Condominium construction in Metro Manila is expected to slow down in 2019 because of the dearth of available land for development and continued increase in land prices in key business districts, according to real estate services provider Colliers International Philippines.
Colliers research manager Joey Roi Bondoc said in a presentation that while pre-sales in 2019 would remain strong because of continued strong demand from end users., topping the 2018 pre-sales level of 54,000 units might be a challenge because of continued increase in land prices in Makati, Fort Bonifacio and Bay Area.
“We also see slower launches having a spill over effect on take-up figures in 2020 and 2021,” Bondoc said.
He said that because of this scenario, developers would explore parcels of land in Quezon City and Ortigas for future development.
“Over the past 12 months, Colliers have observed that 77 percent of the newly-launched units were found in Quezon City, Manila, Caloocan-Malabon-Navotas, Ortigas fringes, Makati fringes and Pasay and Parañaque areas while the remaining 23 percent were in major central business districts,” Bondoc said.