Property sector bullish

MANILA, Philippines - The Philippine property sector will continue to rebound and achieve growth in 2010 even with the entry of a new administration in June, according to the projections of a middle market property company.

Earth+Style Corp. president Victor Manarang said the middle market is going to continue to lead the market as more and more Filipinos will continue to look for properties either for investment or shelter requirements.

“We are projecting a 25 to 30 percent growth in sales in 2010 over last year’s performance,” Manarang said.

“The results of 2009 indicated that the middle market propelled the growth of the property sector in the country. Overall, the sector was not affected by the global financial crisis,” he added.

In Earth+Style’s definition, the middle market has a price range of P1 million to P3 million. The company’s property projects are focused in Laguna and Cavite.

Manarang said majority of the company’s buyers were Filipinos based in the country and overseas and migrant Filipinos.

“The remittances of Filipino expatriates certainly boosted the property market in the country as a number of them decided to invest in real estate,” Manarang said.

Aside from the remittances, he said the availability of financing from private banks will continue to boost growth in the property sector.

“As long as there is availability of credit, many people will continue to buy homes,” he said.

Manarang pointed out that fulfilling delivery expectations to the buyers is another key indicator to ensure sustainability in the market. Failure to deliver the promises to the buyers, according to Manarang, will result in a company’s removal in the radar screen of prospective buyers.

“Developers who fulfill promises will experience sustained growth. Delivering the expectations will enhance the credibility of the company, an important element in the property sector,” Manarang said.

Projects of Earth+Style include Promenade South, Piazza Bellissima, Parkplace Strip, Promenade Residences, Arabella and Bellatrix Series.

In Biñan, Earth+Style is also developing the One Asia Business Center, a 135-hectare development located within Jubilation New Biñan. It will offer office and commercial lots in a park-like setting. At present, development of Phase 1B took place in April last year.