial Park III, New-First Industrial Township
(FIT) and EDAMPI Industrial Park.

Manufacturing firms have caused the industrial sector in Central
and Southern Luzon to become robust. In Metro Clark, major firms
include Luenthai, Savencia, Universal Robina, Monde Nissin and
Gardenia. In CALABA region, Polymer & Colours, Inc., Murata
Manufacturing, Ibiden Philippines, Dyson, and New Kinpo Group
are among the major industry players.

Incoming manufacturing occupiers in North-Central Luzon are
firms involved in the packaging, food and beverage, and warehouse
industries. In CALABA region, business operators of semiconductors,
electronics and warehouses are expected to penetrate the industrial
sector.

Maintaining the Luzon Industrial Sector’s Growth China, and align new industrial parks and warehouses with private-
public partnerships.
Colliers International also reported that the growth of the industrial
sector in Luzon will be driven by improving infrastructure, The industrial sector is one of the foundations for long-term
alternative industrial hubs, the Philippines’ trade deals with Asian employment, innovation and value-added generation, which directly
and European countries, and sustained growth of manufacturing affects the country’s economy and GDP. Proper economic and
sub-sectors. The completion of the NLEX-SLEX Connector Road in political measures will sustain the growth of the industrial sector in
2021 will also shorten the distance of industrial parks to the south Luzon and secure the economy of the region.
of Manila.

To maintain the growth of Luzon’s industrial sector, Colliers
International recommends building more modernized warehouses
and industrial space within townships. The government should also
monitor committed investments, assess investment pledges from

THE OUTLOOK 2019 33

NEW
CLARK CITY

THE ANATOMY OF A
PEOPLE-CENTRIC CITY

by Sam Dadofalza Cheonggyecheon Stream in Seoul, and La Rambla in Barcelona, the
BCDA’s President and CEO showed that it is possible for busy, fast-
T here is an emerging city that has been creating a lot of buzz paced cities to experience the peace and quiet of modern life. That is,
lately. As one of the sites of a historic sports meet, its colossal if cities are built with people – not cars, not buildings, not even road
stadiums, huge aquatic center, and new athletes’ village are infrastructures – as the top priority.
always on the news. It is in everyone’s consciousness, as a world-
class infrastructure complete with such amenities was unbelievably The New Clark City, as Dizon confidently shared, is being built
built from scratch. for people.

Unbelievable. This is perhaps the most fitting description for Touted as “the vision of a modern Philippines”, the 9,450-hectare
New Clark City, considering the barren, unused land it was sitting metropolis in Tarlac is set to reflect a people-centered urban design
on years before. Unbelievable, because the sports complex was through eco-friendly, sustainable features, Filipino-centric designs
completed years before it should be. Unbelievable, because it is and aesthetics, and mobility-oriented infrastructures.
ambitious, idealistic, almost utopian – and yet it is here.
“Clark is envisioned to have the vibrancy of a city without the
The Birth of a New City pressure of city life,” Dizon said.

