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PRIME Philippines held its Coffee Break Series: Philippine Real Estate Quarterly Report, an exclusive event for the company’s valued stakeholders and investors. It was held at GreatWork Studio, one of the newest co-working spaces in Quezon City and the second branch of GreatWork Global.
The event started with PRIME Philippines’ assistant vice president Cholo Florencio who reported the latest trends, update, and what to look out for in the property market as the opportunities continue to emerge and with all the exciting happenings in the real estate industry of the country.
Cholo reported that the country is presently in the midst of the “golden age of infrastructure” which he said would ease the impeding effects of the global market slowdown through creation of jobs and projected influx of low- to medium-risk investments.
He also noted that the rising commercial land values in key and emerging business districts particularly Quezon City, Davao City and Clark, could result with a 40 percent year-on-year growth on commercial land values.
In his report, Cholo projected an increase in township developments to be seen in the coming years due to the decentralization of developments from Metro Manila. He identified tourism as one of the economic backbones supported by the booming MICE (Meetings, Incentives, Conventions, and Expositions) industry, which garnered an almost 14 percent year-on-year growth on foreign arrivals mainly coming from South Korea, China and USA.
“An estimated 23,000 hotel rooms are expected to be added in the next five years spread across the Philippines, with almost a third targeted in Metro Manila and more than half coming from upscale brands,” he said.
“Demand for office spaces is expected to grow further in 2020 mainly driven by the outsourcing and offshore gaming companies. This growing demand would be supported by the upcoming 2.15 million sqm additional office spaces until 2020.”
The event’s guest speakers included Christian Cambaya, head of the Investor and Servicing Unit of Davao City. Investment and Promotion Center (DCIPC). He shared his insight and why it is good to invest in Davao City.
Clark Development Corporation’s Senior Investment Promotions Specialist Rodel Poy Lorenzo also shared the latest developments in Clark Global City and what to expect in the up and coming years for the business district in Clark, Pampanga.
In celebration of the 80th founding anniversary of Quezon City, from the local government’s City Administrator, entrepreneur and business Anchor, Michael Victor Alimurung also shared future plans and developments in the city and how can it further boost the city’s continuous real estate growth.