Makati, Pasig and Taguig recently emerged as top sources of leads for rentals for the first quarter or 2022, according to leading online real-estate platform Lamudi. Moreover, roughly split data between property seekers within and outside Metro Manila. According to Lamudi, 4 out of the top 10 sources of leads for each aforementioned city with a central business district (CBD) were cities located outside the National Capital Region (NCR).
Six out of the top 10 sources of inquiries for Makati, Pasig and Taguig were from cities within Metro Manila, with Quezon City and the City of Manila contributing the most leads in each. The remaining four in each CBD assessed varied. At least two cities from Mega Manila, such as Angeles, Antipolo, Bacoor, Calamba, and Lipa, were among the top sources of leads in each of the CBDs assessed.
CALABA renters prefer going solo
Property seekers from the CALABA cities are likely to be looking at renting in the aforementioned CBDs for work. Pull factors such as the comparably larger number of job opportunities at the several IT-BPO companies and large corporate headquarters based in Metro Manila CBDs continue to be a major driver of rentals.
Lamudi CEO Kenneth Stern told the BusinessMirror in a phone interview that their data from 1Q 2022 showed that the majority of inquiries from seekers from Bacoor, Calamba and Lipa looking for rentals in CBDs were for rooms to rent, bed spaces and studio units—smaller spaces that point to seekers wishing to rent solo or share spaces with roommates, as opposed to renting as a family.
“Seekers from these cities are also younger, with all leads coming from seekers aged 18 to 34. On the other hand, inquiries from Metro Manila-based seekers were mostly for 1-bedroom, 2-bedroom, and studio units. Leads from Metro Manila based seekers were also heavily concentrated in condominium units whereas leads from Luzon-based seekers outside NCR were more evenly distributed between apartments and condominium units,” Stern explained.
IT-BPO workers urged to return onsite
Employees of information technology-business process outsourcing (IT-BPO) firms, an industry employing roughly 1.3 million Filipinos, were affected by Fiscal Incentives Review Board (FIRB) calls for ecozone locators to return to full office operations by April 1 in order to avail of tax incentives.
The mandate coincides with spikes in residential rental inquiries for CBD listings on Lamudi in 1Q 2022 from both inside and outside Metro Manila—possibly driven by employees returning from their hometowns and seeking rentals nearer to their office.
“While this offers promising opportunities for real-estate players, it also presents challenges, primarily in making commercial spaces appealing to employees who have become used to working from home,” Stern said.
New hotel near BGC boosts T&T recovery
With the pandemic seemingly winding down into an endemic situation, revenge travel is just around the corner. While many governments are now easing up on their travel restrictions and leisure property owners and managers are ready to welcome excited tourists eager to travel.
“The timing will most likely coincide with the projected timetable for the world’s economic recovery from the pandemic,” said Marc Ngo the hotel’s incoming Chief Operating Officer, in an e-mail interview with the BusinessMirror.
“As a new player, Ridgewood Premier Hotel will create around 100 jobs in the service sector, from front office to F&B and housekeeping. The jobs forecast is important, as the Travel & Tourism [T&T] sector, hotels in particular, was severely affected by the pandemic, with many jobs either lost or furloughed,” Ngo added.
Ngo said Ridgewood Premier Hotel’s favorable location lies in BGC’s sweet spot, right between hotels that are too expensive and hotels that are too far. This means that many travelers, who are now cost-conscious given today’s economy, can always choose the hotel as an option for better value.
Strong earnings opportunity
NGO said Ridgewood Premier Hotel is giving investors the chance to ride the projected recovery of the T&T sector, and earn high returns in the future, by investing in the project now. The hotel project will occupy the 15th to 19th floors of Ridgewood Towers Premier along the main C5 Road, right across the British and Korean embassies.
Guaranteed returns of 6 percent per annum, and bonus incomes of up to another 6% p.a., depending on occupancy rates, make it an attractive offer.