Property developers eyeing markets abroad

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AN official of the European Chamber of Commerce of the Philippines (ECCP) is forecasting that real estate developers are bound to explore more opportunities in overseas markets.

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The overseas market is the “next wave” of business for property developers, ECCP Vice President Henry Schumacher told reporters in an interview last week.

The latest report by ING Bank noted that businessmen in Asia, including the Philippines, are developing an appetite for investing in real estate in Europe as part of diversifying their asset base.

ING cited the acquisition last November of Torre Espacio by Filipino billionaire Andrew Tan from Spain’s Grupo Villar Mir of the international construction group OHL.

Schumacher said the growing number of investments abroad is positive for the Philippines.

Despite this development, the domestic market is doing well especially with the demand coming from the business process outsourcing (BPO) and knowledge process outsourcing (KPO).

“I think the domestic market is still doing well. If you would look at the BPO, KPO industry that continues to grow, we need more space along that line. So it’s going to be there,” Schumacher said.

With the implementation of the ASEAN integration this year, real estate developers are looking for opportunities outside the country to further grow their businesses.

“But of course, since the first of January, we’re looking at ASEAN and I would think that real estate developers in this country are looking at markets. The next wave of real estate is going to come in. I think that’s a natural thing,” Schumacher said.

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