THE property market is expected to continue along its growth path and expand in different locations after a stable second quarter, according to a report by a property consultancy firm.
“The real estate developers have been aggressively capturing the demand of the buyers and renters in the past years, and they are not stopping. The big players have been innovating and blending their product offerings to maximize their margins in every location to put a flag on,” Pinnacle Real Estate Consulting Services said in the report.
During the second quarter, office take-ups remained strong due to demand from BPOs, with high occupancy levels and stable rents, according to the report.
Residential demand remained steady on the back of the housing backlog, and retail saw further expansion by big players while the small retailers flocked to retail malls and stable rent kept the demand grinding for industrial spaces, it said.
In the hotel and gaming industry, top developers have teamed up with international brands to deliver luxury rooms and attract more tourists to meet the year-end target of six million arrivals.
The consultancy firm urged developers to continue offering attractive rents and prices, as well as focus on product quality and efficient operations and maintenance, which occupiers also take into consideration.
“Pinnacle Research expects this steady flight to continue, although this continued growth should be taken with a grain of salt. Consumers are looking for high quality products for the most attractive rates. Extra diligence should be put into new products to avoid compressing margins later on due to competition,” the report said.
CHARISSA MAE NEMIS