With the Philippines bagging the most number of citations at the regional Property Guru Awards last year, the real estate industry in the country “is looking up,” according to Cyndy Tan Jarabata , president of the Tajara Hospitality Group.
In a press conference announcing the 11th Annual PropertyGuru Philippines Property Awards 2023, Jarabata noted how the annual awards has influenced, and witnessed, the evolution of real estate in the country the past 10 years.
Jarabata is the chairperson of the judges of the awards in the Philippines.
In hospitality and tourism, Jarabata noted the entry several branded residential developments like Sheraton, Westin and Grand Hyatt and the soon-to-launch Banyan Tree.
Jarabata said south of Metro Manila like Batangas and Laguna, resort residential developments are becoming integral to masterplanned township developments.
“We also see masterplanned island developments in destinations like Palawan and Bohol,” Jarabata said.
She cited the housing category as a personal favorite, especially in affordable and socialized housing.
“We recognize developers addressing the huge backlog of 5 million homes needed in the country,” Jarabata said.
PropertyGuru also noted an influx of interest in residential and commercial developments outside of Mega Manila as well as Iloilo, Davao and Cebu as there is a need to establish homes with open spaces, better air quality, and environment. Jarabata said numerous road networks have also made travel faster and more convenient.
“We also saw the evolution of townships, offering residential, commercial/retail, office, entertainment and recreation facilities,” Jarabata said.
These integrated developments bring families closer to home, work, entertainment and social spaces that genuinely adapt to their new lifestyle.
Jarabata said this year’s awards will be more competitive given that China is back on the race.
The Philippines, along with Thailand, bagged 7 awards at the regional counterpart of the PropertyGuru awards.
Jarabata said over the years, the quality of entries in the Philippines has also improved through design, innovation, sustainability, technology and even construction methodology.
This year, the awards will have 68 categories in development and design that include Best Condo Development Philippines, Best Housing Development, Best Green Development, Best Commercial and Residential Awards, Best Portfolio, Best Design awards and the most coveted, Best Developer which will all compete in the Asia Property Awards.
This year’s Real Estate Personality of the Year will also be named.
“The Philippines remains a strong, innovative property market and a key contender in the PropertyGuru Asia Property Awards regional series. Developers here truly value quality, and being recognised for their commitment to quality, which always means a large, diverse pool of entries for our awards program, which in turn creates healthy competition,” said Jules Kay, general manager of PropertyGuru Asia Property Awards and Events.
Richard Raymundo, managing director of Colliers Philippines and a member of the independent judging panel of the Awards in the Philippines, said economic expansion in the country should support positive net take-up of office space in 2023 and continued rebound in Metro Manila’s pre-selling and secondary residential markets.
Raymundo said the aggressive stance taken by the national government in attracting manufacturing investments should result in greater absorption of industrial space across the country.
