Luxury projects in demand
Higher demand for luxury projects helped push up residential property prices in the second quarter, even as the Philippines was in the midst of a pandemic and a stringent lockdown.
Based on Bangko Sentral ng Pilipinas’ Residential Real Estate Price Index (RREPI) released Friday, nationwide residential property prices rose by 27 percent for the said period—reportedly the highest year-on-year growth rate recorded since the start of the series in 2016.
By area, residential property prices in both the National Capital Region (NCR) and in Areas Outside NCR (AONCR) registered a year-on-year growth of 34.9 percent and 18.1 percent, respectively. By category, residential property prices similarly grew across all types of dwelling, with condominium prices rising the fastest at 30.1 percent year on year.
“We were pleasantly surprised by the performance of the pre-selling residential market in Metro Manila. In the second quarter of 2020, take up reached 8,700 units compared to 8,600 units a year ago. In the first half of 2020, total sales reached close to 20,000 units, still a pretty good take up compared to 22,000 units a year ago. That’s a decent sales performance given the country, particularly Metro Manila, was under a strict lockdown during the period,” said Joey Roi Bondoc, senior manager for research at Colliers International Philippines.
“If you also look at the price segments of the more popular projects in the first half of 2020, the mid-income, upscale and luxury units covered 80 percent of total take-up in the pre-selling market, higher than the three segments’ 71 percent share in the first half of 2019… We also saw price increases for selected pre-selling luxury projects in Mandaluyong, Quezon City, Makati fringe, and Ortigas Center in the first half,” Bondoc said in a statement on Friday.
Such a strong appetite for luxury projects shouldn’t come as a surprise.
Historical data would show that the luxury residential segment has remained relatively resilient even during a crisis, thus making it a stable, reliable asset for capital appreciation. If held over the long term, such asset can be a way to preserve wealth as well.
Fortunately, there is no shortage of such luxury and ultra luxury projects in the Philippines, particularly in key urban districts in Metro Manila. While investors can choose from an array of such upscale offerings, only a few developers have managed to provide distinct and innovative projects that are well worth your investment.
Ortigas Land, for one, has in its portfolio a range of luxury and ultra luxury projects catering to the different upscale lifestyles of the highly affluent urban dweller. Beyond the benefits of a strategic location, capital appreciation and wealth preservation, Ortigas Land’s modern, high-tech residences also offer sustainable and healthy environments; “experiential luxury” through its impressive, well laid out amenities; privacy and exclusivity; as well as the convenience of having almost everything you need within walking distance or just a short drive from where you live.
Luxury in real estate indeed comes in many forms and Ortigas Land has aptly shown how all these can be seamlessly integrated within a single development.
Luxury of wellness
At the Empress, Ortigas Land offers the country’s first wellness real estate, where the residents’ well-being takes precedence.
Located within Capitol Commons in Pasig City, this 56-story vertical community brings exquisite finishes, groundbreaking features and smart designs that are geared towards supporting residents in achieving a holistic, well-balanced lifestyle amid the frenzy of the city.
At the Empress, you’ll have smart living features including contactless technology that has become the norm in this new normal. You’ll also see a perceptive use of colors in common areas to help stimulate positive emotional responses among residents and guests while its biophilic design, via its lush, green pocket spaces, will likely do wonders for your mental and cognitive health. One ingenious approach that Ortigas Land took was to carefully divide amenities for the quiet zone and the active zone. In this way, residents will get to fully enjoy these exceptional amenities without unnecessary intrusions.
Luxury of convenience
That The Galleon will rise at the heart of Ortigas Center will most certainly accord its residents a most prized privilege—one that many are willing to pay a premium.
Future residents of this two-tower complex will offer a distinct kind of convenience that places you right where the action is—near large-scale shopping complexes, offices housing multinationals and local businesses alike, transport hubs, major thoroughfares and planned key infrastructure projects that will ensure ease of accessibility and connectivity.
At The Galleon, exquisite finishes and upscale amenities are already a given. In this seamless mix of posh residences, premium grade offices and commercial spaces that are just an elevator ride away from each other, future tenants and residents will get to enjoy a modern, sustainable environment where convenience trumps all other benefits and advantages—a kind of convenience needed to thrive in the new normal era.
Luxury of space
One of the most luxurious residential towers to rise in Capitol Commons highlights the luxury of space amid the dense clusters of communities increasingly crowding the capital region.
With its spacious, well-appointed suites, The Imperium highlights the importance of having enough room to move about within your sanctuary. This 62-storey architectural wonder further expands your space—breathing room in the middle of the city—with its landscaped gardens, fitness facilities, recreation room, residents’ lounge, mini-theater, and stunning views of the metro and the Capital Commons Park.
All these three projects have showcased Ortigas Land’s expertise in creating upscale residences that offer luxury in so many levels, making these the ideal home for the modern and highly affluent urban dweller.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.