2 weeks Ago
Speakers of the C9 Sessions event held at The Ascott Bonifacio Global City Manila. The Philippines is increasingly attracting the attention of more global luxury brands to expand in its branded residences segment, according to the C9 Hotelworks’ Asia Branded Residences Report. The leading tourism and branded residences consultancy reported a record-breaking supply value of $26.
6 billion across the region, comprising a total of 68,001 units. Thailand leads the market with a 23.3 percent share, followed by the Philippines (17.
3 percent) and South Korea (11.6 percent). Emerging markets such as Malaysia, Vietnam, and India collectively account for 24.
5 percent of the total market share. In terms of market value, the Philippines is second to Thailand too, recording a market value of $4.6 billion, said the report.
The branded residences market is growing both in urban and leisure destinations, with 18 properties and 6,246 units. These are in Metro Manila, Cebu, Boracay, Davao, Palawan and Bohol. The sector has traditionally been focused on the domestic and OFW markets but that is starting to change with elite non-traditional hospitality brands eyeing the market for the first time.
The influx of global branded residences is helping boost Philippine real estate. “The influx of new global branded residences is helping Philippine real estate market appeal to overseas buyers,” said Bill Barnett, managing director of C9 Hotelworks. “Given the current domestic slump, more diversity is needed versus relying purely on the domestic and OFW markets.
Learn from Thailand.” Branded real estate in Thailand has traditionally been led by resort markets, but with brands such as Porsche Design Tower Bangkok, coming in last year, commanding prices of $30,000 per sqm, it has injected new energy into the urban market. “Bangkok, like Miami and Dubai, is a playground city for wealthy collectors of unique real estate products.
There is no reason why Manila could not also become a global playground city given its regional access, entertainment, sports, gaming and lifestyle,” added Barnett. The Ascott Limited–one of the pioneers in international branded residences in the Philippines, with over 20 years of experience in the country–remain confident on the future of the market as it matures and grows. “We are fully committed to the Philippines in the long term and believe the strengths of our brands–led by Somerset, Citadines and Oakwood–will add the confidence and services required by buyers of internationally branded residences,” said Saowarin Chanprakaisi VP for Business Development, The Ascott Limited.
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