There is a total of 113,700 completed condominium units across Metro Manila’s secondary residential market – major business districts – as of the third quarter of this year, according to real estate think tank Colliers.
At present, said Colliers in its report, Fort Bonifacio accounts for the largest number of units at 27% of residential stock followed by Makati CBD (23%), Bay Area (16%), and Ortigas Center (15%).
“The Bay Area has overtaken Ortigas Center starting 3Q2018 and we expect this reclaimed CBD to overtake other established business hubs such as Makati CBD by 2021,” it further said.
By then, Colliers says it sees the Bay Area having a total of 29,500 units, higher than Makati CBD’s 28,700.
“From 2019 to 2021, we see the completion of 8,300 new condominium units per year. By 2021, Colliers projects Metro Manila’s secondary residential stock to reach 142,000 units, about 33% higher compared to 2017,” the real estate think tank said in the report.
Colliers said it believes that ramped-up completion of new condominium units is partly attributable to the relentless demand from Chinese offshore gaming firms.
“Since 4Q2016, offshore gaming firms have been expanding their offices in three major submarkets, Fort Bonifacio, the Bay Area, and Makati CBD,” it said.
This strong demand is spilling over to the residential sector as aside from expanding their offices, a major requirement of these offshore gaming companies is a residential complement, it was noted.
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Source: The Filipino Times