THE dormitory market is expected to expand given the country’s worsening traffic problem, a property brokerage services firm said.
“Right now, we have this recurring problem in the Philippines which is called traffic and there won’t be any short-term solutions and it will get worse before it gets better,” Leechiu Property Consultants President and CEO David Leechiu said in a property market briefing.
“As we build more roads, bridges, airports, seaports, and tollways, we will continue to experience more traffic and so we encourage everyone to take a halfway home and build professional dormitories that will allow people to save not just time but money and their life,” he added.
Some advantages of dormitory living include increased productivity, a better work-life balance, lower travel times and increased safety.
“We used to spend two hours in the car every day — one hour going to work, one hour going home — and today that has gone to four hours to sometimes five and a half hours per day per person and I think we all have to adapt…,” Leechiu said.
Among the big property players that have ventured in into the dormitory market are SM Investments Corp. through its MyTown brand, Ayala Land, Inc. through The Flats, and Major Homes, Inc’s Space “condormitels”.
“There are a very few players … but very few professional secure, proper dorm operations … and it is a big market that we see coming and we’ll encourage you to invest in this market,” he said.