Real estate business has evolved rapidly in the past ten years driven by the millennial market and technological advancements. While most developers and investors still rely on conventional strategies and practices, a few have already taken advantage of newer perspectives and better insights that have proven to be the most effective in this new generation.

— Jet Yu
Founder and CEO Of PRIME Philippines

Media Appearances

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Developers urged to invest in Davao City
Developers urged to invest in Davao City
  Business Mirror
  April 03, 2018

DUE to lack of hospitality facilities, amid a strong tourist arrival in Davao City over the past recent years, the local government’s investment arm bared the need to build more accommodation spaces and function areas to meet the demand of both leisure and business travelers.

“With this, the city is encouraging more investments in convention and exhibition centers and hotels,” Davao City Investment Promotion Center (DCIPC) Officer in Charge Lemuel Ortonio said during the Mindanao Investments Forum held recently at the Marco Polo Hotel in Ortigas.

According to him, the local tourism sector has seen a big leap from the visitors received by Davaoeños over the years.

In fact, a total of 2.01 million tourists went to the city province in 2017, or 7 percent higher than the figure posted in 2016.

Of this, domestic travelers account for more than 90 percent of arrivals, followed by their foreign counterparts and balikbayans.

Such locality where President Duterte hails from and governed for 23 years as a mayor, he added, has since become the top-of-mind destination for meetings, incentives, conferences and exhibitions  industry.

“[But] we only have one five-star hotel in the city, and the other hotels are mostly four stars and three stars,” Ortonio revealed.

Since most of the activities are really happening and being tracked in the latter categories, real-estate consultancy firm PRIME Philippines surveyed seven players from these segments and found out that their average occupancy rates range between 94 percent and 95 percent annually.

This is greater than 80 percent to 85 percent yearly hotel room take-up mean in Asia, the study showed.

Price-wise, the company noted that an overnight stay in Davao City hotels like Seda or Marco Polo could cost around P4,000 to P6,000.

“[If] you go to Guangzhou, China, and other parts of the world, with P4,000 to P6,000, you can get six stars [or] seven stars accommodation,” PRIME Philippines Managing Director Jet Yu told the BusinessMirror in a special interview.

“So that means that the prices have increased significantly in the Philippines because of the lack of supply. And if you don’t book your hotel going to Davao City within three weeks before your actual landing, most likely you will run out of quality rooms to stay in,” he added.

Even if bed and breakfast inn and other smaller scale hotels were included in the research, the executive maintained that there’s still a huge gap between the supply and demand for hospitality space.

As the first property consultant who ventured in Davao City last year, PRIME Philippines currently does the feasibility studies of five international hospitality brands that are looking to build their hotels with inventories ranging from 200 to 300 rooms.

“That would be about 1,000 to 1,500 hotel rooms to be added to the supply within the span of three years,” Yu said. Given the fast growth rate of tourist arrivals in this part of Mindanao, which last year increased by about 49,000, he said the estimated number of accommodations in the pipeline is still not enough to meet the tourism sector requirement had these projects push through by 2021.

“There’s currently a huge demand for tourist arrival in Davao City. Therefore, we invite you to explore hotel development and convention developments [here],” he appealed to potential investors.

“Per some of our foreign hotel operators who are currently situated here, they said that the most profitable hotel business in the whole Asia is currently the Philippines. So take advantage of the robust and booming demand for hotel rooms, especially in Davao City,” Yu added.

Based on data from DCIPC, the highly urbanized city province accounts for more than 70 percent of the gross regional domestic product of the Davao region. Since 2014, its economy continues to indicate a strong performance in both trading and investments.

Last year the number of registered business establishments in Davao City reached more than 40,000. Their combined capitalization aggregated to over P270 billion.

“We expect that in 2018, this positive trend will continue and we are expecting that we will have at least a 6-percent growth rate in terms of the number of businesses that will come in to the city,” Ortonio said.

