BIZ BUZZ: Cherry on top – BGC back to pre-COVID condo rent

Landlords took a heavy beating during the pandemic lockdowns. But now, home rental rates are on the road to recovery. Among the central business districts (CBDs) in the metropolis, Taguig, especially BGC, is the first to regain prepandemic vibrancy.

According to the latest monitoring by Leechiu Property Consultants (LPC), average residential rent in Taguig now costs P843 per square meter (sq m), which is 36 percent more than P620 prior to the pandemic. In BGC, rates average at P1,191 or 8 percent more than P1,104 per sqm in early 2020.

Next to BGC, Makati commands the highest residential rental rate averaging P1,001 per sq m. However, this is still 8 percent below the levels back in first quarter of 2020.

Rental rates in Makati,Bay Area and Alabang have yet to recover due to the void left by Philippine offshore gaming operators or Pogo workers.

Within Metro Manila, it is cheapest to rent in Ortigas and Mandaluyong, with rates estimated at P765 per sq m, or 21-percent below pre-COVID level.

The prices heating up only proves that the residential market is on the mend, although the current inventory is at the highest in 29 months.

Meanwhile, for those seeking to buy homes, the luxury residential property market remains robust. LPC director for research and consultancy Roy Golez noted that 70 percent of the units at SM and Federal Land’s The Estate Makati along Ayala Avenue had been sold. About 30 percent of Ayala’s Park Villas units across Ayala Triangle Gardens already have an owner.

Golez estimated that Ayala’s exclusive residential property sells for P820,000 to P826,000 per sq m. Its units sprawl 600 sq m, comprising four bedrooms.

Each unit at The Estate, meanwhile, now costs P600,000 to P700,000 per sqm, he said. It ranges from 151 sq m to 759 sq m—or from two-bedroom units to penthouse, Golez noted. —Tyrone Jasper C. Piad

EastWest wants more flyers

Gotianun-led EastWest Bank is placing its bets on tourism and travel demand to boost its credit card portfolio—so much so that it has “enhanced” one of its credit card partnerships focused solely on earning rewards through traveling with one of the world’s top airlines.

The bank recently unveiled the improved EastWest Singapore Airlines KrisFlyer World and Platinum Mastercard.

The key selling point here is that you can earn one KrisFlyer mile—think Philippine Airlines’ Mabuhay Miles but Singapore Airlines version—for every P12 spent on the World card or every P15 spent on the Platinum card.

According to Lawrence Lee, EastWest executive vice president and head of consumer lending, 25,000 miles will get you an economy roundtrip flight from Manila to Singapore.

If we’re doing the math right, it means you’ll have to spend around P300,000—on flight bookings or other travel expenses—to get that free flight.

“Those pesos [spending] converted to miles [rate] is the most generous in the market,” Lee told reporters. “We made sure it’s the best travel card in the market.”

The bank does indeed seem to be attracting many credit card users, with EastWest credit card business head Mia Tamayo confirming that they may have reached 1.4 million cardholders by the end of September.—Meg J. Adonis

Read more...