According to experts, by 2020, 35 percent of the workforce will be filled with today’s young professionals.
As their number grows in the work place, efforts on making this group a market for real estate business substantially rise.
Finding opportunity in this new segment, MyTown, the first co-living brand in the Philippines, was named by Chushman & Wakefield as a trailblazer in the rental accommodation market.
Since 2012, the brand has built a business around filling the need for the ever-increasing population entering the workforce under its company Philippines Urban Living Solutions (PULS).
Focused on elevating the lives of thousands of young urban professionals working in central business districts, MyTown’s rise has been notable. It started from one pilot building in 2014 and went on to its 12th building opening just this month.
PULS Chief Executive Officer Mark Arellano Kooijman said, “Although there’s a large workforce of young urban professionals driving a significant part of the Philippine economy, it is still a highly underserviced demographic; residential rental options are limited, substandard and often very costly versus monthly disposable income. Most young adults therefore live with family for many years, often far from their employer.”
Since 2012, MyTown’s co-living micro condos have provided a much-needed solution for them by making metro-living accessible and affordable, while also giving them a safe place to connect with like-minded people and develop their skills through our tenant activities and amenities.”
In lieu of embracing long-held assumptions in the property sector in the Philippines, MyTown has successfully created a new and sustainable real estate asset class in the country that improves living conditions for thousands of young, hard-working Filipinos.
Furthermore, it has established an attractive, counter-cyclical asset class to a sector that is heavily focused on for-sale projects.
Five years later, its success is evident from its 97 percent occupancy and consecutive fourfold year-on-year growth rates.
MyTown has focused on data of the existing condition of its target public, resulting in the development of the first authentic demand-driven real estate asset class in the country.
After conducting detailed, in-depth surveys and sit-down interviews with over 1,200 young professionals, MyTown was able to strategically design its buildings, units, departments, and rental contract terms.
Data continues to drive the company in many different forms, including adjustments in its new building phase and lowered investment cost.
MyTown has revolutionized dorm-living by providing amenities that boost tenancy.
With its state-of-art design, interiors that are functional to the lifestyle of young adults and pocket-friendly rate for lower-income tenants, MyTown lives up to its promise of better work-life balance.
In fact, 90 percent of tenants testify to still being able to save more of their income every month since moving to the dormitory.
Corporate clients, which account for approximately half of MyTown’s occupancy, also see substantial financial and HR-related advantages.
“Even though HR benefits are the second most important reason for young professionals to pick a job, these benefits have not really changed much over the years. As a result, 45 percent of employees are dissatisfied with the benefits their employers provide.
MyTown’s corporate housing solutions, and the activities and amenities we provide tenants, meet these new requirements young professionals have, including a better work-life balance, a healthy lifestyle, personal and professional development training, while living in a place with like-minded people.
We help dozens of forward-looking corporations significantly improve their ability to attract, motivate, and retain their staff,” said Jelmer David Ikink, group director of PULS.