4 months ago
17
DESPITE spluttering international tourism arrivals, the Philippines is a diva on the branded residence stage in Asia, recording second place in the region and drawing the attention of global luxury brands to the country.
RECORD BREAKER C9 Hotelworks Branded Residences Report – Philippines unveils the country’s second place in Asia in the real estate sector with record-breaking supply value of $4.6 billion. PHOTO FROM C9 HOTELWORKS
In C9 Hotelworks' Asia Branded Residences Report — the leading tourism and branded residences consultancy — revealed a record-breaking supply value of $26.6 billion across the region.
Thailand leads the market with a 23.3 percent share, followed by the Philippines (17.3 percent) and South Korea (11.6 percent).
The market is growing both in urban and leisure destinations, led by Metro Manila with 18 properties and 6,246 units, followed by Cebu, Boracay, Davao, Palawan and Bohol.
The sector has traditionally been focused on the domestic and overseas Filipino worker-markets, but that is starting to change with elite nontraditional hospitality brands.
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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 square meter, it has injected new energy into the urban market.
The Ascott Ltd., one of the pioneers in international branded residences in the Philippines, remains confident in the future of the market as it matures and grows.
