ASEAN KEY DESTINATIONS
PHL property market to attract more Chinese investors in 2018
Property consultancy firm Santos Knight Frank expects more investments in real estate from China amid warming ties between Manila and Beijing and the Philippines’ strong economic fundamentals.
“We’re very optimistic on mainland Chinese investors, whether in the gaming sector, condominiums, office spaces, or into the hotel and resorts sector,” Santos Knight Frank chairman and CEO Rick Santos told reporters on the sidelines of a press briefing in Makati City on Tuesday.
“I think it’s because of the good relations between the Philippines and China. But it’s also because of a strong property market—ability to come here and buy property at reasonable price and get attractive yields. I think the fundamentals of the economy and real estate are rock solid,” Santos noted.
Chinese business process outsourcing (BPO) companies are becoming more interested in the Philippines after seeing the success of Chinese offshore gaming firms.
“More Chinese BPOs are coming in the country as they’ve seen the success in the gaming sector, in POGO (Philippine Offshore Gaming Operator) sector,” Santos said.
“Chinese developers are also optimistic such as China Fortune Land Development ... We see a real influx of mainland Chinese money,” he added.
The property consultancy firm is forecasting more than 1.5 million square meters of leasable office supply will be available in the market this year.
With 8 million foreign tourists, mostly from China, expected to come this year, more than 3,000 hotel rooms are to open in Pasay City’s Bay Area as well as the central business districts of Makati City and Taguig City, according to Santos Knight Frank. —VDS, GMA News
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