Victor H. Manarang, a former Ayala Corp. executive who is now president of One Asia, said the middle to upper income families are actually "liquid" and are merely holding on to their funds.
"Their caution is due to a matter of confidence. Middle to upper income families are those who have some small business or funds, but who are not investing until they see the economy on the way to recovery," Manarang said.
He said the real estate market had actually started to recover last year from its slump that started way back in 1997.
"However, following the attempt to topple the Arroyo government in May last year, the market experienced another dip that is only now beginning to taper off," Manarang said.
He said this particular market segment’s housing preference is for prime locations.
Sensing this budding demand, One Asia has decided to proceed with its P1.2-billion high-end townhouse project in Diliman, Quezon City.
The project, called the Celebrity Place, is located on a two-hectare property beside the Celebrity Sports Club.
The property is owned by Riviera Land Corp., a partnership between D.M. Consunji Inc. and Northeast Dev’t. Acquisition Corp.
The Celebrity Place will have 116 townhouse units to be developed in five phases, with the first phase expected to be completed and available for occupancy by the last quarter of this year.