Come April 7, 2016, the shape of the real estate industry in the Philippines, and how it has dramatically changed over the years, will hog the spotlight when the Philippines Property Awards announces a plethora of big winners in the fourth consecutive year that Ensign Media organized this event.
The local property market has grown over the last 20 years as increasing demand for residential and commercial properties in the country became evident against the backdrop of the economic landscape. According to Moody’s Investors Service latest outlook report, the Philippines is enjoying a rare kind of economic resilience that is bound to trickle down to the real estate industry. To highlight this growth, the Philippines’ biggest real estate awards recently announced that it will begin accepting nominations from local developers and the general public on 29 November 2015. Property firms are free to enter as long as a third party nominates them. The announcement was made at a press conference this week at the Fairmont Makati, the official venue sponsor of the Philippines Property Awards 2016.
The next “Best Developer” is…..
In the next six months, the judging panel in the Philippines will be looking for the next Ayala Land Inc, Shang Properties Realty Corp or SM Prime Holdings, all former winners of the Best Developer accolade.. These developers, along with all past winners in various categories of the Philippines Property Awards, have left their respective marks in the industry.
Ayala Land claimed the Best Developer (South East Asia) title in 2014 during the South East Asia Property Awards grand finals held in Singapore. Next year, one outstanding developer from the Philippines could win that honour again.
There will be 26 trophies to be given away at the awards ceremony next year. Categories are grouped into three main sections, namely Developer, Development and Design, covering the condominium, housing, hotel, office, retail, green and villa segments.
“We’re not only holding a launch party for our 2016 event in the Philippines,” said Terry Blackburn, CEO of Ensign Media, the publisher of Asia’s industry-leading monthly magazine, Property Report. “This is a showcase of our commitment to the country’s exciting real estate market, and to recognise and reward the most significant contributions to the sector from local developers.”
Higher trajectory path
The Philippines has emerged as one of the fastest-growing economies in the region in recent years. With an average growth rate of 6.2% per year from 2010 to 2014—even reaching 7.1% in 2013—the economy is ostensibly travelling at a higher trajectory path. The average growth in the past five years was the highest in nearly four decades.
These developments bode well for the local real estate industry, with the property market across all its sectors (including office, residential, logistics, retail, and hospitality segments) poised for continued growth.
A key source of growth in the market is rapid urbanization and the accompanying rise of the residential sector. As of 2014, a little under half of the Philippine population lived in urban areas (48.6%), but this is projected to rise to 56.3% by 2030 and 66% by 2050.
Additional award
The second Property Report Congress was likewise launched at the press conference. Ensign Media plans to bring together the country’s industry leaders and experts for a Philippine-focused, all-day seminar and network event.
Successful entries will be supervised by one of the world’s largest accounting firms, BDO International. Winners will be revealed at the black-tie awards gala at the Fairmont Makati.
One additional award – chosen by the editors of Property Report – will be presented to the Real Estate Personality of Year whose influence and achievements resonates across the country.
Past recipients are Antonino Aquino, President and CEO of Ayala Land; Dr. Andrew L. Tan, Chairman and Founder of Megaworld Corporation; and Ramon Fernando D. Rufino, Executive Vice-President of The Net Group, and incumbent chairman of the Philippine Green Building Council.