The New Clark City was borne out of a pressing problem: Manila’s The low-carbon-footprint city is designed in such a way that public
congestion. In 2017, President Duterte gave an ominous warning that utilities will use green energy sources, such as liquefied natural gas
the capital city will be “dead in 25 years,” as he lamented the horrible and solar power. At the same time, there will be minimal disruption
traffic situation in the metro. However, amid the gloomy forecast, to the natural features of the land, which meant preserving the river
there remains a glimmer of hope. If developments outside Manila and much of the tree-filled terrain. Lahar, which is volcanic debris,
will emerge, there is a good chance that the urban locale will be able will be mixed with concrete to be used in the construction of the
to ‘breathe’ again. buildings. This reduces the pollution from the particulate matter
emitted into the atmosphere.
It was in that 2017 speech in Pampanga when President Duterte
singled out Clark, saying, “[It] is a very important arterial place… As for the heritage and identity of the city, its standing structures
and the development, because it is very important that we disperse are already a testament to this. The Athletics Stadium is designed
the industries.” to replicate the crater of Mt. Pinatubo. The Aquatics Center, on the
other hand, used capiz shells as windows, while the structural beams
Two years later, speaking at The Outlook: Real Estate Conference are reminiscent of the weaving patterns of fishnets that Filipinos use
2019, Bases and Conversion Development Authority (BCDA) in rural areas.
President and CEO Vivencio “Vince” Dizon, the man behind the
“unbelievable” construction of the New Clark City, echoed the need Meanwhile, to increase the mobility of people, the construction
for people redistribution and development of key locations outside of key infrastructures are already ongoing or in the pipeline. This
Manila. includes the Clark International Airport Expansion and Manila-
Clark High-Speed Railway.
He emphasized the absurdity of the problem the city is facing,
“Everyone wants to move to the big city. Good money, good jobs, a By 2022, Phase 1 of the New Clark City development will be
place to be productive. But the paradox is that cities don’t work for completed. By then, the public will be able to see not only the
people, even though they’re full of them.” athletic stadium, aquatic center, and the athletes’ village, but also
retail facilities, healthcare centers, educational institutions, and
“It’s a pressure cooker of congestion, pollution, and rent you commercial hubs.
can’t afford,” he added.
Aside from decongesting Manila, the rise of the new city in
As much as people go to cities to work there, the cities should also Clark will trigger growth in this part of Luzon, and make economic
work for the people. Otherwise, it is going to be another pressure progress a lot more inclusive.
cooker of congestion in the making.
Reiterating the words of Jan Gehl, a global leader in people-
Dizon asserted, “Cities must be built for people.” centered urban design, Dizon affirms, “First life, then spaces, then
buildings — the other way around never works.”
The People-Centric City

If one would look at the urban areas of progressive countries, it is
apparent that vast spaces and patches of land, as well as nature-
inspired sceneries, were made for people to walk on, hang out in,
and simply enjoy.

Citing Shinjuku Gyoen Garden in Tokyo, Little India in Singapore,

34 THE OUTLOOK 2019

CHANGING FACE

UNCOVERING ALTERNATIVE WAYS
TO INVEST IN REAL ESTATE

by Fatima Reyes

D iversifying is one of the smartest ways to invest – and as were closed in Alabang, Bay Area, Quezon City, Ortigas, Makati CBD
the Philippine property market is poised to sustain robust and its fringes. Colliers predicts that the take-up from POGOs may
growth, real estate remains a powerful diversifier for breach 300,000 sq.m. by the end of the year, as new business hubs
investors’ portfolios. accommodate offshore gaming operations.

