Raffles Residences topped the list of high-end developments
In some parts of the metro, the rent for a three-bedroom residential condominium unit could go for a staggering P375,000 a month.
Although the average rents of luxury and ultra luxury condo units are considerably steep by any measure, there remains a clear, steady, and strong demand for such projects.
The main drivers? The influx of expatriates and sustained interest from local affluent families looking for residential units to stay and invest in, said Colliers International Philippines.
Top luxury condos
According to Colliers, the top 10 luxury residential condominiums in Metro Manila in terms of rent are all strategically located within the established business districts, with cuts ranging from 200 sqm to 300 sqm.
It also noted that only three locations made it to the cut of luxury residential condominium hubs namely the Makati central business district, Rockwell, and Fort Bonifacio.
Colliers International Philippines disclosed that Raffles Residences topped the list of high end developments with an average rent of P375,000 per month, followed by Discovery Primea (P325,000 a month), and Essensa (P265,000 a month).
“These prime units are a cut above the rest and are the primary choices of high-ranking officials (of multinational companies) and diplomats. In fact, the Rockwell (projects’) occupancies hover between 90 percent and 95 percent and have managed to sustain these occupancy rates since being offered to the market in the early 2000s,” said Gigi Limguangco, associate director for residential services at Colliers Philippines.
Limguangco added that these developments continue to command high rents due to their “convenience, accessibility, and exclusivity.”
Premium benefits
Half of the residential buildings identified by Colliers have been in the market for more than 15 years. But they still enjoy high occupancies and command stable rents, for a number of reasons.
Aside from being well-maintained, these upscale projects are preferred by business executives for their hotel like amenities and services, and their proximity to the bustling business districts of Makati, Rockwell, and Fort Bonifacio.
These premium residential units, which provide tight, round-the-clock security, further offer well equipped gyms, resort like pools, ample parking, quality interiors, among others.
They are likewise a stone’s throw away from major shopping hubs including Uptown Mall, Greenbelt, Glorietta, SM Makati, Power Plant, and SM Aura. These establishments currently house a mix of thriving local and global retail brands that cater to the residents’ discerning preferences.
Colliers added that many expatriates are drawn to the rapidly growing business district of Fort Bonifacio due to the presence of international schools such as British School Manila, International School Manila, and the Manila Japanese School.
High occupancies
Other upscale developments that continue to boast of high occupancies and stable rents include Discovery Primea, The Residences at Greenbelt, and One Roxas Triangle, which have remained attractive for consular officials as well as high-ranking executives.
Expatriate families are meanwhile particularly attracted to Rockwell’s community vibe. Residents of Rizal Towers and Luna Gardens enjoy exclusive access to weekly club activities wherein expatriates and their children get to interact with other Rockwell residents.
Meanwhile, Essensa, Pacific Plaza Towers, Regent Parkway, and One Serendra continue to enjoy high occupancies as they complement the surge of multinational knowledge process outsourcing firms in Fort Bonifacio.