Wazzup Pilipinas!
The rise of millennial travelers, Filipinos’ increasing spending power, and aggressive expansion of commercial property developers in cities outside Metro Manila—these are just some of the key trends discussed during the Asia Pacific Real Estate Investment Summit Thursday. Lamudi Philippines (www.lamudi.com.ph) managing director Jacqueline van den Ende moderated the discussion on these key trends.
Retail
According to Lourdes Alano, vice-president for leasing at Robinsons Land Corp., key trends in retail include expansion outside Metro Manila due to rising land values within the capital, the rise of community malls, expansion of convenience store chains driven in part by the 24-hour BPO economy, and the increasing competition due to new retail channels such as podium retail-space in mixed-used condo developments and online channels.
Hospitality
Al Legaspi, chief operating officer of Ayala Land Hotels and Resorts, said that the 10 million foreign visitors target is a bit of a stretch, given that the country has so far only managed to attract half of that number. However, despite this domestic and foreign tourism is growing. Cebu, for example, experiences plenty of demand in hotel rooms, according to Legapsi, where occupancy rates in Ayala’s hotels in the city reaching 80 percent.