INVESTORS are still optimistic of the property prospects in the Philippines pushed by strong demand for office spaces as well as residential units, findings of the Global Investor Sentiment Survey released by Colliers International.
“In the Philippines, the general sentiment among property investors remains to be optimistic,” said Paul Vincent Chua, associate director and head of Advisory and Research Services, Philippines.
“The industry is driven by the continued growth of OFW remittances, which supports private and household expenditures, the growth coming from the offshoring and outsourcing industry, and the current regime of low interest rates.”
In Metro Manila, about a million square meters of new office space is intended to complete from this year to end-2013. While in terms of high-rise condominiums, pre-selling projects increase to 90 projects as of the third quarter this year which translates to more than 25,000 additional units.
“Investments on new office developments heighten with the BPAP (Business Process Association of the Philippines) forecast of over a million BPO (business process outsourcing) employees by 2016, makes property investors keen on developing with this prospect of growth,” added Chua. “Furthermore, the number of residential units across major CBD’s is expected to reach more than 60,000 units in 2013 at an average growth of 15 percent annually. These two segments are driving the growth in the industry.”