The Philippines property market remains robust across all sectors as developers continue to expand amid the country’s strong growth and ahead of the Asean Economic Integration.
The Philippines, whose fourth quarter GDP grew by 6.9 percent and annualized growth rate grew 6.1 percent, is drawing an influx of big investors, according to a report by property company Pinnacle.
“For the top real estate developers, the influx of ASEAN investors and tourists means they can enlarge the plate to accommodate the expanding pie.”
The Ayala Land Group is setting the trend by increasing its target capital expenditure 43 percent to Php 100 billion ($2.2 billion) this year from Php 70 billion the year before.
“This is also coming from a very positive profitability last year, based on the reported figures in the third quarter of 2014 at Php 10.8 billion that increased by 35% year-on-year. Apart from increasing their usual residential developments catering to all segments of the market, including the socialized housing, the Ayala Group is boosting its office, shopping center and hotel portfolio. It is even embarking on an education venture as well.”
The Philippines has become an attractive gaming destination since Macau has been languishing amid a mainland anti-corruption drive.
Recent major gaming developments include The City of Dreams Manila, a joint venture between SM Group and Melco Crown Entertainment , featuring a 940-room hotel, 380 gaming tables, 1,700 slot machines and 1,700 electronic table games. City of Dreams generated 60,000 visitors on its opening day, and 15,000 daily visitors
Bloomberry Resorts Corp.’s Solaire Resort and Casino opened in Entertainment City in 2013. In addition, Japanese billionaire Kazuo Okada, and Philippine billionaire Andrew L. Tan and Genting Hong Kong Ltd., are expected to open their casino resorts between 2016 and 2018.