There are plenty of options for a potentially better payoff. Stakeholders noted that while POGO is a vital contributor in the
“Changing Face: Uncovering Alternative Ways to Invest in Real local real estate landscape, it remains as just another segment. The
Estate,” one of the tracks at The Outlook: Real Estate Conference country’s property industry offers other stronger ways to secure
2019, explored the new investment opportunities available in the sales and investments.
real estate market, and how investors can tap into these to encourage
a vigorous real estate economy. Sicat gave investors an overview on the impact of POGOs on the
prices of residences. “There was a sudden increase in the price of
Panelists for the session were Richard Raymundo, Managing rent, but if you look at the net contribution of POGOs, it’s not that
Director of Colliers; Mikko Barranda, Associate Director of Leechiu big, actually,” Sicat said. Raymundo also noted that if POGOs did not
Property Consultants; Iluminada Sicat, Assistant Governor of Bangko come, “the rents would have corrected anyway.”
Sentral ng Pilipinas; and Noel Rapadas, Senior Vice President and
Chief Finance Officer of Torre Lorenzo. Overall, stakeholders advised investors looking to diversify their
portfolios to study the factors that drive prices up, and to follow a
Going Beyond POGOs fixed plan to see growth. In Lamudi’s Outlook Media Roundtable
Series 2019, representatives from JLL Philippines had advised
A highlight of the discussion was the viability and sustainability of investors early on to not rely on POGOs for a long-term strategy and
Philippine Offshore Gaming Operators as investments. POGOs have also opt for those markets that keep a balanced mix of tenants in
been the primary drivers of growth and prices of office and residential their properties.
spaces, and it seems like there will be no let-up in the coming years.
Diversify with Rents, REITs, and Infrastructure
In its Q2 2019 property market report, Colliers Philippines noted
that demand from POGOs may soon breach the 1-million-sq.m. Rental income remains an investment opportunity that has a huge
mark in terms of occupied office space in Metro Manila. This will be potential. Anchor Land Holdings, for example, has cited Bay City,
equivalent to about 9% of the 11.5 million sq.m. of total office stock one of the country’s biggest tourism and business districts, as a
in the National Capital Region. lucrative avenue for passive rental income. Anchor Land sees new
opportunities in the area in terms of high demand for halfway homes
Source: Colliers International 2Q 2019 Office Rent Report for businessmen and travelers, as well as lifestyle upgrades sought
by growing families.
POGOs took up 274,000 sq.m. of new office space in Metro
Manila in the first six months of 2019. The sector also accounted for In Metro Manila, there is also a growing demand for affordable
37% of all office property leasing deals during the same period. Deals and decent housing for starting families. Investing in family homes,
one-bedroom and two-bedroom condominiums, and multi-unit
apartments are also ideal. Renting out owned vacation homes also
opens opportunities for investors who wish to target people who
seek an alternative to expensive hotel rooms.

The influx of foreign tourists and its contributions to the economy
have also been trickling down to other property sector segments
like residential, retail, and even industrial. Investors can also take
advantage of the government’s push for infrastructure projects
by investing in construction companies that prioritize in-demand
properties. These include those that offer affordable to mid-income
projects, hotels, and warehouses.

REITs also present unique opportunities for investors who want
to diversify their local and global portfolios. Beginner investors can
start by learning how to evaluate REITs and put together a diversified
portfolio of REITs with different asset classes. With REITs, investors
can get stable cash flow, liquidity, and lower chances of loss since
they generate returns from dividends and capital appreciation.

THE OUTLOOK 2019 35

BEST AFFORDABLE
CONDO OF THE YEAR

LUZON

The real estate industry in Luzon continues to thrive, WINNER
and that will likely continue over the next several CHEER RESIDENCES
years thanks to several industrial developments and
infrastructure projects in the region. This means that an SM DEVELOPMENT CORPORATION
ample number of property developments are rising all over
its corners to compete in the same market. However, not all HIGHLY COMMENDED
projects are created equal. Some of them have stood out in
delivering better accommodations to many middle-income AMAIA SKIES SHAW
families, and they deserve recognition. Amaia Land Corporation
AREZZO PLACE PASIG
While location has always been the determining factor PHINMA Property Holdings Corporation
for a property’s selling price, there will always be a cluster of CAMBRIDGE VILLAGE
homebuyers who are looking for the cheapest condominiums Empire East Holdings, Inc.
in town. Price has usually been the top concern for this MONTE CARLO
group and they often want a private residential life without Sta. Lucia Land, Inc.
breaking their banks. Some developers have focused on STANFORD SUITES 2
providing affordable vertical developments but with so Cathay Land, Inc.
little exciting amenities and facilities to offer. Others, THE SILK RESIDENCES
meanwhile, have done well in maintaining the affordability DataLand, Inc.
of their residential projects without sacrificing quality. Some
have even excelled in offering unique developments with
luxurious amenities and facilities without requiring buyers
to overstretch their budget.

The award of Best Affordable Condo of the Year – Luzon
recognizes the affordable condominium project — with an
average unit price of up to Php100,000 per square meter—
that best matches moderate pricing with excellence in
concept, design, amenities, and facilities.

