Ayala Land eyes S'pore property investors
AMID a property boom in Manila, Philippine property developer Ayala Land is going all out to woo Singaporean investors who are looking to park their money abroad.
The developer's high-end brand, Ayala Land Premier, is launching its latest residential property, Arbor Lanes, here next month.
The property, comprising five 13- to 15-storey condominium blocks, is located in Taguig City - just a 10-minute drive from the central business district of Makati City and Bonifacio Global City. Unit prices start from $300,000 and construction will be completed in 2018.
Mr Tom Mirasol, Ayala Land's President for International Sales, said Singapore has not been conducive for investments due to the Government's recent measures to cool the property market.
He said that Singaporeans have shown keen interest in Philippine properties in the last 18 months and last year became one of Ayala Land's largest sources of foreign buyers in Manila.
Speaking at a media briefing on Friday, Mr Mirasol listed the stability of the Philippine peso and the relatively stable property market as draws.
Previous reports have said Colliers expects the Philippine real estate boom to draw interest from investors seeking to diversify due to market slowdowns in Hong Kong and Singapore.
Capital appreciation has been about 33 per cent over the past five years, while rental yields are around 7 per cent, according to property-consultant estimates.
Last year, the Philippines reported a gross domestic product growth of 7.2 per cent, one of the fastest rates among Asean countries.
Designed by global architecture firm Aedas, the 34,000 sq m Arbor Lanes development is part of the up-and-coming Arca South development, which will have retail and office spaces amid establishments such as a hotel and a hospital.
Mr Mirasol hopes that Ayala Land's "solid track record for creating communities that have appreciated in value over time" would attract Singaporean investors. The compounded annual growth rate for Ayala Land's properties has averaged 13 per cent over the past 10 years.