Favorable opportunities and a strong appetite for residential, office and commercial spaces continue to fuel optimism in the real estate sector.
Despite headwinds seen in the first half of the year, Colliers International Philippines has remained bullish of industry prospects, given that traditional demand drivers are keeping Philippine property afloat amid slower economic growth.
“The Philippines’ Q2 2019 GDP (gross domestic product) growth was the slowest in four years due to the delayed 2019 national budget implementation and public construction decelerating due to its ban leading up to May 2019 elections. We see ramped up construction in (second half of) 2019 as the government catches up on its spending plan,” Colliers Philippines research manager Joey Roi Bondoc said in a report released earlier this week.
Growth opportunities
“In the current economic climate, the opportunity is for developers to expand their office, residential and hospitality footprints outside Manila. Developers should seize this opportunity to build more offices in key hubs outside Manila, and acquire land parcels near soon-to-be expanded regional airports. Hoteliers should continue facilitating intra-Asian demand, by implementing mobile payment platforms popular with Chinese and Korean tourists,” it added.
Demand drivers for offices are construction and engineering firms, conglomerates, and flexible workspace operators. For residential segment, it’s the house-and-lot offerings and condominium projects developed jointly with foreign firms.
True enough, the Philippine real estate industry seems well poised to sustain a robust growth, as evident in the many impressive launches made, the continuing cutthroat competition among developers, as well as the innovations and unique value propositions offered to discerning homebuyers.
Making the cut
Another measure would be the increase in the number of entries submitted for The Outlook 2019, as well as the kind of projects that made the cut (see complete list on page 3).
Each project that was shortlisted for the 19 awards across four major categories came with their own innovative take on what the modern urban dweller seeks and needs—some focusing on niche markets, while others stress on the sustainability of their projects. A few meanwhile chose to center on accessibility and completeness of their respective districts, townships, and estates.
Categories for Luzon include: Best Affordable Condo of the Year; Best Premium Condo of the Year; Best Luxe Condo of the Year; Best Affordable House of the Year; Best Premium House of the Year; and Best Mixed-Use Development of the Year. Categories for Visayas and Mindanao are Best Affordable Condo of the Year; Best Premium Condo of the Year; Best House of the Year; and Best Mixed-Use Development of the Year.
Special Awards meanwhile included the Best Green Project of the Year; Best Innovation Project of the Year; Best Co-Living Space; Best Co-Working Space; and Personality of the Year. The Grand Awards will comprise of Best Developer of the Year-Luzon; Best Developer of the Year-Visayas and Mindanao; Best Boutique Developer of the Year-Luzon; and Best Boutique Developer of the Year-Visayas and Mindanao.
This is the second year in a row that online property portal Lamudi Philippines partnered with the Property Section of the Philippine Daily Inquirer to co-present The Outlook, which will fete the real estate industry’s frontrunners and trailblazers for their commitment to innovation and excellence as showcased through their projects.
Stringent screening process
Nominations for the third edition of The Outlook had to go through an esteemed panel of judges, who lent their expertise in identifying which projects and developers made the biggest waves in real estate this year.
The short-listed projects are put to the test via a survey among 10,000 property seekers on the Lamudi platform. The participants are grouped to ensure that the audience will only vote in the categories that match their search interests.
Winners will be announced at The Outlook 2019: Philippine Buyers’ Choice Property Awards gala, as co-presented by Philippine Daily Inquirer Property, will be held at Makati Shangri-la on November 14.