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Manila
11F Frabelle Business Center
111 Rada Street Legaspi Village
Makati City 1229 Philippines 
Tel: 632 888 9988
Fax: 632 858 9001


Cebu
Unit 703A FLB Corporate Center
Cebu Business Park
Cebu City, 6000 Philippines
Tel: 6332 233 6422
Fax: 6332 412 2560

March 8, 2019

LRT-1 Cavite extension construction to start April

NEWS
The LRT-1 Cavite Line construction will finally push through with construction in 2Q 2019 after years of delay due to right of way issues. The Department of Transportation (DoTr) said that once the project is completed, the LRT-1 will cover up to 33 kilometers from Roosevelt in Quezon City up to Bacoor, Cavite. With this new development, the LRT-1 extension project is now expected to be completed by 4Q 2021 or early 2022. 

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RESEARCH VIEW

The continuation of the LRT-1 extension project is vital in further decongesting Metro Manila. In our opinion, developers should start acquiring parcels of land around the train stations given the lack of developable land in Metro Manila and price appreciation potential.  We see the project raising land and property values in Cavite and boosting the province’s viability as a business hub south of Manila.  Furthermore, we also recommend developers to emulate Hong Kong’s MTR Rail + Property model which integrates office, residential and retail projects into its public infrastructure projects. 

Avida Land sees P4.3-billion sales from Makati project


NEWS
Avida Land, a subsidiary of the Ayala Land, Inc. expects to generate P4.3 billion from the first of its three-tower development in Makati City. The project will be built in a 1.1 hectare lot along Don Chino Roces Avenue in Barangay Bangkal, Makati. Makati Southpoint’s first tower will be 32 stories high and feature 924 residential units, 247 parking lots and 10 retail units. It will be sold at P197,000 per square meter. Avida’s first tower is expected to be completed by 2024. 

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RESEARCH VIEW

Colliers sees aggressive launches in the fringes due to increasing land values in the country’s capital. We expect the three-tower development of Avida Land to increase condominium supply in Makati Fringe. Colliers sees strong take up due to the sustained demand for residential units on the back of stable economic growth and rising OFW remittances Colliers encourages buyers to cash in on residential projects in the fringes given the capital appreciation potential and relatively cheaper prices compared to more established business districts. 

Common Ground all set to open its second coworking space

NEWS

Malaysia-based flexible workspace operator Common Ground is expanding its presence in the Philippines. Initially operating on the Penthouse of ArthaLand Century Pacific Tower in Bonifacio Global City, Common Ground has opened another facility at the IBP Tower in Ortigas Center. Its third facility is in 8 Rockwell, Makati while the firm is looking at expanding in other key business areas including Alabang, Cebu, Davao, and Iloilo. 

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RESEARCH VIEW
Foreign and local operators have been capturing the thriving demand for flexible workspaces. The tight Metro Manila office market coupled with the emergence of a mobile workforce and firms’ drive to bring down operating costs and provide flexibility to their employees has given rise to another office sub-segment – flexible workspace. We see Manila’s flexible workspace stock expanding by at least 10% per annum from 2019 and 2021 due to the continued rise of micro, small, and medium enterprises (MSME); the influx of multinational corporations and outsourcing firms looking for plug-and-play offices; and the implementation of a set of policy reforms likely to improve the Philippines’ business climate. 

Contact


Philippines
Colliers International | Manila 11F Frabelle Business Center, 111 Rada Street Legaspi Village, Makati City 1229 Philippines | Tel: +632 888 9988