36 THE OUTLOOK 2019

CHEER RESIDENCES

SM DEVELOPMENT CORPORATION

Nestled in the province of Marilao, Bulacan, Cheer Residences bills pools, a resort-like common area, a central park, a clubhouse, and
itself as the first residential condominium project of its kind in the an interactive play area. Each level also has a welcoming lobby with
area offering its own mall within the complex and having flexible modern design.
units. The seven-tower development is comprised of fully furnished
studios to two-bedroom units with an average size of around 28 The development is strategically located along McArthur
sq.m., but its open floor plan concept called the ‘Flexi Suite’ allows Highway and is accessible via the Marilao and Meycauayan exits
buyers to design the units according to their requirements. The price in NLEX. It also rises beside the upcoming PNR station that will
starts at Php 2.5M. connect the province to Tutuban.

Cheer Residences, a project by SM Development Corporation THE OUTLOOK 2019 37
(SMDC), is the first among the mid-rise property lines of SMDC
to be built with five storeys for each of the towers, with each level
consisting of 24 units.

The project, which targets middle-income families and retirees,
has various five-star amenities, including adult and kid swimming

HIGHLY COMMENDED

AFFORDABLE CONDO OF THE YEAR

LUZON

AMAIA SKIES SHAW
Amaia Land Corporation

Amaia Skies Shaw rises in the heart of Mandaluyong City. The property’s
7,796 sq.m. North Tower is located at Shaw Blvd. corner Samat St., Bgy.
Highway Hills. It is comprised of 38 floors with 1,348 residential units housed
at level 5 and up. Each unit measures 18.6 sq.m. to 36.2 sq.m., excluding the balcony
area. It comes with studio units as well as one- and two-bedroom units.

The price for studio units starts at Php 1.5M, while one-bedroom units start at Php
2.2M. One-bedroom units with a balcony start at Php 2.5M, while the top-of-the-line two-
bedroom units start at Php 2.9M.

The development also accommodates retail shops and commercial units on the ground floor.
Parking lots are found from level 2 to 4 while community amenities such as a pool and play area are
located at level 5. The property also boasts of having the strongest bedrock in the area as classified by
engineers. This makes the tower earthquake-proof.

Amaia Skies Shaw is a project by Amaia Land, a subsidiary of Ayala Land, Inc. It is just a hop away from the bus
or MRT station and is very close to Ortigas Center.

AREZZO PLACE PASIG
PHINMA Property Holdings Corporation

The Arezzo Place Pasig is located in a prime spot along Alfonso Sandoval, Pasig City. It is a five-hectare
development with four phases. It is comprised of 24 buildings and 2,160 residential units in total. The
development is a low-density 5-storey walkup type with each floor consisting of 18 units for a total of
90 units per building.
The property’s design features modern Italian touches inspired by the provincial city of
Arezzo in the Tuscan region. It also boasts about 40% open space for comfortable living.
Units at Arezzo Place Pasig are available at 30.6 sq.m. to 32.5 sq.m, but may be combined
depending on the buyer’s requirements.
Its clubhouse called The Piazza features a multi-purpose hall, gazebos, basketball
court, children’s playground, children and adult swimming pools, residents’
lounge, and function room.
Arezzo Place Pasig is a project by PHINMA Property Holdings
Corporation, a real estate firm with over 60 years of experience in the
industry.

38 THE OUTLOOK 2019

HIGHLY COMMENDED

AFFORDABLE CONDO OF THE YEAR

LUZON

CAMBRIDGE VILLAGE
Empire East Holdings, Inc.

