Expats drive sales of high-end condos in Southern Manila

MANILA, Philippines - A significant segment of the expatriate market that once leased multi-bedroom houses in southern Metro Manila’s gated subdivisions are now driving the sales of high-end residential condominiums particularly in Filinvest Alabang, according to Kate Ilagan, executive vice president of Filinvest Alabang Inc. (FAI).

She points out that close to 90 percent of the residents of three towers on Filinvest’s Parkway Avenue neighborhood are foreign nationals working in the manufacturing sites of southern Luzon or offshore.  They also leased single-detached homes in the area until condominium living became an option for them. The latest of those condominium projects in the area is the 40-story Bristol at Parkway Place set for completion in 2018, which they have also warmly received.

Bristol has been designed by Architecture International and Casas + Architects to be an iconic landmark of Filinvest City. At a prominent corner of Parkway and main thoroughfare Corporate Avenue and highly visible to visitors of the emerging business district, it will be the tallest structure in the area.

In addition to the security and privacy of residential condominiums, licensed broker Beth Santiago points out that many of the foreigners also appreciate the blue skies and generous green spaces of the south. These will be highlighted all the more at Bristol which will have wide windows that open out to a generously-sized balcony.

Santiago’s foreign lessees also highly value privacy and have helped prime sales of the project marketed under the Filinvest Premier brand. With only 10 units to a floor, Bristol will allow residents greater freedom to live as they please.  Bristol’s units also range from 53-168 sqm, spaces which they can easily manage themselves. For expats, the bigger floor areas of single-detached homes necessitate hiring live-in helpers to maintain the place – a prospect many do not relish.

Proximity to Festival Supermall’s myriad retail and dining options is another advantage of Filinvest Alabang’s high-end residential towers. Americans and Europeans in particular enjoy walking and being just a stroll away from the supermarket, theaters and restaurants, notes Santiago. During the work week, they rely on chauffeurs but not on weekends when they have time to visit the malls. Europeans, in particular, enjoy strolling in sunny weather.

Santiago observes that a number of expats don’t have their families living with them. They choose to leave school-age children in their home country so that their education will not be disrupted. Nevertheless, they still rent out the bigger units to allow for visits from family and friends.

Overall, condo living just seems to work better for expats, she notes. Projects like Bristol have provisions for all the conveniences they are used to like washers and dryers all the way to efficient building management – which may not always be available in the single-detached homes that also cater to foreign nationals.

Extra conveniences provided by Bristol are the audio entry phones and energy-efficient split-type air conditioning  in every unit.  A swimming pool, function room, yoga deck and entertainment center complete the project’s offerings.

When the expats retire or are relocated, some of them opt to retain their units and lease them out to other foreigners. Given the limited supply of condo units in Filinvest Alabang which is easily accessible to Makati and Southern Luzon, lessors tend to hang on to their units over the long term and renew contracts. Investors seeking to lease out units to foreigners are still another market for Bristol, says Ilagan.

She observes that the strong take-up of Filinvest Alabang units are attributable to its strategic location as well as the area’s deliberate and careful planning, the best antidote to urban congestion.

Bristol at Parkway Place offers an unmatched combination of location, privacy and spectacular views to those seeking the greenery and open spaces of Filinvest Alabang. The Filinvest Premier residential project will be the tallest structure in this premier business district and has been designed to be an iconic landmark. For more details, visit the Bristol Showsuites at 115 Corporate Avenue, Filinvest City, Alabang, Muntinlupa or go to www.bristol.com.ph or call 850-0888 or (0917) 877-0888.