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By Likha C. Cuevas-Miel Reporter
FILIPINO expatriates in the
United States are still keen on buying homes in the Philippines in
spite of the credit crunch in the world’s largest economy, Ayala
Land Inc. said on Thursday.
At a briefing, Jaime I. Ayala,
ALI president, said “it is early to tell” whether the property
sales of the company was negatively affected by the liquidity
squeeze in the US.
Ayala said about 60 percent of
overseas Filipino worker sales come from the US and so far the
property firm has yet to see any slow down in the uptake of
ALI-developed homes.
“We are pleasantly surprised by
the interest [but] we have still have to monitor [the developments
in] the US,” he said.
Based on Ayala International
Sales Inc. data, homes sales to overseas Filipinos grew 60 percent
at end-July, or before the housing-led credit crunch turned for the
worse. The company said US sales alone grew 100 percent.
Ayala said ALI is still confident
with the growth of the local property market due to the good
macroeconomic fundamentals of the Philippines, citing low interest
rates and higher economic growth, which make home acquisition within
reach.
“We’re seeing that in the
interest of the local buyers,” he said.
The local markets make up about
60 percent of ALI’s total residential sales, boosted by overseas
Filipino remittances shifting to property acquisitions, as against
consumer spending in the past.
Ayala said that the slowdown in
the US could benefit the business-process outsourcing (BPO) industry
in the Philippines since US firms would tap the offshoring business
more to make a profit.
This would bode well for property
developers like ALI, which is now building BPO offices, retail
stores, a hotel, a school, parks and residential complexes within
its 1,600-hectare joint venture project with the Yulo family in
Canlubang, Laguna, called Nuvali.
According to Miriam O. Katigbak,
ALI head for strategic land bank management, the 300-hectare phase 1
of Nuvali is scheduled to be finished by the second quarter next
year and would have dormitories or apartments for BPO workers and a
businessman’s hotel.Also included in the first phase of Nuvali is
the 70-hectare exclusive subdivision called Abrio, the first Ayala
Land Premier development in the area catering to the upper income
market.
Community Innovations will build
upscale homes in the 60-hectare Treveia, which would be across the
future site of a Xavier school.
Avida Settings by Avida, would
also be developing and selling house and lots in Nuvali which are
geared towards the middle-income market.
In preparation for these
projects, ALI has earmarked P2.5 billion for the first phase, which
includes roads, parks and a lake. Its joint venture partner’s
landholding company, Seci Properties, has allotted P1 billion.
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