Cambridge Village is a mid-rise residential condo project nestled in an
8-hectare land along East Bank Road, Cainta, Rizal. The French-inspired
project comprising 10 floors exudes hip and trendy design with its pastel-colored
façade catching the eye of bypassers in the area. It offers studio, loft-type one-
bedroom, two-bedroom, four-bedroom, and loft-combined type five-bedroom units
with size ranging from 20 sq.m. to 120 sq.m. It is an ideal abode for middle-income families
with prices starting from Php 1.2M.
The resort-inspired amenities of Cambridge Village include a karaoke bar, fitness gym, al-
fresco dining area, 2-storey clubhouse with a mini-theater that has an 81-seat capacity, a basketball
court that is convertible to a tennis court, viewing deck, free-form pool, wading pool, 25-meter lap pool,
and a retail arcade. An atrium garden and clusters of retail shops are found on the ground floor. It also
offers residents a shuttle service to and from nearby workplaces such as San Juan, Eastwood City and Ortigas,
as well as neighboring schools, at a minimal fee.
The modern and cost-effective Cambridge Village is developed by Empire East Holdings, Inc, a real estate firm
established in 1994.

MONTE CARLO
Sta. Lucia Land, Inc.

Monte Carlo is the first of the five Mediterranean-inspired towers in the Sta. Lucia Residenze Complex in
Cainta, Rizal. The 21-storey mixed-use condominium draws inspiration from one of the most popular
tourist destinations in Europe. The building was outlined in an equilateral shape on purpose to provide
residents a scenic view of the city.

The property offers a variety of options, from studio to one-bedroom and two-bedroom
units with floor areas ranging from 28 sq.m. to 56 sq.m. There is a total of 258 units, with
some having their own personal garden. The price for each unit starts at Php 2M.

The Sta. Lucia Residenze Complex at the junction of Cainta and Marikina City
highlights its swimming pool, landscape garden amenities, sports facilities and
gazebos. It is linked to the country’s ‘Pride of the East’ Sta. Lucia East Grand Mall
and makes a significant addition to the Sta. Lucia Center, a high-end anchor
mall that connects the five residential towers at the ground floor.

Monte Carlo is a project of Sta. Lucia Land, Inc., a real estate firm
incorporated in 1992.

THE OUTLOOK 2019 39

HIGHLY COMMENDED

AFFORDABLE CONDO OF THE YEAR

LUZON

STANFORD SUITES 2
Cathay Land

The low-rise boutique condo project Standford Suites 2 is located in the
promising growth corridor of Sta.Rosa – Silang – Tagaytay. Found within
South Forbes’ world-class boutique communities in Sta. Rosa, Laguna, the 8-story
project features 306 studio and one-bedroom units, measuring 18 sq.m. to 33.5 sq.m.
A studio unit starts at Php 1.5M while a one-bedroom starts at Php 2.8M.

Similar to its forerunner, Standford Suites, the project incorporates smart features
into its utilities, amenities, and design. Load-bearing walls are employed in the living spaces
to eliminate the need for bulky columns, reducing obstruction and wasted spaces. Its modular
design also allows buyers to combine two to three units. Buyers can also earn by renting them out as
condotel units, made possible by the development’s partnership with Destination Hotel.

Standford Suites 2 is a project by Cathay Land, Inc., a rising real estate firm founded in 1994. Among
its featured amenities and facilities are a garden lounge on every floor, a roof deck path walk, an elegantly
designed lobby, The Aquarium with lap and kiddie pools, and 24-hour security. Residents also get to enjoy free
access to the Golf Course of the South Forbes community.

THE SILK RESIDENCES
DataLand, Inc.

