November 4, 2011 (Powerhomebiz.com) Over the past few years, the strong economy in the Philippines has attracted investors from across the globe. The property market in Manila has proved to be particularly strong, which has led to Experience International launching the new Trump Tower Manila to international investors.
The Philippines is emerging as a strong economic force in Asia, having achieved its highest rate of GDP growth in 34 years to reach 7.4% in 2010, after recording 51 consecutive quarters of economic growth.
With a report by PricewaterhouseCoopers placing the capital Manila as the second wealthiest metropolis in Southeast Asia, the Philippines is set for further economic growth making it one of the safest and most up and coming investment markets in the region.
Experience International has identified this trend and is now working in conjunction with Century Properties to launch the first Trump-branded residential condominium in Asia, Trump Tower Manila to their international investor clients.
”We’re pleased to be a part of the launch of the Trump name into the Philippines with a $150m (?88.2m / PHP 6bn) luxury residential skyscraper,” Steven Worboys MD of Experience International remarked.” Located in the iconic Makati CBD landmark, Century City, this will be the final building in their flagship mixed-use development.”
Trump Tower Manila, offers an affordable introduction into Trump luxury, with an exclusive 10.52% discount for Experience International members, and the opportunity to capitalise on one of the world’s most recognised real estate brands in one of Southeast Asia’s most important cities.
The Makati Central Business District is home to a number of high-end condominiums that have proven to be popular with wealthy Makati locals as well as the burgeoning expatriate population, the majority of whom choose to extend their stay in this highly cosmopolitan city. Source: The ASEAN Business Outlook Survey 2011- The Philippines Report
Growth in the expatriate population in the city comes partly as a result of the Philippines overtaking India as the world leader in business process outsourcing in 2010, which has affected the supply and demand Manila property residential rentals, particularly in Makati, where this commercial activity is based.
In addition, the close proximity of Century City to the Capital’s financial centre is especially relevant at a time when overseas businesses have, for three consecutive years since 2009, chosen to expand their operations in the Philippines. Source: The ASEAN Business Outlook Survey 2011 – The Philippines Report
Demand for high-end residential Manila property has been identified, that has in turn pushed up rental rates. Currently, the demand for residential real estate in Makati CBD is exceeding the supply as vacancy rates continue to significantly decrease. According to a recent report by Colliers Real Estate Market Report, Q1 2011, vacancy rates fell to 3.8% in the first quarter of 2011 from 5.4% recorded in the last quarter of 2010.
”These statistics indicate the attractiveness of the luxury residential market in Manila, and in particular Makati,” Steven Worboys continued. ”We anticipate that the units in Trump Tower, Manila will sell fast to our client base as it is exactly what investors are looking for; an emerging market with good potential for capital growth, high rental demand, well established developers with good branding, quality construction and reasonable entry level.”