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News Real Estate Property spending of retirees rising, observe analysts
News Real Estate Property spending of retirees rising, observe analysts
| Property spending of retirees rising, observe analysts |
| Saturday, 02 August 2008 07:43 | ||||||
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Mike Mabutol, director for Investment Properties and Capital Markets at CB Richard Ellis Philippines, observed that “this trend started four to five years ago and now we see these retired buyers becoming more active in the market.” Mabutol shared this during the recent Asia Pacific Marketing Power and Sales Effectiveness property and marketing conference in Macau, China. Eric Soriano, adviser of the Philippine Retirement Industry, confirmed this, saying that growth and demand from the retirement sector had, indeed, been steadily moving up. Soriano added that the demand has been a result of the first and second generation Fil-Am professionals or active retirees coming home to the Philippines for good. “It now makes good business sense for developers to incorporate retirement standards in their communities as prescribed by PRA as it effectively broadens the segments,” Soriano told Inquirer Property. Short of global expectations Soriano lamented that “as for foreign retirees picking up RP as a retirement destination, we haven’t really made inroads as the economy, peace and order, public infrastructure are still short of the minimum global expectations. Country stability and a concerted marketing initiative between private and public sectors are key drivers in wooing foreign retirees. “During our past two conventions, Gen. Edgardo Aglipay, PRA chair, presented the standards that would appeal to this specific market and the developers took that into consideration,” said Alejandro S. Mañalac, president of the National Real Estate Association. Past reports cited how the Philippine retirement industry was projected to hit its target foreign exchange receipts at a cumulative $40 billion, with 4 million jobs generated by 2015. With the Philippines positioning itself to become the major retirement haven in Southeast Asia for foreigners, the structures that will house them need to be physically attuned to senior citizens. A few months ago, the Philippine Retirement Authority/Philippine Retirement Industry recently provided Inquirer Property with accreditation standards for the design and structure of buildings for nursing homes. These standards require provisions for disability access in line with relevant building codes. It was stressed that communal areas have to be easily accessible by disabled persons and with comprehensive programs that cater to elderly patients who cannot live on their own. The basic structures to be followed cover primary facilities and amenities, among others. Some of those mentioned were big space and wide alleys to allow wheelchairs and beds to move around; with resilient and nonslip tiles and floorings; and gradual access elevation for wheelchairs for a two-story facility. Beyond two stories, an elevator must be available; mechanized equipment for bedridden retirees; and grab or handle bars in desirable locations like toilets and bathrooms. CBRE Philippines said that to address increasing demand by OFWs and retirees, real estate developers are developing affordable housing and condominium projects, with investments ranging from P1 million to P2.5 million, according to a CBRE Philippines report. From 2008 to 2013, 28 residential condominiums are expected to rise in Makati City, providing more than 18,000 units. In Fort Bonifacio, 33 residential condominiums are expected to be completed between 2008 and 2013, which will provide more than 11,500 units.
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