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Popular real estate in the Philippines

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By : frank jeffries    99 or more times read
Apartments, condos, and houses are among the Philippines’ most important prime real estates. They are often used as residential areas for the masses, workers, businessmen and investors, because they offer comfort and lodging. However, perhaps the most valuable ones are located in Makati, the country’s bustling financial district. This is due to their closeness to numerous office spaces and companies, as well as clothing shops, malls, bars, restaurants, and many more. As such, renting apartments and houses is common in Makati.

Condos, especially, are very popular in the country, chiefly among businessmen, investors, and high-ranking society people. This is especially true in Makati as a financial district. Recently, the demand for leasing condos in Makati has shot up, as many businessmen and investors are seeking to have their own.

Makati condominiums have helped shape not only the city’s skyline, but also the way its people live and interact. Nowadays, Philippine housing costs have skyrocketed, with low-cost homes on small tracts of land found almost exclusively at the city’s fringes. Condos, in contrast, do not come with land costs, so one has a good chance to renting a cheap one.

To address the rising demand of housing in Metro Manila, property giant Ayala Land Inc. (ALI) has formed a partnership with the Lucio Tan Group for a real estate undertaking in Mandaluyong City in a joint venture agreement. ALI chairman Fernando Zobel de Ayala and Lucio Tan signed the agreement recently, and the agreement involves estate held by the Philippine National Bank (PNB) at Reliance and Mayflower streets near EDSA. This was the result of an earlier deal between ALI and PNB (through the middle-income housing subsidiary Avida Land Corp.) for a P6-billion venture to develop the bank’s 2.3-hectare property. Construction is set to begin by 2011, and will go on three and a half years or so.

The project itself is envisioned to be a multi-storey residential community, and will offer features like a clubhouse, garden, children’s play area, and swimming pools. According to PNB, “It is positioned as an affordable housing ideal for young professionals and startup families working or doing business in Mandaluyong City, Pasig City and even Makati City.”

ALI also signed a deal with Lucio Tan’s property from Eton Properties Philippines Inc. with the participation of its low-cost housing subsidiary, Amaia Land. It is a project entailing the development of a four-hectare land in Amaia Scapes.
Looking For Office Space Makati? Check out Rent in Makati for a comprehensive List of Real Estate Properties For Rent in Makati.

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