Measuring the success of property companies in the new normal

The property market has been disrupted, no thanks to COVID-19.

Uncertainty is now at an all-time high after the pandemic effectively caused an economic recession in the Philippines, disrupting property market expectations and performance.

Given the uncertainties, experts said there is a need to discuss new ways to measure the success of property and real estate companies.

Jones Lang LaSalle Philippines, Inc. country manager and PropertyGuru Philippines Property Awards chairperson Christophe Vicic and long-time awards judge, TAJARA president Cyndy Tan Jarabata, offer different perspectives in reigniting the activities and measuring the success of Philippine real estate developers in the new normal.

These are the new tools and projects will be the barometer on how real estate in the Philippines will grow — environment, social, governance, sustainability, adoption of real estate investment trusts (REITs) and digitalization, which are also the emerging trends in the local property market.

TAJARA Leisure & Hospitality Group’s Jarabata said developers who will recover quicker are those who have pivoted their business models to survive this year along with mid- to long-term resilience and growth. 

“This is also the best time to engage with your customers as they expect higher standards in brands and companies on how they are able to cope with the crisis,” Jarabata said.

Moving forward, she said, there’s a huge opportunity in developing more smart cities — where there are more open space, inner-city transportation, bicycle and walking lanes, good digital infrastructure designed for people’s well-being suited to live, work and play. 

Companies who have diversified early on will likely survive this crisis, where the revenue streams are not just coming from one or two sources, she said.

“It’s also important to have a long term view on how companies will adapt to the continuous change in their businesses, market dynamics and even government regulations. It’s a good time to invest more in technology and sustainability as customers are closely looking at this now,” Jarabata also said.

Vicic, chairperson of the PropertyGuru Philippines Property Awards, which will be held on Nov. 13, said that given all the implications of the COVID-19 pandemic, sustainability and the “green agenda” will be among the key factors they will look for in the nominations.

“We will recognize developers who have shown impactful environmental features and systems in their developments, as well as in their social responsibility, diversity approaches, corporate governance, and employee benefits. Thus, the Best Sustainable Developer and Special Recognition in Sustainable Design and Construction Awards are pivotal in our selection and award process,” he said.

The panel will also look into how Property Technology is used to make sustainable progress and mitigate the challenges brought about by the pandemic, whether it is for the benefit of employees — especially when returning to the workplace — and communities at large, or for virtually promoting properties to continue addressing real estate demands.

“In the same light, we will award the Best Lifestyle Developer, which has prioritized enhancing

the lifestyle of residents through facilities such as health and fitness areas and social spaces. Further, in anticipation of the future endeavors of the real estate industry, we will be recognizing the Best Breakthrough Award to an upcoming developer which presents exceptional characteristics and upholds the values of sustainability, innovation and progress,” he said.

In the hospitality sector, domestic tourism will be the main target.

“This is why I believe that the Best Hospitality Developer Award holds even more significance in this year’s event. If there is anything that this pandemic has taught me, adaptability is key. A perfect plan is not what is needed for the scenario we are in as we are responding to a variety of possibilities and changing parameters. Multiple scenarios with constant adaptability is the next normal,” he said.

Thus, in all, he said transformation and innovation will play a crucial role in this year’s awarding.

“We all have a different set of ways of looking at this pandemic and re-adjusting our systems vis-à-vis our business needs, but it must be fully aligned with government policies and regulations as well as your internal company requirements,” Vicic said.

One thing’s for sure:

“The dedicated team of judges in the Philippines are very eager to review all the nominations that will be submitted, and, shall I say, the challenge of assessing the merits of the entries will be dealt as usual with the scrutiny of distinguished individual judges which constitute our panel. The one major difference will be that all these assessments will be conducted virtually,” Vicic added.

Philippines Property Awards 2020 Categories and Criteria 

DEVELOPER AWARDS 

Best Developer

Must have completed at least 5 developments in the Philippines since January 2015 till present. 

Best Boutique Developer

Must have completed at least 2 boutique developments in the Philippines since January 2015 till present. 

Best Sustainable Developer 

Should have completed at least 2 sustainable developments in the Philippines from 2015 to present. Sustainable developers consistently apply environmentally sensitive design features, use low impact materials and energy, waste efficient systems. 

Best Breakthrough Developer

Open to developers with more than one new project in the pipeline and with first project launched during or after 2019. 

Best Lifestyle Developer 

Should have completed at least 2 lifestyle developments in the Philippines from 2015 to present. Lifestyle developers offer additional facilities for residents to enhance their living experience such as health & fitness areas, social spaces, convenience stores. 

Best Commercial Developer 

Should have completed at least 2 commercial developments in the Philippines from 2015 to present. Commercial developers include office and/or retail sector 

Best Hospitality Developer 

Should have completed at least 2 hospitality developments in the Philippines from 2015 to present. Hospitality developers include hotel and/or resort sector. 

Best Industrial Developer 

Should have completed at least 2 industrial developments in the Philippines from 2015 to present. Industrial developers include manufacturing and/or logistics sector. 

