Why You Should Invest In Paseo de Roces Makati
With excellent lifestyle amenities for singles and those with children and a strategic location within Makati City, Paseo de Roces makes for a worthwhile investment – whether as an end user or investor. Its strategic location and fully-fledged facilities will ensure that your unit will have excellent leasing potential. The average rents in Makati CBD and Bonifacio Global City are presently the highest in Metro Manila, with monthly rental fees priced at P630 to P1, 000 per square metre for mid-range units, and from P720 to P1, 790 per square metre for high-end units.
As one of the major CBDs in Metro Manila (alongside Ortigas and Bonifacio Global City), Makati is projected to experience rising demand for residential condominium units. Paseo de Roces’ proximity to the major banks, multinational corporations, shopping centers, hotels, office spaces and other high-rise condominiums will likely cause its value to appreciate in the years to come as the increasing number of urban development projects make the land in the city center scarcer.
The concentration of businesses in Metro Manila will make it unlikely for the strong demand for residential condominiums to abate in the near future. Property analysts have pointed out that the option of living in condominiums that are strategically placed in central business districts serve as convenient and practical choices for company executives and business process outsourcing (BPO) employees. Given the lack of an efficient mass transit system in Metro Manila, the time savings they earn by avoiding a long commute and traffic jams are immense. The additional savings from lowered transportation expenses are also an added bonus.
The positive growth in the demand for office space in 2016 has lowered the average vacancy rate in the first quarter of the year to a low 4 percent. Despite the increase in the total stock of existing office space of Prime and Grade A developments in Metro Manila (from 4.0 million square meters in 2016 to 6.1 million square meters in the first quarter of 2017), the overall rents have exhibited an increase quarter on quarter – a testament to the strong demand for office space in the city center.
Real estate services firm JLL (which specializes in office space) has also observed that the healthy demand for residential property is maintained by the growth of the IT-BPO industry and the influx of remittances from the overseas Filipinos (OF): “Vacancy rates in the luxury condominium market in Makati CBD and BGC continued to dip to 3.1 percent in 1Q17 from 4 percent in 4Q16. Demand drivers in the luxury market included expatriate employees in the offshoring and outsourcing (O&O) sector, while demand for mid-range condominium units is primarily coming from the over-all improvement in the income level of Filipino workers (due to increased employment and livelihood opportunities) and support coming from OF remittances”.
The strong recent performance of the Philippine stock market offers an additional reason to be optimistic about its property market. Philippine shares outperformed all other markets in Southeast Asia, increasing by 1 % to record their highest close in more than three weeks. These gains were led by real estate stocks: Ayala Land gained 2.9% and SM Prime Holdings closed with a 1.8% increase.