Even people who initially planned to buy condominium units were reportedly reconsidering such a move in light of the terror attacks.
"We are now rethinking our designs, particularly in the area of engineering," said prominent architect Nestor Mangio, former president of the United Architects of the Philippines (UAP) and fellow of the Architects Association of the Philippines (AAP).
He said the country’s top architects and engineers are slated to hold a conference in Cebu City soon to tackle new approaches to construction of high-rise buildings.
Mangio said the collapse of the WTC twin towers has affected the market for high-rise condominium units, with many prospective buyers rethinking purchase plans.
"It used to be that the higher you go, the higher the price because of the view," he said, adding though that he could not say how the WTC incident would affect local condominium rates.
In the Philippines, Mangio said most high-rise buildings — with 20 floors or more — were designed to withstand an Intensity 7 earthquake.
Mangio, however, is bullish on the subdivision housing sector, noting that a 245-hectare housing project called "The Lakeshore" is being developed by the Central Country Estate Inc. in Mexico, Pampanga.
"It’s the only one of its kind in the entire country with a 12-hectare man-made lake. The reservations for lots and house-and-lot packages there indicates that ground-level housing remains a safe investment," he said. — Ding Cervantes