MANILA - Property demand from the overseas Filipino market is bouncing in a big way in the aftermath of the Wall Street shakeout that depressed the investment portfolio of high net worth individuals, according to Ayala Land Inc.
This was the main reason why Ayala Land is altering the master plan for its maiden foray into leisure estate development—the P10-billion 320-hectare exclusive Anvaya Cove Beach and Nature Club in Morong, Bataan—to offer low-rise condominium and multi-dwelling units that are ideal for overseas buyers seeking readily built vacation houses, company senior vice president Rex Mendoza said.
To be launched in Anvaya this May is a new 4.6-hectare community “Seascape Ridge” composed of 14 quads with a total of 56 corner two-bedroom units that are ready to be occupied. The turnover date is targeted by December 2011.
Structured under a condominium setup and managed by Ayala Property Management Corp., the new neighborhood targets offshore buyers who want to avoid the tedious task of house planning and construction. It does not only target overseas Filipinos but all nationalities seeking seaside vacation units that they can just padlock when they are away.
Mendoza, who had just arrived from a roadshow in the Middle East, said the local property market seemed to have benefited from the recent global financial crises as people with excess money were now turning to real estate, which they now see as a safer haven compared to sophisticated financial instruments.
At the same time, Mendoza said demand from overseas Filipinos for local property was rebounding after falling from the peak in 2007 or before the US subprime crisis.
New real estate sales from the overseas Filipino market as of 2009 had gone back to about 28 percent of total sales from only 18 percent in 2008 when the US-led global crisis erupted, Mendoza said. This year, the ratio will likely be within 28-30 percent, he added.
In 2007, the ratio of new sales accounted for by the overseas Filipino market was about 33 percent. “We’re getting back there,” Mendoza said.
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