Thursday, March 28, 2013

149,000 residential units expected in next 5 years

Jones Lang LaSalle, a real estate services company, expects some 149,000 residential units to be completed over the next five years, on increased purchasing power of Filipino consumers.

JLL associate director Antonio Sabarre said in a news briefing top property developers SM Development Corp., Megaworld Corp. and Ayala Land Inc. were expected to build half of the residential units in the period 2013 to 2018.

The remaining half would be shared by other property developers, including DMCI Homes, Robinsons Land Corp., Filinvest Land Inc., Eton Properties Philippines Inc. and Vista Land and Lifescapes Inc.

Sabarre said the 149,000 units which were set for completion over the next five years would be significantly higher than the 135,650 units completed from 1999 to 2012.

JLL regional director and country manager David Leechiu said demand for residential projects across all sectors was being fueled by remittances from Filipino workers overseas, strong domestic economic growth and increased purchasing power of business process outsourcing employees.

JLL said at least 55 percent of the units would cater to the affordable market, with units costing from P1.5 million to P3 million.  Most of the condominium developments will rise in Quezon City, Ortigas, Mandaluyong, Makati, Fort Bonifacio and Alabang.

Leechiu also downplayed concerns about housing bubble, given the steady introduction of residential projects in the market.  He said the debt levels of banks and the government sector continued to be low and that demand from housing buyers remained strong.

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