Manila is Now a Leading City for Luxury Residences
The Philippine luxury market has grown steadily in recent years fueled by the growing economy and the rise of ultra-high-net-worth individuals (UHNWI). The Prime International Residential Index (PIRI 100) report by global property consultancy Knight Frank ranked Metro Manila as the most desirable real estate investment destination in 2019, with an 11-percent increase in property prices.
According to Knight Frank, the growth in Metro Manila was primarily driven by a lack of supply and the country’s growing economy. The report also noted that Metro Manila owed its economic progress to the growing number of UHNWI, defined as those with a net worth of over US$30 million. Knight Frank also expects the number of UHNWI in the country to increase by 38 percent to 296 by 2023.
A separate study by Colliers International Philippines, a real estate consultancy firm, supports these findings. In the first quarter of 2019, prices of three-bedroom units in Makati CBD, Rockwell Center, and Bonifacio Global City (BGC) increased by an average of 6.7 percent compared to the same period the previous year.
Bonifacio Global City, in particular, is proving to be a secure and reliable area for those looking to invest in luxury residences. Some of the highest-priced condominium units in the country are located in BGC and Makati, with units reaching as much as P540,000 per square meter.
Capital values in BGC increased by an average of 6.7 percent in the first quarter of 2019, according to Colliers International. Colliers predicts that property prices will continue to rise by an annual average of 6.3 percent until 2021.
Another factor contributing to the appreciation of property prices in BGC is the series of major development and infrastructure projects underway. These include the Metro Manila Subway with two stations in BGC, as well as the BGC-Ortigas Link bridge that will connect the major business districts of Pasig and Taguig.
All these mean that, if you’re in the market for luxury properties, it’s best to move now as prices in this sector are expected to grow quickly in the foreseeable future.
One of the most sought-after luxury real estate in BGC is Grand Hyatt Manila Residences. Rising next to the iconic Grand Hyatt Manila, Grand Hyatt Manila Residences is the first branded residences in Southeast Asia with the Grand Hyatt distinction.
The name is a testament to grand experiences as a variety of customized a la carte services await homeowners. They can enjoy in-residence dining and order culinary delights from any of Grand Hyatt Manila’s restaurants. Those who love to entertain can book the services of a hotel chef who can whip up a feast for private parties.
As well, residents can rely on hotel associates to assist with daily tasks, run errands, or render concierge services. They can avail of housekeeping, laundry, limousine service, and more. At Grand Hyatt Manila Residences, every need and request will be attended by internationally trained hotel staff.
Residents can also look forward to an automatic Globalist membership to World of Hyatt, the premier loyalty program for avid patrons of the Hyatt brand. Globalist membership, the highest tier in the program, entitles bearers to an exclusive array of benefits, such as complimentary room upgrades, dining discounts, a dedicated check-in area, and more.