For years now, Makati, the Philippines’ financial hub, has been home to prominent companies and institutions, and an incubator to burgeoning business. Alongside, property developers saw the opportunity to develop commercial centers, entertainment destinations, including residential spaces, making it a highly desirable investment.
Philippine-based property consultants report that land values have soared from 20 percent to 25 percent this year. For the first quarter of 2019, residential condominium prices are reported to be around P500,000 to P700,000 per square meter.
Meanwhile, property consultant firms explain that movement of prices in real estate is not only driven by well-heeled Filipinos and foreign investors. The strong demand for offshore gaming space is spilling over to the residential sector, particularly in key areas in the Metro, including Makati.
For the coming years, they expect the trend to remain strong, driving property prices higher.
Rising demand for luxury condominiums
This year, the high-end residential market will remain upbeat as Metro Manila holds one of the most attractive rental yields in the region, relatively low prices, and sustained demand from affluent Filipinos, foreign investors and offshore gaming firms, property consultant firm Colliers Philippines said in its recent forecast.
Colliers added that projects being offered to the secondary market would continue to receive strong demand, which entices the well-heeled and foreign investors to look for similar developments.
“More affluent locals are seeing luxury condominium projects as a viable investment option aside from the stock market. The shift in lifestyle also encourages the high-end investors and end-users from upscale villages to embrace condominium living,” the firm shared.
The vacancy in Rockwell Center, one of the most sought-after addresses in Makati, dropped to 11.3 percent during the second quarter of 2018 due to the increasing number of consumers drawn to its community and environment.
Further elevating the area’s already impressive skyline, the premier property developer built the Proscenium at Rockwell with five residential towers aptly called Kirov, Sakura, Lincoln Lorraine and The Proscenium Tower.
Guaranteeing that each tower properly represents the Rockwell prestige, Carlos Ott, the celebrated architect behind the Opèra Bastille in Paris, designed the Rockwell Land’s flagship project with utmost sophistication.
Perched on a 3.6-hectare land along Dr. Jose P. Rizal Avenue, Rockwell Center in Makati, the luxurious condominium supplements the grand lifestyle of its residents with its five-star amenities, including outdoor tennis court, jogging paths and swimming pools with a splash pad and floating river.
Poised to be the greatest Rockwell yet, it features premium retail establishments, a business center, a helipad and a world-class Performing Arts Theatre.
With all the offerings of the Proscenium by Rockwell, investors are highly attracted to the property. As of January 2019, 68 percent of the owners secured a unit at Makati newest high-end condominium mainly for investment purposes.
Proving that it is indeed a viable asset, the leasing rate is poised at P1,200 to P1,300 per square meter with 12 out of 35 leased units are owned by overseas investors. Meanwhile, the property’s expected market yield is at three to four percent. The acquisition yield is set between six to seven percent, higher than the average luxury condominium rental yield in Metro Manila, which is at 5.1 percent.
To learn more about your Rockwell home in Makati, visit www.prosceniumatrockwell.com.