MANILA – CBRE Philippines, a real estate services firm, reported that branded residential developments are on the rise in the Philippines.
Based on data, developers have launched at least 16 branded residential projects in the Philippines since 2008.
Branded residences are developments that are built by local developers or property owners in partnership with a luxury brand, usually of international caliber. These can be in the form of a resort complex, a mixed hotel-residential development or through design consultancy.
While relatively new in the Philippine market, current offerings are attractively located in top resort destinations, owing to the strong tourism angle played up by both the government and the private sector in recent years.
Notable examples of world-class branded residences in Philippine tourist destinations include Aqua Boracay by yoo, designed by UK-based yoo studio renowned for its collaborations with international design trendsetters like Philippe Starck. Another such development is the Mövenpick Residences in Cebu, which was co-branded with Mövenpick Hotels and Resorts.
“The presence of branded residences in the Philippines is a sign of the strength of the Philippine real estate market, specifically in the high end and luxury segments,” says Rick Santos, CBRE chairman and founder.
“A captive international market with a preference for luxury will be observed, most especially for destination properties such as in Cebu and Boracay. This, coupled with the Philippine government’s aggressive tourism campaign, will revitalize investment and renew interest in the country.“
Other branded residences focus on the market segment of primary condo homes, such as those found in prime central business districts of Makati, Taguig, and Mandaluyong. These city condominium residences provide a high level of quality in amenities, facilities, security and recognition, especially for those associated with a distinctive hotel management service. These properties may also command generally higher returns on investment.
“The confidence in the Philippines from an investment standpoint is very high,” explains Santos of the uptrend in luxury branded residential developments in the country.” (Manila Bulletin)