 

Source: https://businessmirror.com.ph/developers-urged-to-invest-in-davao-city/

Photo by Bernardo Agulo

 

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The past and the curious
The past and the curious
  Manila Times
  April 01, 2018

Millennial executive Jet Yu of PRIME Philippines cites baby boomers as a big reason for his company’s success.

The line between the mindset of a millennial to that of a baby boomer can be sharply drawn in a general sense.

Not for Jet Yu of Prime Philippines. The successful young founder and managing director of the fast-rising real estate consultancy firm believes it’s a line that can be crossed to benefit anyone’s professional and private life.

Often recognized as the youngest serial entrepreneur and most successful licensed real estate broker in the NCR region, Jet is behind the company that already built a portfolio of over P10 billion from numerous commercial projects both locally and internationally.

He explained, “Social media influences our decision to rush things we don’t deserve yet. What we have to understand as millennials is that each has his personal race in life. We are not in a huge racing track where we’re trying to get ahead of one another. Don’t be pressured. We are here running our own race.”

Master of ‘educo’ 

student back in his school days, Jet managed to absorb a lot by self-learning. He started reading books and came to love the Latin word “educo” which for one means “to train.” So he trained himself early on, spending summers doing financial tasks related to the real estate industry as entrusted to him by his entrepreneur-parents. Part of such training is venturing on businesses that would prove to be his path towards the wider plain.

Even while still studying, he sold gym supplements online, and then scored his acknowledged first big break when he put up a kiosk in an LRT station that sold dumplings with flavored rice. It was a hit and someone even bought the idea and stall from him.

With a wink he reflected, “It’s never too late for people who graduated without honors. You just need to continuously change for the better. Focus on what you want to do and believe in learning by doing.”

He added, “Anything that has nothing to do with my goal, I put it out. I listen to webinars instead of the latest pop hits. I have a vision wall and I don’t post much on social media sites. I wake up at five in the morning and plan for the next day every night instead of going to a party.”

Young and unconventional 

Nothing comes easy even for a quick-witted gentleman. Four months after he put up Prime Philippines at the age 23 and with only two employees, birth pains made his bank account go almost empty. He relied on addressing the matters unconventionally and finally caught a big fish when the exclusive marketing of a 500-million property was entrusted to his company.

Based in Quezon City, Prime Philippines, a name he picked to promote the country as a prime destination, quickly established itself as a no-nonsense firm, spearheading the movement for providing excellence in professionalized real-estate services. It presently employs around 40 personnel, mostly millennials.

Recently it also opened a satellite office in Davao City, blazing the trail for change in the province’s local real estate scene.

The neat-looking executive zeroed in on his company’s competitive edge. He assessed, “My workforce is two percent baby boomers and 98 percent millennials. If you look at it, a lot of strategists in the real estate industry still practice traditional ways. Our mission is to challenge the tradition and invent better real estate solutions tailor-fit for the millennials which comprised the biggest market share.”

Prime Philippines has done more than 80 commercial real estate projects and closed deals involving Philippine conglomerates belonging in the Top 100. It is the fastest-growing and youngest real estate firm and by Jet’s estimation is now fifth in the nationwide industry standing.

Old gen’s commitment

Now a family man, Jet always determines if a thing is a need or a want. It’s a kind of instinct he attributes to the older generation that he thinks the green horns should emulate.

With the devil-may-care people in mind, he argued, “I noticed that some millennials lack commitment. I am promoting intense commitment because great results come from that. You have to give your life to your career.”

He recalled that client who asked him over and over if he could help. Then a surprising question tested his commitment, the guy teased, “Can you bet your life on this?”

More than being threatened by the remark, it dawned on him that he couldn’t just say yes to solving a problem.

He needed to make sure he could deliver the job. Of course he was able to transact it well. And so he joked,

“That’s why I’m still here.”

While most people will say that the key to a happy life is balancing work and home, Jet prefers saying it as “work-life synthesis.” He meant seeing work as part of one’s daily life.

Perhaps that is really the key to moving forward and staying young or, at least for the baby boomers, young at heart.

Source: http://www.manilatimes.net/the-past-and-the-curious/389673/

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