DataLand’s flagship offering, The Silk Residences, is comprised of two towers with 40 floors each. The project,
located in Sta. Mesa, Manila along Magsaysay Blvd., consists of 1,472 units in total with each level from
8th to 36th containing 17 intricately designed and furnished studios, one-bedroom, and two-bedroom
units. The 36th floor houses top-of-the-line penthouse units.
The size of studio units ranges from 23 sq.m. to 29 sq.m., while that of one-bedroom and two-
bedroom units are 46 sq.m. to 54 sq.m. Prices start from Php 1.8M for studio units, Php 3M
for one-bedroom units, and Php 4.4M for two-bedroom units.
Each floor is designed to have no more than 20 units to provide residents with a
spacious hallway, a feature that is uncommon to the affordable market segment.
Each unit has a nature-themed interior design and utilizes natural lighting and
ventilation.
The Silk Residences is in an area adjoining Quezon City, Sampaloc
and San Miguel and only a few kilometers away from Pasig River on
the southwest side and San Juan River on the south. Some units
command magnificent views of the Makati and Manila skylines.

40 THE OUTLOOK 2019

BEST PREMIUM
CONDO OF THE YEAR

LUZON

The list of nominees for the Best Premium Condo of the WINNER
Year for Luzon is impressive. They are competitively AVIDA TOWERS MAKATI SOUTHPOINT
priced while delivering excellent value to their buyers.
Better quality materials, amenities and design are to be AVIDA LAND CORPORATION
expected from these developments. These are by no means
considered as extra features in this category, but the bare HIGHLY COMMENDED
minimum.
CHIMES GREENHILLS SAN LORENZO PLACE
Compared to the affordable condo segment, the premium Robinsons Land Corporation Empure East Land Holdings, Inc.
condo bracket will have more upscale deliverables. The
properties may be pricier, but the value that they provide more FORA CONDOTEL THE SANDSTONE AT PORTICO
than compensates for it. The diverse set of projects listed here Filinvest Land, Inc. Alveo Land Corporation
have particular characteristics about them that provide their
distinct quality. Among them are partnerships with a branded FREIA AT PICO DE LORO COVE TORRE LORENZO CENTRAL
international designer, a beach view location, a forest theme Costa del Hamilo, Inc. Torre Lorenzo Development
and an urban enclave. Some may be found in well-known CBDs,
while some are even near historic landmarks. HOPE RESIDENCES Corporation
SM Development Corporation
These premium condos are great investments because they
are generally more spacious than affordable condos. Those that IGUAZU TOWER AT ACQUA PRIVATE RESIDENCES
are around the same size, however, still manage to stand out Century Properties Group, Inc.
because of their superior quality, design and added features.
They are excellent residential options that are not simply for PRINCEVIEW PARKSUITES
sleep, but are also wonderful spaces to come home to. Anchor Land Holdings, Inc.

The award of Best Premium Condo of the Year – Luzon
recognizes the premium condominium project — with an
average unit price between Php100,000 and Php180,000 per
square meter — with superior value that matches its high-end
concept and design.

THE OUTLOOK 2019 41

AVIDA TOWERS MAKATI SOUTHPOINT

AVIDA LAND CORPORATION

Avida Towers Makati Southpoint is located between Chino Roces bedroom junior, and one-bedroom variants.
Ave. and the South Luzon Expressway. It is developed by Avida This three-tower development is currently in the pre-selling
Land Corporation, a subsidiary of Ayala Land Incorporated. This
is mentioned to underscore Ayala Land’s relationship to Ayala stage. Its projected completion date is March 2024. Once turned over,
Corporation, which was the latter’s real estate division in the past. residents can enjoy amenities such as two pools, children’s play area,
Ayala Corporation is now a 185-year-old company and is well known gym, jogging path and a clubhouse. It will also have sustainability
to be principally responsible for the development of the Makati CBD. features such as rainwater harvesting and low solar heat gain glass
A condominium project by one of its real estate divisions is sure to windows. Makati Southpoint is the complete package for the active,
have the same commitment to excellence. environmentally conscious urban dweller.

It is not difficult to appreciate why Avida Towers Makati
Southpoint is perfect for those who want to live close to their
work. Aside from its location, the units are perfectly sized for easy
maintenance. There are three unit types ranging between 23.3
square meters and 38.2 square meters. These come in studio, one-

42 THE OUTLOOK 2019