Best Mixed – Use Developer 

Should have completed at least 2 mixed use developments in the Philippines from 2015 to present. Mixed-Use developers should include at least two interconnected components in their projects: residential, retail, office, hospitality, entertainment etc 

Special Recognition in ESG All shortlisted developers will be invited to submit details of their ESG activities. There is no direct entry for this category. The criteria used to judge developers’ eligibility for this award includes: 

Special Recognition for CSR All shortlisted developers will be invited to submit details of their CSR activities. There is no direct entry for this category. The criteria used to judge developers’ eligibility for this award includes: 

• Charitable donations and activities 
• Positive social impact 
• Company funded advocacy 

Special Recognition for Building Communities All shortlisted developers will be invited to submit details of their Building Communities activities. There is no direct entry for this category. The criteria used to judge developers’ eligibility for this award includes: 

• Projects’ internal and external infrastructure 
• Connectivity of projects with local communities 
• Benefits provided to the areas surrounding projects 

Special Recognition in Sustainable Design All shortlisted developers will be invited to submit details of their Sustainable Design activities. There is no direct entry for this category. The criteria used to judge developers’ eligibility for this award includes: 

• Environmentally friendly design features 
• Low impact materials selection 
• Design durability and lifecycle assessment 

Special Recognition in Sustainable Construction All shortlisted developers will be invited to submit details of their Sustainable Construction activities. There is no direct entry for this category. The criteria used to judge developers’ eligibility for this award includes: 

• Energy-efficient construction practices 
• Use of waste prevention systems 
• Use of renewable resources 

DEVELOPMENT AWARDS 

Residential Awards 

Best Luxury Condo Development (Metro Manila)

Open to condominiums and apartments with an average unit price of more than P325,000 per sqm. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best High End Condo Development (Metro Manila)

Open to condominiums and apartments with an average unit price of P250,000 to P325,000 per sqm. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Mid End Condo Development (Metro Manila)

Open to condominiums and apartments with an average unit price of P150,000 to P250,000 per sqm. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Affordable Condo Development (Metro Manila)

Open to condominiums and apartments with an average unit price of below P150,000 per sqm. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Housing Development (Metro Manila)

Open to development with more than 4 units of houses and/or villas. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Luxury Condo Development (Metro Cebu)

Open to condominiums and apartments with an average unit price of more than P250,000 per sqm. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best High End Condo Development (Metro Cebu)

Open to condominiums and apartments with an average unit price of P150,000 to P250,000 per sqm. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Affordable Condo Development (Metro Cebu)

Open to condominiums and apartments with an average unit price of below P150,000 per sqm. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Housing Development (Metro Cebu)

Open to development with more than 4 units of houses and/or villas. The development must be completed in the period between January 2019 and before December 2022. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Condo Development (Metro Davao) The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Housing Development (Metro Davao)

Open to development with more than 4 units of houses and/or villas. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Condo Development (Luzon)

The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Housing Development (Luzon)

Open to development with more than 4 units of houses and/or villas. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Condo Development (Visayas)

The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Housing Development (Visayas)

Open to development with more than 4 units of houses and/or villas. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Condo Development (Mindanao)

The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Housing Development (Mindanao)

Open to development with more than 4 units of houses and/or villas. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Alternative Housing Development

Open to owner managed accommodation targeted at students, transient workers or the elderly. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

COMMERCIAL AWARDS 

Best Office Development The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. 

Best BPO Office Development The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. 

Best Retail Development The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. 

Best Hotel Development The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. 

Best Resort Development The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Mixed Use Development The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. The development must have two or more of office, retail, hotel or residential components. 

Best CBD Development The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. 

Best Township Development Open to township developments with at least one completed building in an ongoing project. The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Industrial Development Open to industrial development. The development must be completed in the period between January 2019 and before December 2023. 

Best Lifestyle Development The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. 

Best Alternative Commercial Development The development must be completed in the period between January 2020 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit. 

Best Green Development Open for Residential and Commercial Project. The development must be completed in the period between January 2019 and before December 2023. Open to developments with internationally recognized green certification (granted). Development must include relevant documents, images and certifications to support each entry as evidence of: 

• Energy saving systems 
• Water management systems 
• Waste management systems 
• Health related features. 

DESIGN AWARDS 

Best Condo Architectural Design The development must be completed in the period between January 2020 and before December 2023. 

Best Housing Architectural Design The development must be completed in the period between January 2020 and before December 2023. 

Best Residential Interior Design The development must be completed in the period between January 2020 and before December 2023. 

Best Retail Architectural Design The development must be completed in the period between January 2019 and before December 2023. 

Best Office Architectural Design The development must be completed in the period between January 2019 and before December 2023. 

Best Office Interior Design The development must be completed in the period between January 2019 and before December 2023. 

Best Hotel Architectural Design 

The development must be completed in the period between January 2019 and before December 2023. 

Best Hotel Interior Design The development must be completed in the period between January 2019 and before December 2023. 

Best Landscape Architectural Design The development must be completed in the period between January 2019 and before December 2023. 

Best Township Masterplan Design Open to township developments with at least one completed building in an ongoing project. The development must be completed in the period between January 2019 and before December 2023. Percentage of Completed construction must be more than 20%. Must have a show unit 

Best Co Working Space The project must be completed in the period between January 2020 and before December 2023. 

SPECIAL AWARDS 

Special Recognition for Public Facility Open to healthcare, education, public service, transportation, public assembly and religious facilities that are owned, leased or operated by a governmental or public entity. The winner(s) will be selected by the panel of judges. 

PUBLISHER’S CHOICE 

Real Estate Personality of the Year Chosen by Editorial team of PropertyGuru Property Report Magazine. No direct entry.