The economic outlook for The Philippines continues to outpace those in ASEAN, and a political settlement in the south has quelled 40 years of sectarian strife.
A rise in domestic spending and foreign investment-fueled public infrastructure projects (with its attendant community of expatriates) all bode well for real estate ventures the likes of Anvaya Cove.
It is a 470-hectare development two hours northwest of Manila, where stately homes are nestled in distinct and secluded tropical neighborhoods south of the Subic Bay Free Trade Zone.
“With Anvaya Cove, we saw the opportunity to meet demand in the Philippine domestic market while also competing effectively in the international second-home market,” said Jose Juan Jugo, head of Ayala Land Premier, the residential wing of Ayala Land.
The company is considered the country’s most accomplished real estate developer and is the commercial force behind Makati, Manila’s premier business and lifestyle district.
“We’ve already welcomed retired expats who’ve chosen to make Anvaya Cove their primary homes,” added Jugo. “With a golf course of this quality now in place, we anticipate further interest in this sort of investment — from what we see as a global market.”
Designed by the Santa Rosa, California-based Golfplan, the new course is getting most of the attention these days. It’ has already been heralded by multiple golf publications as Asia’s best new course for 2014 (and the best to open regionally since 2010). In March, the course earned an Asia Pacific Property Award in the hyper competitive Architecture category.
Not golf alone
But golf is merely the capstone amenity at this exclusive, seaside development.
Two classes of ready-built units are now available to both Filipino and foreign national buyers:
• Seascape Ridge, leisure units are designed with the comforts and functionality of a traditional home, available since 2009 where each quad unit (both two-and three-bedroom) range from 167 to 187 square meters of floor space. Located high on the property, with views of the golf course, the West Philippine Sea and the mountains of Bataan, these individual units are available for an average investment of $343,407 USD.
• Sea Breeze Verandas, a cluster of six low-rise buildings launched in 2010. They occupy four prime hectares of the community’s highest point, some 120 meters above sea level. The Verandas offer thoughtfully designed, ready-to-move-in units for what the developers call “hassle-free living” (not to mention stunning, panoramic views of mountains and sea). The average price here is $183,150 USD.
The majority of Anvaya Cove’s 830 single-home lots, which range from 400-1,600 square meters, have been sold. Those remaining lots (they were launched in 2005) are priced at $125,915 USD, and these are reserved for Filipino citizens.
Ayala Land Premier has extensive experience in master planning high-end golf real estate communities in the Philippines — at properties like Ayala Alabang, Ayala Hillside Estates and Ayala Greenfield Estates. Anvaya Cove takes this proven formula and kicks it up a notch in terms of luxury and the range of investment options. It’s also Ayala Land Premier’s first development in a seaside setting.
Parent company Ayala Land, Inc. (ALI) grew its net profit last year by 30 percent to a record-high of P11.74 billion, exceeding targets on the back of strong growth across all business lines.
Boom byproduct
Such a performance from ALI is another byproduct of the Philippine economic boom, as the country continues to attract investment capital and expatriate populations from across Asia-Pacific. This has only furthered the momentum at Anvaya Cove.
“The aesthetic allure of Anvaya Cove is the thing one notices first,” said Jugo. “This is the dividend we realize from finding such an extraordinary physical environment — right on the West Philippine Sea, but with enough elevation throughout to afford views across the property to Subic Bay and beyond. That said, these units have proved to be extraordinary investments. The development of Seascape Ridge and Sea Breeze Verandas were developed to allow international homeowners/investors to take advantage of what is clearly a broad expansion of the economy here.”
Evidence of this expansion is equally broad and widespread:
• In its report “Asia-Pacific Outlook 2014: Realizing Potential,” Moody’s Analytics predicts The Philippine economy will grow at 7 percent this year (a figure corroborated by the World Bank) and not merely outperform its neighbors in Asia, but also rank among the world’s fastest growing economies.
• Moody’s Analytics is a sister unit of credit watcher Moody’s Investor Service, which gave the Philippines its third investment-grade status in 2013. Business confidence is high, and investment, both public and private, is driving the Philippine economy forward, the report says.
• During the last decade, the government has matched or exceeded International Monetary Fund recommendations, thereby capitalizing on the nation’s economically favorable demographic growth potential: A nation with the youngest population age and most historically stable fertility rate in Asia.
• Goldman Sachs estimates that by the year 2050, the Philippines will be the 14th largest economy in the world. Goldman Sachs also included the Philippines in its list of the Next Eleven economies. According to HSBC, the Philippine economy will become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the Southeast Asian region by 2050.
Another key economic indicator for the Philippines has traditionally been the level of money sent home by so-called OFWs (Overseas Filipino Workers).
These remittances fuel domestic consumption. Last year’s figures are still to be formally tabulated, but OFW remittances are expected to have grown by 5 percent in 2013, to a record high $22.5 billion.
“In fact, we have a significant number of OFWs buying in Anvaya Cove, with the intention of eventually using these properties as retirement homes,” said Jugo.
“Of course, OFWs see this as an idyllic place to come home to. But like any buyers, domestic or international, they mainly recognize it as a sound investment.”
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