The Philippines is expected to lead the Association of Southeast Asian Nations (ASEAN) in terms of growth and development in property development on the heels of figures showing the real estate market was able to sustain its momentum in the first quarter of 2015.
In a report on the Metro Manila market, property consultancy CB Richard Ellis Philippines (CBRE) said the property sector continued to grow supported by good business climate and low inflation as well as higher government spending.
“With a strong real estate market, the Philippines will not only be open to more opportunities but ultimately, lead the other ASEAN countries in terms of growth and development,” Rick Santos, chairman, founder and chief executive officer of CBRE Philippines, said Wednesday.
“There is no let-up in the growth of the property sector. The supply and demand across the office, residential, retail, and industrial markets remain positive, especially with the upcoming ASEAN integration,” he added.
Helping grow the office market is the business process outsourcing (BPO) sector, which registered an 18.7 percent increase in revenues last year and breached the one-million mark in employment.
Fort Bonifacio in Taguig absorbed more than 5,000 square meters of office space during the first quarter of the year while demand for office space also went up in Ortigas, Pasig as BPOs expand in the area.
The expansion of the BPO industry also stimulated activity in the residential sector, apart from remittances from overseas Filipino workers, said CBRE. The increase in residential uptake was also traced to the introduction of more affordable residential projects.
In the industrial sector, the growth is driven by manufacturing firms expanding in the Philippines as well as lower input costs and cheaper labor.
The retail sector meanwhile remains one of the most upbeat markets for Philippine real estate, mainly because of the heightened purchasing power of Filipinos.
According to the CBRE, the trend captured in the retail sector is the expansion of 24/7 shops – from fastfood chains to coffee shops and convenience stores. – Kathrina Charmaine Alvarez/VS, GMA News
More from: http://www.gmanetwork.com/news/story/494134/economy/companies/phl-likely-to-lead-growth-in-asean-property-development-cbre
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