PRSEA | Jun 27, 2012 |
An energy efficient building offers economic attractions.
CBRE chairman and CEO Rick Santos said there is a major transformation underway across the Filipino housing sector. “The Philippines is experiencing democratisation in the housing sector – from a nation of renters to owners – based on low interest rates and financing schemes,” said Santos.
Bank-lending rates continue on a downward trend, according to Santos. Increasing affordability of funds for housing acquisitions supports the strong demand in the residential sector.
He said: “The liquidity in the market enables developers to provide more affordable payment terms to buyers. The low cost of borrowing is likewise spurring development expansions in the residential/housing industry.”
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A single-digit mortgage rate has enabled Filipinos to purchases property as opposed to the only option of renting property. Santos confirmed that monthly rents for an average household in Metro Manila now stand in line with house and lot or residential condominium products now available to a broader market base.
The modern Filipino household is becoming condominium residents, Santos offers, this correlates with the pace of urban living.
“As a result, demand for affordable condominium units continues to grow year-on-year,” Santos said.
The property management firm also highlighted the development of green buildings in supporting the growth of the country’s property market, reported Business Mirror.
“Fortune 500 companies, multinational corporations, and even domestic firms now consider green initiatives as prerequisites in their day-to-day maintenance and operations.
“Through our global networks and resources, we have been strengthening the drive towards sustainable development which, as pointed out in several studies, could also benefit not only developers and the environment but also end-users – tenants, employees, and residents – in the long,” pointed out Santos.
To date, there are five Philippine buildings that have been awarded Leadership in Energy and Environmental Design (LEED) status. Presently there are however, 58 projects currently registered for LEED certification.
The sustainability agenda will continue to grow in importance in the real estate sector, according to Santos.
“As the outsourcing and off-shoring sector gains strength in the country, we see more occupiers and developers prioritising flight to quality, with green buildings becoming more the norm than the expectation,” said Santos.
Developed by the US Green Building Council, LEED covers several areas: new construction, core and shell, existing buildings, commercial interiors, homes, and neighbourhood developments.
CBRE Philippines director global services Joanie Mitchell said the scale, pace, and general trend of recent construction in the Asia-Pacific region has been aimed at efficient commercial real estate in compliance with green building codes.
Mitchell said: “While development of green spaces may entail additional costs at the onset, this investment in green building is recoverable and is expected in the long run through decreased operating costs, increased return on investment through higher tenant/customer retention and renewal, rental premium, and increased building/asset value.”
In a 2011 update by CBRE on Current Trends in Green Real Estate, it was noted that from an occupiers’ perspective today, occupying green buildings is an important step towards achieving corporate sustainability objectives.
By Laura Neve Tacey.
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