OFW remittances continue to boost property devt's sales

MANILA, Philippines - Data from property research firm Jones Lang LaSalle indicate that OFW remittances, which is estimated to reach an all-time high of about P19 billion this year, will continue to be one of the leading growth drivers of real estate property sales in the Philippines. In recent years, OFW families have been investing a third of these dollar remittances to real estate property purchases or house improvements.

On a micro scale, SOC Land, the property arm of public listed South China Resources, said that 41 percent of the sales closed by its maiden property development Anuva came from this sector.

At the sidelines of the recent launch of Anuva’s marketing office and showroom, SOC Land president John Paul Reyes said, “OFWs are known to be more prudent, investing their hard earned money only where it counts, like in smart real estate property investments. We are just glad that they chose to buy units at our affordable mid-rise development.”

With Asia and the Middle East as destination countries for a large percentage of OFWs – 30 percent and 25 percent, respectively, most of Anuva’s OFW buyers are based in Asia, with 16 percent based in Singapore, followed by those based in Middle Eastern countries.

Reyes said, “The company is expecting more OFWs from Asia and the Middle East to continue to be the source of more sales for its development, although we expect Filipinos in North America and Europe to soon catch up.”

Anuva prides itself in being priced competitively starting at P1.4 million, which is at the lowest range of prevailing mid-end developments’ price range based on industry data. Its features and amenities – like its 80 percent open space and world-class amenities in its 2.4-hectare development, can hardly be matched even by high-end developments. (For more information on the Anuva project, call 8170-SOC; 553-4070; 543-4691; 0917- 5579509 or visit www.anuva.com.ph)

This is made possible by factors like SOC Land’s owning the land where Anuva is being built, and therefore doesn’t need to purchase expensive lots or do joint venture with lot owners. Also, SOC Land is an affiliate of Gonzalo Puyat & Sons, (GONPU), the century-old conglomerate of leaders and pioneers, which include Puyat Steel, and APO Floors.

It was only late last year when South China Resources decided to establish SOC Land to serve as its property development arm, as part of the holding company’s move to further diversify its portfolio of businesses and investments.