Amid rising vacancies in the low- and mid-level residential segments in the metro, Colliers International Philippines sees the demand for luxury units remaining strong as take up is primarily driven by the influx of expatriates and sustained interest from affluent families looking for residential units to stay and invest in.
Colliers has identified the top 10 luxury three-bedroom condominiums in Metro Manila in terms of rent.
These units are strategically located in the established business districts of Metro Manila with average areas of between 200 square meters (sq.m.) and 300 sq m.
Raffles Residences tops the list of high-end properties with an average rent of P375,000 per month, followed by Discovery Primea (P325,000 per month) and Essensa (P265,000 per month).
Colliers Philippines said in terms of age, half of the residential buildings have been in the market for more than 15 years but still enjoy high occupancies and command stable rents.
Aside from being well-maintained, these high-end properties are preferred by business executives looking for hotel-like amenities and services. “These prime units are a cut above the rest and are the primary choices of high-ranking MNC officials and diplomats. The Rockwell properties’ occupancies hover between 90 percent and 95 percent and have managed to sustain these occupancy rates since being offered to the market in the early 2000s,” said Gigi Limguangco, Colliers Philippines’ associate director for Residential Services.
Limguangco said these properties continue to command high rents due to the “convenience, accessibility, and exclusivity” that they provide to tenants.
Based on the list, only three locations made it to the cut of luxury residential condominium hubs – the Makati CBD, Rockwell and Fort Bonifacio.
Prime residential buildings in Makati such as Discovery Primea, The Residences at Greenbelt, and One Roxas Triangle continue to attract consular officials as well as high-ranking executives of MNCs and top Filipino companies holding offices along Ayala Avenue.
Expatriate families are particularly attracted to Rockwell’s “community vibe.” Residents of Rizal Towers and Luna Gardens enjoy exclusive access to weekly club activities wherein expatriates and their children get to interact with other Rockwell residents.
Essensa, Pacific Plaza Towers, Regent Parkway, and One Serendra continue to enjoy high occupancies as they complement the surge of multinational knowledge process outsourcing (KPO) firms in Fort Bonifacio.
Major KPO firms such as Google, Towers Watson, and Deutsche Knowledge Services have established operations in Fort Bonifacio while the planned transfer of Philippine Stock Exchange should entice more multinational finance companies to open shops in the area. The influx of these foreign companies should bring in more foreign workers and hence raise the demand for luxury condominium units. Expatriates are also drawn to the rapidly growing business district due to the presence of international schools such as British School Manila, International School Manila, and the Manila Japanese School. Overall, these premium residential units entice both end-users and investors due to their proximity to the bustling business districts of Makati, Rockwell, and Fort Bonifacio. Aside from providing tight, round-the-clock security, these properties also offer well-equipped gyms, resort-like pools, ample parking space, quality interiors, among others. These high-end residences are also a stone’s throw away from major shopping hubs in the metro including Greenbelt, Glorietta, SM Makati, PowerPlant, Uptown Mall, and SM Aura. These establishments currently house a mix of thriving local and global retail brands that mainly cater to the residents’ discerning preferences.