My colleagues MJ, Lem, Chester, Neil, LA, and I were fortunate to attend the 2023 Asia Real Estate Forum on August 24, 2023. The event, themed “Buying Real Estate is Building Dreams on Solid Foundations,” took place at the Manila Marriott Hotel. This proved to be an immensely enriching experience as it provided us with the opportunity to learn from leading industry figures and interact with various stakeholders in the real estate sector.
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The forum boasts an impressive lineup of distinguished speakers, each contributing their expertise to the event. Notable figures include Jen Dela Cruz, Head of Client Services at Figari Group; Jun Palafox, renowned master architect and urban planner at Palafox Associates; Gigi Alcantara, President of PH1 World Developers; Hannah Yulo, CEO of Hotel101 Group; Jaime Bautista, Secretary of the Department of Transportation; Karen Magno, Head of Business and Investment at the Subic Bay Metropolitan Authority; Arlene Reyes, Vice President of Pag-IBIG Fund; Mikko Barranda, Commercial Leasing Director at Leechiu Property Consultants; David Lee, Real Estate Assurance Partner at PWC Singapore; Gisela Kalalo, Executive Vice President of the Bases Conversion Development Authority; and Chad Sotelo, Senior Vice President and Business Unit General Manager at RLC Residences.
Here are the significant insights from the forum:
1. The Philippines aims to become a first-world country in the next few decades. Currently, there’s a growing demand for real estate, driven by increasing incomes among Filipinos, similar to the trend observed in neighboring developed nations in the past.
2. The Secretary of the Department of Transportation (DOT) emphasizes the current and forthcoming major transportation projects envisioned by the Philippine government for the next three decades.
3. Efficient, accessible, and reliable transportation is pivotal for real estate growth. Currently, traffic congestion incurs an economic cost of approximately PHP 1.2 trillion.
4. Occupancy remains high due to the prevailing work-from-home trend, but there is a steady increase in demand for office spaces in the Philippines as employees seek more opportunities for work collaboration.
5. As major investors search for new opportunities in Asia, the Philippines is actively competing to seize these prospects. Numerous presentations are highlighting ongoing projects, including new hotels, housing developments, sports centers, and more.
In conclusion, our participation in the 2023 Asia Real Estate Forum was genuinely enlightening and transformative. The forum showcased the nation’s potential as a burgeoning hub for real estate development.
We are grateful for the knowledge and connections gained during this forum, and we look forward to leveraging these insights as we navigate the ever-evolving real estate landscape in the Philippines. The future holds immense promise, and we are excited to be a part of the journey toward realizing the nation’s real estate aspirations.
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