Luxury waterfront project selling out

Oak Harbor Residences, DMCI Homes' first luxury development, is over 98 percent sold out less than a year after it was launched in the fourth quarter of 2016.

The first and only luxury waterfront property in Bay City developed by DMCI Homes Exclusive—the premium brand of the country’s first Quadruple A builderdeveloper— has earned P6.64 billion from over 400 units sold as of Aug. 29.

Oak Harbor Residences occupies a sprawling 12,000 square meter property right in front of Manila Bay and a kilometer away from Okada Manila.

Jan Venturanza, DMCI Homes assistant vice president for marketing, said the company has expected the phenomenal sales of Oak Harbor Residences given the high demand for waterfront homes and the property’s excellent location.

“With Oak Harbor, you’re getting a premium waterfront home in an emerging business and entertainment hub that is made by the Philippines' leading developer of resort-inspired condominiums. So our expectations were really high on this project,” Venturanza said.

The resort-themed luxury condominium development’s sales success reflected the increasing demand for properties outside Metro Manila's major central business districts (CBDs) such as in Manila Bay area as shown in the second quarter report of Colliers International.

The global real estate services company said potential buyers, investors, and tenants should consider areas outside CBDs given that these locations offer competitive rents and prices, as well as better capital appreciation potential.

Fort Bonifacio and Manila Bay area lead supply growth of residential units in Metro Manila, the Colliers report said.

"The availability of developable land and the benefit of future infrastructure improvements make these locations attractive," Colliers senior research manager Randwil Dinbo Macaranas said.

Despite the high demand for properties outside major CBDs, Colliers still advised developers to differentiate their products by providing lifestyle-oriented amenities, unique retail options, and recreational elements within their development.

Oak Harbor Residences’ Weston and Lauderdale buildings are up for completion in June 2020. The third building, Aston, is seen to be finished by December 2021.