After recuperating from the pandemic-induced economic challenges, the luxury property market is seen to sustain its recovery this 2023. Experts predict that momentum for the market will be maintained as demand will likely remain robust for the sector, with investors presented with opportunities for stable returns.
“Now is the time to explore more real estate investment options, especially seeing the overall positive outlook on the luxury property market in the near future,” said Ortigas Land AVP and Residential Business Unit Head, Jenna J. Belardo. “As the economy continues its recovery to pre-pandemic levels, individuals looking for a stream of stable, passive income can maximize the growth potential of luxury developments.”
Real estate recovery is slow but sure
Real estate experts at Colliers Philippines share optimistic growth projections for the Philippine residential market following substantial recovery rates in 2022. Findings indicate that in the previous year, about 20,000 condominium units were sold in the pre-selling sector alone. This led to a 17.6% drop in vacancies which is also expected to improve until 2025 steadily. The numbers shared prove that increased latency and sustained market growth are evident throughout the different property segments in the country. Although the Asian Development Bank (ADB) predicts a slightly slower pace in the country’s gross domestic product (GDP) upturn, from 6.5% last year to 6.3% in 2023, experts expect a bull run in the overall property market after its recovery in 2023 — spelling positive forecasts in the coming years.
Good news for Luxury Residentials and Office Spaces
Findings from Colliers state that the luxury residential segment made up 28% of total take-up in September 2022, up from −1.6% during the same period in 2021. This suggests growing investor confidence in luxury real estate in the past year. “This market will remain resilient amid the rising interest and mortgage rates,” said Colliers in its Philippine Property Outlook report for 2023. Based on the numbers, Colliers projects that the demand for luxury developments will likely remain due to investors anchoring on these properties for capital appreciation.
Zeroing in on the office segment, Colliers projects further recovery in 2023. This will be buoyed by take-up from IT-BPM firms and traditional corporate occupiers in the legal, engineering, construction, and government fields.
Investing in a prime address
One of Ortigas Land’s luxury offerings is The Galleon, a two-tower, mixed-use project anchored at the heart of the Ortigas Central Business District. The Galleon is of a modern and sophisticated design inspired by a ship, highlighting elegance from every angle.
Its two towers consist of Offices at The Galleon, a 38-level premier office tower that is able to cater to various organizations, from start-up companies to large-scale corporations. The development also offers residential spaces at Residences at The Galleon, which boasts 51 floors of high-end interiors and amenities.
The Galleon is the prime location for various target markets, such as C-level employees working within the Ortigas CBD or families looking to embrace an urban lifestyle, because of the convenience and accessibility it brings. Moreover, The Galleon maximizes the luxury of space with its upscale amenities for residential, office, and retail spaces, as well as modern living with eco-conscious features, built-in smart home systems, and high-speed fiber connectivity.
Ortigas Land sees The Galleon as a viable investment, “The Galleon has a strong location in the heart of the Ortigas Central Business District,” said Belardo.
“The Galleon also has numerous surrounding infrastructure projects underway such as the BGC-Ortigas Center Link Road Project, Metro Manila Subway Project, and MRT-4 that will push the value appreciation of the property even more. These factors working together show that in the coming years, with The Galleon, you can expect a good return on investment,” she added.
The development’s strategic location connects its tenants to major metropolitan locations and ongoing infrastructure projects that cement The Galleon’s growing appreciation and returns in the coming years. Investors are treated with endless opportunities supporting a live, work, play balanced lifestyle, as the property can also be an income-generating investment. With this, Ortigas Land has been able to integrate its tenants into its commitment to maintaining well-built developments and master-planned communities.
The expected turnover of Offices at The Galleon is by the fourth quarter of 2026, while Residences at The Galleon will be turned over by the fourth quarter of 2028.
For more information, check out the Ortigas Land website at www.ortigas.com.ph.
