Bay area ripe for high-end condominiums – Colliers

UPSCALE residential develop developments are seen to remain strong in the Bay area as they have one of the most attractive yields in the region,

In a recent report, Colliers International-Philippines said it sees demand in luxury condominiums to remain strong despite the market being relatively smal.

The demand is buoyed by Metro Manila’s attractive rental yields, relatively lower rates, and sustained demand from Filipinos, foreign investors, and offshore gambling companies.

“The projects being leased out or sold to the secondary market continue to receive strong demand. This entices affluent locals and foreign investors to look for similar developments in Metro Manila,” Colliers said.

“In fact, the pent-up demand encourages mid-income condominium developers to scale up and construct high-end projects in emerging business districts such as the Manila Bay Area,” it added.

Property developers were urged to construct further high-end condominiums especially in the Bay area due to its proximity to the Ninoy Aquino International Airport (NAIA) and access to Metro Manila’s major central business districts (CBD).

luxury condominium projects as a viable investment option aside from the stock market. The shift in lifestyle also encourages the high-end investors and end-users from posh villages to embrace condominium living,” Colliers said.

Meanwhile, occupancy for the secondary market further improved during the second quarter of the year from the first three months of 2018.

Vacancy rates in Metro Manila declined 11.3 percent from 12.4

the year as Makati, Ortigas, Manila Bay and Rockwell areas posted lower vacancies.

Makati CBD vacancy alone declined from 12.3 percent in the

second quarter, with the improvement attributed to strong demand coming from Chinese offshore gaming employees.

“These residential towers are preferred by Chinese nationals due

- ings that house offshore gaming

of the condominiums has also

Chinese restaurants, convenience stores, and international coffee chains,” Colliers said.

The demand for luxury condominiums in the Bay area is buoyed by Metro Manila’s attractive rental yields, relatively lower rates and sustained demand from Filipinos, foreign investors and offshore gambling companies.