Hongkong Land has been very active across Southeast Asia with the Philippines being one of the homebuilder’s key markets. Work continues on several joint venture development in Metro Manila and Cebu. And despite the economic impact of the COVID-19 pandemic, the developer is optimistic regarding the Philippine property market outlook.
“With the Philippines being one of the fastest growing economies in Southeast Asia prior to the pandemic, Hongkong Land remains confident in the real estate market of the country amid the challenges posed by the COVID-19 pandemic,” Director and Head of Development Property of Hongkong Land, South Asia, Tan Wee Hsien, told the Cebu Daily News.
Among the firm’s most notable developments is The Velaris Residences, a joint venture project with Robinsons Land Corporation. The 45-storey residential tower began pre-selling earlier in 2020 with buyers attracted to the unique living experience the project offers.
Meanwhile, work is nearly finished on The Two Roxas Triangle, a luxury residential project in Makati. The condominium is being developed jointly with Ayala Land Premier and units are already being turned over to residents.
In Cebu, Hongkong Land has partnered with Taft Properties on a 20-hectare, mixed-use waterfront development in Mandaue City. The second phase of the project, Mandani Bay, is under construction with three residential towers and one office tower expected to be completed in the first quarter of 2021.
The developer has reported a strong market response and take up at Mandani Bay with plans already underway to launch the third phase next year.
For Hongkong Land, the Philippine property market outlook is positive with things expected to remain steady before bouncing back bigger and stronger once the economy recovers. The developer also revealed that it is actively looking for investment opportunities in the Philippines.
In addition to its joint venture developments in the Philippines, Hongkong Land also has similar projects in Bangkok, Jakarta and Singapore.