The current real estate boom in the Philippines has led property developers to maximize use of their land holdings in order to respond to the emerging market of modern residential buyers – yuppies, migrant workers, newly-wed couples, retirees, entrepreneurs, expatriates, investors, among others. On the commercial side, there are the call centers, business process outsourcing companies and information technology firms that are raising up the ante for vertical projects.
Indeed, the diminishing availability of raw land had forced some real estate firms to go into a more capital-intensive venture of vertical development.
As shown in the Housing and Land Use Regulatory Board (HLURB) License to Sell register, high-rise residential and commercial development had grown significantly with over 25,000 units up for grabs in 2006 from about 20,000 units a year ago. Residential condominium projects went up 88.8% to 98 projects as against 11 projects in 2005.
Is this a sign of shift in consumer demand or merely a market trend?
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